3 Things to Offer Besides More Money

Even though particular sectors have been hit hard by job losses, the U.S. labor market is predicted to stay tight, making employers change their recruiting methods and locations to fill the constantly increasing number of available positions.

The leading companies today are those who spend more time recruiting from the competition rather than relying on job applications, since most of the best candidates for any given role are already employed. By convincing talent that there are better opportunities available, these companies can take advantage of a larger pool of resources. Bigger organizations tend to have more money, which they use as a strategy to attract new talent with offers of high salaries or signing bonuses. And considering that inflation has impacted the average worker pretty significantly, this will be effective for some time.

Even though the majority of employers are increasing salaries to appeal to job applicants, people are still quitting their jobs at high rates.

Therefore, the competition isn’t as severe for employers who have limited resources (i.e., most employers). The businesses that will come out on top are those willing to put in the effort to understand what passive job candidates—accomplished people who might not be actively seeking a new position—crave ,besides money.

Why do people leave?

Instead of “How do I get people to come here?” companies must now instead ask,  “How do I get people to leave there?”. In order for employers to provide an answer that question, they first have establish what it is that caused their employees to look elsewhere.

According to Microsoft’s “2022 Work Trend Index,” the main reasons for wanting to leave one’s current job include flexible work hours or locations, a lack of confidence in leadership, and personal well-being. When surveying employees who quit last year, Pew Research Center found that the number-two cited reason for leaving was a lack of opportunities for advancement , only slightly behind low pay. Although it can be difficult to determine why exactly employees are quitting today, there are still ways to address their needs. And with Gallup reporting that 50% of employees quit without any notice, it’s more important than ever to offer a better experience.

In my view, the difference in employee priorities now provides a wider range of employers the opportunity to onboard more great people than ever before. It’s just the way employers connect with talent that has to change. Rather than waiting for candidates to apply to a generic job posting, leaders have to take initiative to find where the best talent is, and reach out to them with a personalized value proposition.

With the amount of technology available today, there’s no reason why employers should be struggling to find talented employees. HireEZ and other platforms have evolved to provide recruiting tools that can help companies locate, connect with, and understand talent. The only thing left is the human component of hiring—to engage meaningfully. Here are three things (besides money) that you can offer potential hires to make your company more appealing:

Create a Career Path

The number one factor that caused people to recently quit their jobs, according to a recent McKinsey study, was the lack of opportunity for career development and advancement. As an employee, all you’re asking for is clarity regarding where your hard work will take you. However, many employers don’t bother with this and fail to make visible career paths for their employees. In most work environments, the way to move up is by waiting for a management position to open up and then competing against your colleagues for it. The reward for winning such a role usually includes a paycheck raise, more responsibility, or improved status.

Those who lose in the ‘winner-take-all’ environment typically resent and feel hopeless towards those who were chosen. If you want to combat this, leaders should provide a more optimistic future and realize that all individuals benefiting and adding value to the company deserve promotions within their career. It’s also important to remember that not everyone aspires to be a manager.

Companies would benefit more from taking a skills-based approach when recruiting new staff and, as a result of this focus, they will be able to provide employees with opportunities for growth. This newly targeted method involves employers asking the following questions: In the next two years, what skills do you want to gain? What types of work do you want to be doing? Is there a title or role you want to work toward? By engaging in this conversation, companies can get a better grasp of where an employee could potentially be of value in the future. This dialogue between employer and employee allows for the creation of more specific goals to work towards, as well as transparent expectations for what sorts of benefits (increases in salary, responsibility at work, etc.) can accompany any individual’s growth.

Benefits with IMPACT

The typical health care benefits and unlimited PTO are not being utilized to their full potential. Employees need more than just the bare minimum of health insurance and vacation days in order to entice them into taking a new job.

Since people care a lot about benefits, employer should design benefits packages to make positive impacts in people’s lives. With such a large number of solutions available now, employers have the opportunity to be choosy and think carefully about which support options will mean the most to the kind of employees they want to attract.

They can start with two easy steps:

• Reject the status quo
• Get to know what candidates want

How can organizations make paid time off (PTO) policies more effective? For example, some people might appreciate being able to take a day or two off to grieve the loss of a close friend without worrying about others judging them. Others may want opportunities to volunteer during business hours so they feel like their work has purpose beyond making money.

Employers who sponsor wellness benefits can help employees achieve physical, mental, and spiritual health goals. For example, a HelloFresh subscription for healthy eating habits, access to mental health resources through applications like Unmind or Headspace, or an array of well-being products and services offered by Maavee.

These are just a few examples of ways companies can show job candidates that they’re willing to make benefits a personal experience for them with the support they can actually use day to day.

Focus on the Relationship

It’s only worth putting in the extra effort to hire top talent if they end up sticking around. A hasty hiring process, setting false expectations, or not providing an accurate look into company culture can cause new hires to regret their decision—negatively impacting company attrition and employer brand.

Hiring teams play a crucial role in setting the tone for prospective candidates and preventing them from feeling misled. They are the first point of contact that a job candidate has with a company’s brand, and they shape the beginning of the employee experience. In my experience, companies often don’t live up to their potential by not being truthful and not asking enough questions before hiring someone.

It’s okay if some aspects of the work may not make it onto the job description. But when explained upfront, the team gains an employee who can accept a job offer knowing the full list of responsibilities expected of them.

Don’t focus on the money

Leaders who identify and appeal to what passive candidates value on a deeper level will find an abundance of talent. Skilled professionals need to see opportunities for growth, benefits that fit their needs, and honest expectations before taking a position. Employers can use different technologies to make the candidate experience more efficient.

At the end of the day, job candidates want to know that they will be happy in their work. They want to feel like they are part of something larger than themselves, and that their contributions matter. Companies that focus on building a strong employer brand, and cultivating a positive employee experience, will be better equipped to win the war for talent.