Hiring managers are currently working overtime. With more job positions opening up than ever before and 52% of new hires already looking for a new job in the first six months at a position, there is steep competition out there.
If you’re looking to attract and secure top-talent candidates in 2022 and beyond, then you to change how your hire employees. Old-school methods aren’t working, and with workers across the world realizing how vital they are for industry, people are asking for their worth.
In this article, we’ll cover the top five compensation packages and benefits that top talent is looking for in modern-day hiring. Incorporate these practices into your hiring process, and you’ll have more applications than you can handle.
#1 – Offer Remote Flexibility to Attract Top Candidates
Need we say more? 86% of the workforce is actively campaigning for remote work, with the pandemic circumstances bringing a fresh way of life to the workplace. Instead of having to spend hours commuting every day, flexible working gives employees more time to themselves.
That’s not to mention the easier work-life separation, being able to click out of work and instantly be at your home. Top talent doesn’t want to commute to the office just to sit in another meeting. As hiring managers, we need to ask our businesses to change with the times.
#2 – Time in Lieu Compensation
What’s more important than money? Time. If you can’t have both simultaneously, it’s at least good to create a balance between the two. We are, of course, talking about time in lieu and how this is quickly becoming a top benefit that job-seekers are searching for. Time in lieu is an overtime policy that states that every hour an employee goes over their 40 hours in one-week results in less time at work the next week.
If you’re currently in a project crunch and an employee pushes up to 55 hours in a single week, then they would only have to work 25 hours the next week. An hour over is an hour under. Not only does this strategy save the company money in the long run, as you won’t have to pay overtime fees, but it can also synergize productivity.
You might even notice that the same amount of work gets done in those reduced weeks as in a normal 40-hour one. Down the line, this could open up the doors for a conversation about a four-day working week, which is also quickly becoming a preferred working schedule across the globe.
#3 – Provide Training Opportunities to Hook Top Talent
Once you’ve hired a new employee and put them through the onboarding process, you shouldn’t think that your job is done. On the contrary, offering employees the ability to advance their skills in your workplace is a fantastic way to entice top candidates.
A common thread through all the top candidates that you receive is a desire to learn more. The best workers were often those most interested in learning, with this trait being common to high-achievers. Offering a range of potential training modules that will help to advance the careers of those that work for you is a great strategy.
Some managers think that educating their team members leads to them simply then moving on from the company. Yet, if you train your staff in new skills, they’re then able to bring those skills to your team. If you are already completing the other top-sought-after compensation packages on this list, then your team member won’t have much of a reason to leave.
Worst comes to worst, training means that there are more skilled people in your economy. While not directly benefiting your team if they leave, they will be doing so indirectly. After all, the world always needs skilled individuals.
#4 – Don’t Forget Just How Important Competitive Pay is In the Hiring Process
When we talk about competitive pay, we’re not talking about every single job posting online that states ‘competitive pay’ and then offers below the market average. We’re talking about actually competitive pay, above that of your competitors. Nowadays, using online databases and free tools, it’s incredibly easy to see what the average industry compensation is for different roles.
In 5 minutes, you can look through hundreds of different postings across your industry and determine what the average salary is for each role. We suggest that you do this, and then up that rate. If you want the best employees, you have to offer them the best compensation. In this new normal, businesses should move away from trying to exploit the people that build their business.
Fair and competitive wages are always the way to go, no matter the role, industry, or job title. While we’re on the topic, it’s an employee’s right to discuss their salary with their coworkers. Making a public show of salary transparency can actually help your business greatly. Back in 2013, Buffer made their salaries public, with this move making their job postings suddenly gain a huge influx of traffic.
Another factor here is displaying the salary range with the initial advert. Nothing annoys candidates more than going into an interview process only to find out the rate is below their pay grade. Not only are you wasting their time, but you’re wasting your own time when not having salary transparency.
#5 – General Benefits
Beyond the above benefits, you should also offer the full range of benefits to your employees. Depending on your location in the world, the standard will vary. An employee in the United States is going to be looking out for healthcare and dental benefits, while one in the UK already has that covered by the National Health Service.
Take the home location of your business into account, and then produce a range of benefits offerings for your new employees that match what’s expected. From healthcare coverage to 401k matching and more, this is where you can really wow your employees.
After all, if an employee is picking between two businesses that offer the same salary, they’re probably going to go for the one with more benefits. They’re called benefits for a reason!
Final Thoughts on Attracting Top Talent
If you adopt these practices when hiring new candidates, you’ll have a much higher chance of hooking top talent in your industry. You should always attempt to outdo your competitors, with a higher salary and better benefits being the way to go.
Structure a job post with the above information and see just how your applications skyrocket. With more applications, you’ll be able to select the very best of the workforce to fill your new position.
