Despite recent well-publicized layoffs, unemployment remains low, meaning potential employees are still in control. And as the so-called “quiet quitting” trend demonstrates, individuals are seeking companies that will work with them and their needs. They want to work for a company they can form a trusted relationship with, one that takes their overall well-being into account.
Of course, this is a challenging demand for recruiters. With so many individuals seeking the same type of top-notch benefits, standing out from competitors can be a challenge. Additionally, if you are a startup, you simply may not have the resources to provide everything large corporations can. But don’t be discouraged. There are candidates who would love to work with your company — it’s just a matter of finding them.
Every company wants to attract the very best talent. While this is easier said than done, there are a few ways to be distinctive and capture potential employees’ attention. It all starts with having a stellar benefits package. The following three benefits will help you attract top talent and take your company to the next level.
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1. A Remote Work Environment
First and foremost, many individuals looking for jobs today are seeking remote work arrangements. They want to work where they are currently located instead of uprooting their whole lives for the sake of a job. On top of this, the Covid pandemic made them comfortable working out of a home office. There are numerous pros to working from home, such as zero commuting and a more relaxed, comfortable setting.
Offering employees the option to work remotely is a major standout for recruiters. Job sites like LinkedIn are even filtering results according to on-site and remote options. This means potential candidates may not even come across your job posting if you aren’t offering the possibility of remote work. Remote work also allows your recruiters to cast their nets wider and gain a larger applicant pool. You may even have some international candidates who throw their hats into the ring.
While hiring internationally may be a foreign concept to you, don’t dismiss the idea too quickly. It’s easier than ever to hire an international employee and ensure they are treated like a domestic one. Using global payroll services enables you to manage both payroll and benefits administration for employees in multiple countries. Working with a global payroll provider ensures you’re set up to hire internationally from the start. They can also lead you through the process to ensure seamless onboarding.
2. Employer Matching Retirement Contributions
Additional money is always a good way to entice talent. After all, who doesn’t want to get paid more? But in addition to the standard compensation package, potential candidates are looking for companies that care about their financial future. One of the best ways to demonstrate this is by offering a matching retirement contribution to an employee’s 401(k) plan.
A 401(k) is an employer-sponsored retirement plan that offers employees tax benefits and ensures they are saving for their post-work lives. Employees can determine what percentage of each paycheck will be automatically deducted and invested in their 401(k) plan. A great company will match this percentage up to a certain amount, essentially doubling an employee’s contribution. The average employer match is 4.5%, so offering more than that would be a standout benefit.
In the majority of cases, employees will leave your company before they are ready to retire. However, a matching contribution shows that you are incentivizing savings for future use and truly care about your employees’ well-being. So advertise your matching contribution to potential candidates. Include it in your job descriptions as well as noting it on your company’s hiring page.
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3. Flexible Paid Time Off Policies
Having the ability to take a day off whenever an employee wants or needs to is another huge benefit. While most companies provide some sort of paid time off policy, only a select few provide a truly flexible one. Essentially, a flexible PTO policy means that an employee can take a day off whenever they choose. It may be a sick day, personal mental health day, or vacation day.
At first, you may think that an unlimited PTO policy is superior, but that’s not always the case. Research shows that employees with unlimited PTO actually take fewer days off. They feel they haven’t “earned” their time off, so they’re reluctant to take days throughout the year. That’s especially the case when leaders don’t set the example of using their PTO.
With a flexible time off policy, employees are encouraged to take periodic breaks. They don’t need to save up days for a lengthy vacation. They’re also less likely to wait until the end of the year and burn through all their vacation days at once. A flexible policy highlights that you care about employees’ mental health as well — a major plus to your benefits package.
Creating a benefits package designed to attract top talent isn’t an easy task, nor does it happen overnight. Rather, it’s something the company can build on over time. For recruitment purposes, make sure your benefits package is easily visible to potential candidates. Think of it as another form of advertising, a way to get your company’s brand in front of premier talent.