It is hard to remember a better time to be a job seeker than now. The current market is filled with opportunities, both in person and remote. The average starting rate has increased across almost all markets. So with most companies increasing their pay, how can businesses stand out in the hunt for new talent? There are more ways than increased pay to help recruit and retain employees and we’ve compiled a list of them below.
Creating a Well-Rounded Benefits Package
Offering competitive benefits is crucial in today’s market. But, benefits packages are much more robust than they used to be. Many companies are offering more than the standard Medical, Dental and Vision—gym memberships, wellness training, lunches, and more are being added to the package. Many companies have created wellness programs with challenges that incentivize employees to exercise regularly, have a nutritional education, etc.
In addition, PTO benefits are getting a makeover. Many companies are switching to an unlimited PTO plan, trusting their employees not to take advantage of this time off and allowing them to make the call when they need the break. Mental health days are often worked into employer’s PTO plans now as well. These are designed to show empathy from the employer and encouragement to their employees to take care of themselves. Regularly scheduled company mental health days are a great perk and way of saying to employees, “we recognize what you are doing, and you deserve time to yourself”. Employers will often allow a wellness spending budget on these companywide mental health days.
Thinking outside of the box on benefits packages might just be enough to make your company stand out among the crowd. It is a great bonus for employees and it reflects a company culture that cares for the wellbeing of their staff.
Reworking the Classic 9-5
Many job seekers would be willing to consider a lower pay if it came with the tradeoff of a flexible schedule. The classic 9-5 with no remote option just is not cutting it any longer. The idea of relinquishing the control that comes with the in person 9-5 schedule is a scary one for employers, but it is the reality of the world we are now in.
If you are an employer, consider giving employees the option to work on a schedule that works for them, so long as tasks are getting done and the weekly requirement for hours is met. If your field of work can function in a remote setting, consider that option. At a minimum, employers should consider offering a remote option when needed. This flexibility makes employees feel seen and heard. There is life outside of work for employees—there are kids that need to be taken to the doctor’s office, sprinklers to be fixed, and other life events that require a little understanding from employers. Take a look at how much work really needs to take place in the office and what hours of the day that work really needs to be completed. After an honest review, make your remote policies accordingly. It will make a huge difference to potential employees.
Carving a Path to Success
Employees switch careers an average of 8 times in their lifetime and it seems that number is going up as the years go by. The current generation has more options than ever and there is more transparency with social media regarding what fair wages and treatment looks like across all industries. Therefore, it is crucial for employers to have clearly stated career growth opportunities for their employees. Succession planning should be at the top of the list for any employer and should be regularly revisited. Open dialogues with employees about their career goals and timelines is a great way for employees to feel heard and confident that opportunities exist for them in their current role. Having a strong benefits plan and flexible schedule might draw new candidates in, but the only way to retain these candidates is to show them the future they have within your company. There is no time like the present to carve out this path for the future. Wait too long and it might be too late.
The list of ways employers can attract and retain talent is exhaustive, but the key at the end of the day is to listen. Listen to the current climate of industry standards and make sure your company is within the accepted range, if not surpassing it. Listen to the needs of your employees to see how you can improve your corporate culture. At Entech we are happy to have conversations with employers about how you can rework your company structure to better attract and retain employees.