Many companies, especially small businesses, are competing with the big boys for top talent during this time of post-pandemic hiring. The problem is, well, sometimes the budget won’t handle the demand.
Before small companies get frustrated, throw in the towel, and settle for less than the best, get creative in your negotiation process. Employers need to use non-compensation perks to help them land the needed talent in a competitive job market.
Faster Benefits
How long does it take for a new employee’s health insurance benefits to kick in? When can they begin contributing to the company’s 401(k)? Employers should make it as fast as possible. If the candidate is looking at two similar roles and the first offers these perks months earlier than the other, it may be the thing that sways their decision.
Flexible Work Schedules
Flexibility in the workplace is worth its weight in gold. Offering flex-schedules, generous or unlimited paid time off (PTO), job-share, and other creative ways that help employees achieve a greater work/life balance make an average salary look much more attractive. Most flexible options end up costing the company absolutely nothing, creating a win-win situation. Plus you get a loyal, high-performing employee in the process.
Remote Work Options
The COVID-19 pandemic may have forever changed how people feel about going into the office to work. A 2021 survey showed that, when asked if they would rather work from home or receive a $30,000 a year raise, 64% of respondents opted for working from home. This is strong evidence of how valuable people view the ability to work remotely.
Many job seekers want the freedom a remote position provides. It also saves money and time by cutting transportation costs, commute time, and office wear. Even if your company can’t offer an above-average salary, offering the candidate a chance to work remotely may still tip the scales in your company’s favor.
Training Opportunities
Most team members, especially Millennials, love to keep learning. Being able to provide training programs, tuition reimbursement, and other ways for them to expand their knowledge goes a long way toward attracting these candidates to your company.
Another popular way of providing training that costs nothing is through mentoring programs. The new employee is assigned a seasoned team member as a mentor that helps them learn and understand the industry, protocols, and other required knowledge.
Training opportunities should be mentioned as early in the interviewing process as possible to get the candidate excited about the position’s long-term potential.
A Philanthropic Culture
There’s a great chance the candidate you want cares about the way your company views the world and the actions you take to make it a better place. Much of today’s workforce want to spend their careers working for a company that gives back, is sustainable, and helps others succeed.
A survey by FastCompany reported that 75% of Millennials responded that they would be willing to take a smaller salary at a company that was environmentally responsible.
If your company practices sustainability and contributes time and money to great causes, share this information on your website, social media channels, in the job description, and during the interviewing process. Working at a place that is helping ensure a bright future for others may be more important than a hefty salary package.
Not only do these perks help land your top candidate, they can help keep your talent happy and reduce turnover. For example, a study conducted by FlexJobs found 80% of respondents would be more loyal to their employers if they had flexible work options.
By adding creative perks that enrich your employees’ lives and make them feel good about working at your company, you can keep your brand competitive with competing employers, even if you don’t have deep pockets. Partnering with a professional staffing firm can help you proactively know what matters most to the job candidate, so you can find a way to give it to them.
What is your favorite non-compensation job perk? Share your comment below.
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