While salary is certainly a deciding factor in whether a candidate applies for a job, a solid list of benefits and perks could impact how much pay job seekers are willing to accept. For example, some candidates may be willing to lower their salary expectations for a job that offers more flexibility.
So what kind of benefits are most likely to convince candidates to join your team? Here are a few that will help employers stand out from the competition.
Many job seekers gravitate toward companies that allow them to choose when and where they work. In fact, 85% of Americans favor jobs that offer remote flexibility. And 70% of Americans would be willing to give up other benefits, like health insurance and retirement accounts, to continue working remotely.
Having more flexibility in their job is especially important to working parents and caregivers. Others may be hoping to avoid a commute or have the freedom to work from anywhere in the world.
Even positions that aren’t suitable for remote work can still offer flexibility by giving employees more control over their schedules or implementing technology that allows them to complete at least a portion of their tasks off-site.
Education and career development
Whether it’s to increase their pay, advance their careers, or improve their job security, 87% of employees believe learning new skills is critical for their future success.
Educational opportunities are valuable to both seasoned professionals and those starting new careers. Technology and best practices change over time, and even candidates with many years of experience in a particular field should always be learning. And since 60% of job seekers are completely rethinking their career paths, they’ll want to work for an organization committed to helping them learn the skills they need to succeed.
Employers can provide online or on-site programs to support employee learning. They can also cover tuition payments and enroll employees in university courses. Offering learning opportunities shows that companies are willing to invest in their employees, promote them to new roles, and give them the potential to grow beyond the organization.
Health and wellness
Health gained greater importance during the pandemic, particularly mental health. Many job seekers faced and are still facing stressful challenges and uncertainties. They’ll be looking for companies that actively support the mental health of their employees by providing resources or counseling and encouraging employees to take time to focus on their mental wellbeing.
Many companies are already making plans to better support the mental health of their employees — nearly 70% of employers said incorporating employee wellbeing into their benefits package is their “top strategic benefit objective” for the next two years.
Candidates may have neglected their physical health over the past year and a half, too. They’ll be seeking healthcare packages and benefits that can help them get back on track in taking care of themselves. Adding telehealth and virtual resources can offer more support in this effort. Most employers (77%) have added to or improved online and virtual medical services within their packages, while 53% plan to do so over the next two years.
In an increasingly tech-driven world, candidates have come to expect a certain level of technology on the job that simplifies and enhances their work. This could be automation that helps them avoid tedious, repetitive tasks or tech solutions that make it possible to work on the go while staying connected with colleagues.
For remote workers, companies that supply technology, equipment, and furniture — or compensation for these home office purchases — may draw in more candidates.
Pet adoptions went up during the pandemic, and many job seekers who’ve been working from home are concerned about leaving their pets behind. While it may not be possible for every workplace, allowing employees to bring pets to work is a welcome perk for pet owners. Pet-friendly policies may also convince those who prefer remote work to spend more time in the office.
And since vet bills are expensive, pet-owning job seekers will appreciate companies that include pet insurance in their benefits package.
However employers plan to revise their benefits and perks, it’s important to consider the needs of a diverse workforce. Diversity, equity, and inclusion (DEI) initiatives are in the spotlight, and candidates will know when benefits don’t benefit everyone equally. Employers should account for things like language barriers, cultural differences, and communication preferences to ensure that all benefits are equitable and all employees have the resources they need to be successful.