It is difficult enough to find quality candidates, but securing the best of the best in times of widespread talent shortages can seem downright impossible.
Luckily for your organization, it is doable — but only if you cater to the needs and desires of the workforce.
Transparency about salary, benefits, and perks can be a key differentiator in the minds of applicants, according to a recent study commissioned by Glassdoor. Workers are unlikely to leave their jobs unless they know what they are jumping into, and even unemployed job seekers hesitate to apply to companies that hold information too close to the vest.
“Today, job seekers are doing their homework to consider whether an employer is a good fit for them now and for the long term,” says Amelia Green-Vamos, employer trends expert at Glassdoor.
According to Glassdoor’s survey, 44 percent of candidates see transparency on pay and benefits as a sign that a company offers long-term potential. Thirty-nine percent of job seekers said clear explanations of professional growth opportunities within the company are a similarly positive sign.
“These two factors are essential for job seekers to consider what their future earnings could be and what kind of career growth they can expect,” Green-Vamos says. “As businesses look to foster long-term commitment, maintaining open and transparent communication with employees around pay and benefits and future career growth can be an effective strategy to demonstrate why an employee should join the company and stay.”
The Perks and Benefits Employees Want
No matter the industry, employers and recruiters must track current hiring trends if they hope to remain attractive to quality talent. While concerns such as time off and salary will always stay at the top of any candidate’s wish list, job seekers are also looking for companies that can deliver added value with additional perks and benefits.
“As employers consider the mix of benefits they use to attract talent, one way of tackling that question is to look at which benefits have the greatest impact on employee satisfaction,” Green-Vamos says.
According to Glassdoor, the top five benefits correlated with high employee satisfaction are, in descending order:
- Health benefits
- Vacation and PTO
- Retirement plan
Rounding out the top 20 are benefits like free lunch or snacks, tuition assistance, and pet-friendly environments.
“Ultimately, it’s important for companies to listen to employee feedback about what matters most and to align their benefits with their own values to create a positive, welcoming work environment,” Green-Vamos says.
It is also crucial that hiring stakeholders understand the workforce at more granular levels to see what is important to workers of different ages, gender identities, and other demographics. After all, you can’t diversify your workforce if all the information in your jobs posts is primarily of interest to white, middle-aged, cisgender males.
“Among the most notable differences between men and women [when it comes to benefits] is that women are more likely to apply to a job that offers work from home opportunities,” Green-Vamos says. “This suggests that women value employers that offer greater flexibility … and are more accommodating to life’s demands outside of work.”
Additionally, Glassdoor’s survey found that women are particularly interested in pay and benefits transparency.
“As women look to empower themselves and demand equal pay for equal work, we see more women using research as a tool to ensure they are compensated fairly,” Green-Vamos says. “Recruiters can use this information by ensuring job descriptions and company benefits are visible and communicated early in the hiring process, as well as listed on job search sites. Additionally, recruiters can home in on these topics when recruiting female candidates.”
Settling In for the Long Term
We may live in the age of job hopping, but most employees are still looking for companies they can stay with for the long haul. Workers only job hop when they are dissatisfied with their current role for some reason, whether that is lack of advancement opportunity, low pay, lousy benefits, or something else.
It is important to note that today’s employees primarily seek new opportunities via job sites. When talented candidates look for new jobs, job posts that exemplify the company’s values and explain what they might mean for the worker will catch the most attention. If you can’t connect with them online, you’ll struggle to connect with them at all.
“Our study reveals there is a significant trend of workers and job seekers preferring to find jobs through online job sites … rather than being contacted by a recruiter or staffing agency,” Green-Vamos says. “There is also a visible trend of job seekers researching information about potential employers via job sites rather than company career pages. This seems to suggest that job seekers want to be in the driver’s seat when it comes to managing their job [searches].”
If you provide transparent information about your company culture, salaries, benefits, and more, you’ll attract the candidates you’re looking for organically. If you aren’t willing to share that information up front, your odds of attracting quality talent decrease dramatically.