Who knows job seekers better than GlassDoor ? Their research provides regular resources for recruiters looking for insights into the job seeker’s mind. They conducted a 2013 study and revealed the top 7 incentives and perks that candidates are looking for in their next position.
Maintaining a competitive edge in talent attraction and retention means keeping up with the current needs and wants of the workforce. Employers can’t effectively attract talent without first knowing what that talent is looking for. How do you stack up against this list? Are you properly showcasing the incentives that youdooffer? What is there room for in the next quarter?
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#1 Incentive: 52% of respondents chose “Growth Opportunities”
Growth opportunities have a solid place in the job seeker’s heart. In fact, the #1 reason that employees leave a company is due to lack of career growth. If they aren’t moving up, they’re moving out. So we see that offering growth opportunities will not only be a strong attraction tool, it is also the strongest retention tool at your disposal.
#2 Incentive: 44% of respondents chose “401K”
HR expert at Innovative Employee Solutions, Elizabeth M. Rice explain the rising importance of offering 401Ks to employees in order to stay competitive in the war for talent.
“These days, pension plans are becoming obsolete and employees have to make it their responsibility to save or invest for retirement. To accommodate this shift in responsibility, as well as attract and retain good employees, more and more employers in the corporate world are offering 401(k) plans as part of their benefits package.”
#3 Incentive: 43% of respondents chose “Health Benefits”
With rising concerns about impending workplace healthcare changes, employees are looking for some security. Both out-of-pocket and private healthcare costs are skyrocketing, making health benefits a must-have on the average job seeker’s checklist.
#4 Incentive: 37% of respondents chose “Flexible Work Schedule”
The 9-5 is slowly but surely joining the archaic ranks of the typewriter and fax machine.
With the rising number of Millennials entering the workforce, their demand for a better work-life balance than their parents had is strong. The majority of this emerging workforce believes that work is what you do, not a place you go.
#5 Incentive: 23% of respondents chose “Work from Home Options”
With today’s technology, there is no reason for many workers to be bound to the office. Furthermore, organizations can save resources when more workers are out of the formal workplace. Flex time isn’t for everyone, but it should be considered as an option.
#6 Incentive: 15% of respondents chose “Equity/Stock Options”
We’re definitely seeing a trend of the demand for incentives that offer employees security. The recession hit hard and many of today’s workers have faced lay offs and hard times finding work. They are interested in forming a solid and secure future.
#7 Incentive: 13% of respondents chose “Career Planning Programs”
It’s not enough to offer room to grow; you have to give employees the roadmap and support to get there. This will involve succession planning, effective performance reviews and talent/goal alignment. Basically, employers are going to need to get more strategic about the future of their workforce.
Did you score a seven out of seven? Whatever you scored, I’d like to challenge you to find out how many of these incentives your candidates know are offered. Can they find perks like these on the company website, your job listings or even your social presence?