In today’s competitive job market, every company is motivated to find ways to stand out to potential new hires and their competition. Money is a big thing, but it’s not the *only* thing.
The job market is ever-evolving and candidates are turning more focus to the total package: Salary, benefits, bonuses, stock options, equity, etc. The savvy job seeker recognizes that they stand to gain upwards of 20% in their “hidden paycheck” – so what can you do?
Become a Market Leader with Benefit Offerings
The war for talent isn’t just in recruiting but also retaining your best team members. What does your competition offer and how can you compete? If you aren’t sure, put in some time researching current benefit trends and what other leading employers offer. Glassdoor can be a great resource to gain intel about the competitive landscape in benefits.
What does your benefits package look like? Do you offer stock? Do you offer opportunities for continuing education and professional development? Do you provide paid parental leave? A gym membership reimbursement? Cell phone coverage? These are all variables that may be important to your potential new hire, outside of just looking at the salary offered.
Understand Your Audience
What’s important to your employees and potential new hires? Maybe a flexible work schedule, or work from home, is more enticing than a bigger paycheck. Do you have a flexible dress code, or offer a work hard/play hard type of work environment? Everything matters to a candidate.
Show Them the Money
Create a way to showcase your benefits and the impact of the overall package to a new hire. The data will probably surprise you and them! One way to do this is providing a “Total Compensation and Benefits” statement showing detail on both the direct and indirect compensation the team member will receive on an annual basis.
There’s gold hidden everywhere, so find the hidden paycheck your company is offering, and give your candidates a map to find it!