Competitive job offers are key to competition in today’s job market. It’s no secret that the COVID-19 pandemic has transformed the hiring landscape for the foreseeable future. A significant portion of today’s workforce is unapologetically exchanging traditional work benefits for more relevant employment packages.
So, how are companies getting creative in meeting the demands of candidates in the era of COVID? Here are five approaches businesses are employing when filling jobs fast with top talent.
Competitive Job Offers in the COVID-19 Era
If employers have learned anything from the pandemic, it’s that childcare is no longer an ancillary concern. And even though schools are returning to in-person learning this fall, childcare needs remain a hurdle for many employees. Fortunately, not only do childcare benefits aid employees, but the investment in these benefits also spare companies lost revenue attributed to an accumulation of sick days and decreased productivity.
While expanding compensation packages to include childcare assistance is one approach, other companies are offering additional benefits such as flex hours, remote work, and more paid time off to increase recruitment when childcare is a priority.
Doubling-down with Higher Salaries
Change is inevitable––yet some things remain the same, and the lure of a wage increase is no exception. Even though candidates might prefer work cultures with flex schedules and development opportunities, a significant pay increase can overcome many of those hiring hurdles. And in some instances, a higher salary is the only benefit that is enticing workers to return to the job scene in light of ongoing safety concerns.
Maximizing Sign-On and Referral Bonuses
Sign-on bonuses are appealing to families feeling the pressure of a lingering recession. Even the promise of bonuses for staff members who refer a candidate that gets hired has appeal to job candidates. Additionally, cash and prizes as retention bonuses are attractive incentives not only to keeping current staff loyal, but weighing long-term bonus programs potential hires are influencing potential hires in the interview process as well. Currently, some companies are even offering cash bonuses to employees for getting vaccinated against COVID-19.
Prioritizing Professional Development
Small and large businesses alike are investing in measures to create a work culture that esteems staff education and development. Opportunities for professional development communicate an employer’s sense of value on and long-term commitment to prospective candidates. Employers are winning and keeping top talent loyal with educational incentives such as tuition assistance. Another approach that companies are taking in a competitive job market to increase hiring success is to offer on-the-job training.
Health and Wellness
Employers are also seeing an uptick in employee recruitment by investing in the overall well-being of staff with corporate wellness programs. Not to mention, businesses that prioritize employee wellness experience increased employee satisfaction and productivity.
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Ready to leverage your companies benefit package to win top talent? Now is the time to take advantage of the job market, and ICR can help!