According to a recent survey, 80% of employees would choose additional benefits over a pay raise.¹ Yep, that means that big paychecks are no longer motivating today’s workforce. Our flexible, technology-driven environment impacts what people expect out of their jobs, regardless of generation.
Instead of being driven by large salaries, employees are now inspired by experiences and perks that will impact their lives, not only as an employee at your company, but as an individual person with relationships, goals and preferences of their own. People want to work to live, not live to work.
So how do you adjust your company's benefits and environment to fit workforce expectations?
Define "Top Talent" For Your Company
Most employers will say they’re trying to attract “top talent,” but what does that mean to you? Measure and articulate what top performance is to you, so you can hire for that and know what you’re looking for. Ask yourself these questions before you start the process of bringing someone into a new role.
- What are you as an organization doing in the community?
- What are former and current employees saying about your company?
- What are people experiencing through the hiring process?
- What contribution is the role making to the overall performance of the organization?
Understand those aspects of the company and the role, so that it can be communicated to prospective employees, and serve as your measuring stick for the type of talent that you want in your organization.
Observe the behavior of those “top performers” you defined. Be aware of how people are choosing to communicate, work and collaborate in all aspects of their lives, so you can bring elements of those habits into the workplace. This creates a seamless transition from employees’ work lives to their personal lives.
Technology has given people flexibility and freedom, which has changed their way of thinking of work. You can’t expect people to spend their time emailing, texting and video chatting, and then come into work to use a fax machine or struggle to access the information they need to do their jobs.
In the outside world - people have the ability to communicate globally, access information 24/7, and virtually meet just about anywhere – so does it really seem natural for them to work behind a cube wall from 8am to 5pm? No.
Be Creative with Unconventional Benefits
It’s understandable that not all positions at all companies allow for remote working capabilities, but it is something to consider if it is a viable option. Along with work-from-home options, we encourage you to get creative with your benefits packages. Here are 4 ways you can expand your benefits, making you attractive to top talent:
- Points or Budget-Based Perks
With this kind of program in place, employees are able to earn perks outside of their typical health care or bonus benefits. As they accomplish particular goals, either as an individual or in a team, employees rack up perk points. They can then use these points to get free groceries, gym memberships, bonus vacation days, or even month-long vacations.
- Technology Spending Account
You want your employees to be as productive as possible, right? As an employer, it’s important to provide the tools to make that happen.
It’s commonplace for companies to provide their employees with standard office supplies, such as a desk and a computer. But chances are, there are other technologies (think Adobe Creative Suite or noise canceling headphones) that could make them much more efficient, and as a result, more fulfilled and motivated. To tackle this, consider providing a set budget for employee technology.
- Health and Wellness Options
Healthy employees are productive employees. In fact, one of the main causes of presenteeism, or employees who are physically at work but not working, is poor health.² Take matters into your own hands and offer health and wellness options for your employees. To cater to people’s individual needs, include choices such as gym memberships, intramural sports teams, bike rentals or healthy lunch options.
- Flexible Holidays
As you’re probably realizing, a key theme here is that each of your employees should be treated as an individual with their own preferences, traditions and cultures. This means recognizing that not all employees celebrate the same holidays. Allow your employees to select which holidays they take off. This gives you the opportunity to recruit talent across different backgrounds, faiths and values. A diverse staff is great for your company – a study by Harvard Business Review found that more diverse workforces exhibit elevated creativity and faster decision making. ¹
As people are weighing their options, they are looking for opportunities that are personally and professionally rewarding, so companies and HR need to recognize and embrace that in employees.
Show Off Your Innovative Approach
Marketing and HR should be working together to showcase your company and employees to prospective talent, to current employees, and even to former employees. For example, if one of your employees used their perk points to go on a European adventure, share that story on your company's social media. This will intrigue potential employees, motivate your current employees, and engage your former employees. Not only will you be attracting top talent, but you'll be giving your current employees a reason to be proud of their workplace.
If you're looking for more guidance on how to revamp your benefits program, our team of experts is here for you! Click below to take your first step towards attracting the kind of talent your organization needs.