With wages somewhat flat, employers are touting their benefits to help attract, engage and retain talent, according to a recent study from the Society of Human Resources Management (SHRM). Our data is supportive of this - 40% of jobs posted to Indeed mention benefits, including healthcare, bonus, and 401k programs. We haven’t seen this type of number since before the recession, and I expect this number will continue to rise in today’s tight labor market.
However, employers who want to stand out should focus on more than just benefits - candidates are looking for perks that offer work/life balance or recognition. They find those types of benefits are nearly as valuable as compensation, according to our recent “Science of Talent Attraction Study.” The study shows that good location, flexible hours, benefits and meaningful work were the most important attributes behind compensation when looking for a new job. And with 71% of people in the labor force actively looking or open to a new job, a rewards culture can play a meaningful role in attracting candidates to your company.
In all of our job descriptions, we mention our casual dress code, employee development, monthly happy hours, catered lunches and flexible work arrangements to help paint a picture of what it would be like to work at Indeed. And it's not just technology companies offering these types of perks - Fortune 500 companies are following suit, such as General Electric offering unlimited paid time off. These are low-cost ways for companies to show employees that they are trusted and valued, which helps create loyalty and reduces attrition.
With mobile technology and global operations, work and personal lives are so intertwined that employees are being more vocal about what they need to be happy and motivated. Companies who are actively engaged in offering a rewards culture need to make sure they are promoting it in their job descriptions to help bring candidates in, and companies who are struggling with retention should think about ways they can make their environment more attractive to effectively compete for talent. Ultimately, the investment it takes to create a supportive work environment is rewarded with happy, high-performing and retained employees.
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