With wages somewhat flat, employers are touting their benefits to help attract, engage and retain talent, according to a recent study from the Society for Human Resource Management (SHRM). Indeed’s data is supportive of this—40 percent of jobs posted to the website Indeed mention benefits, including health care, bonus and 401(k) 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 that 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 the Science of Talent Attraction Study. The study shows that good location, flexible hours, benefits and meaningful work were the most important attributes after compensation for people looking for a new job. And with 71 percent 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 Indeed's job descriptions, we mention our casual dress code, employee development opportunities, 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 that 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 that 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.
Please join @shrmnextchat at 3 p.m. ET on March 30 for #Nextchat with Senior Vice President of HR for Indeed Paul Wolfe @PWolfe67. We’ll chat about trends and best practices for creating a winning total rewards package that will help employers attract and retain talent—and keep them happy and engaged.
Q1. What are the most important components of an effective total rewards program?
Q2. What factors must be considered when developing a total rewards program? (i.e., global cross-cultural differences)
Q3. How can employers craft a total rewards program to ensure it delivers the highest employee retention rates?
Q4. Why is it important to consider your company culture and employer brand when creating a total rewards program?
Q5. What are the best ways to promote total rewards offerings in job descriptions to attract talent?
Q6. What are the greatest challenges for employers when implementing a total rewards program?
Q7. What are some new trends in total rewards offerings?
Q8. How do you measure whether or not your total rewards program is effective?
Q9. What advice do you have for HR and employers as they build a total rewards program for their organization?