Money talks, but that’s not the only thing that job seekers are looking for this year when considering a job offer. Non-traditional benefits are more important than ever to job seekers.
We asked our recruiters what’s most important to their candidates other than competitive salary packages and benefits, and here’s what they said:
1. Commute time and % of travel
Commuting can be an absolute drag.
A study by the University of West England found that adding “20 minutes of commuting per day has the same negative effect on job satisfaction as receiving a 19% pay cut.” Which makes sense why this was one of the top things candidates mentioned as very important when considering a new job. Although we can’t tell you the exact perfect commute time, it’s good to be aware that commute time has a significant impact on whether or not a candidate accepts a position.
2. Opportunity for growth
Who wouldn’t want room for growth? Whether a candidate is entering a new career or advancing in their current career, the potential for growth is always an important factor in candidate engagement. There are lots of ways a company can offer growth potential to an employee, but here are a few of our favorites:
- Professional growth workshops
- Career development courses
- Education and tuition assistance
- Opportunities for promotion and career advancement
3. Company culture/management
Company culture, basically the personality of the company, can literally make or break a candidate’s decision. As the
Harvard Business Review states, “For better and worse, culture and leadership are inextricably linked.” The company culture doesn’t have to be perfect, but it does need to be welcoming and to some extent match the personality of the candidate considering the position.
4. Work-life balance
The term “work-life balance” may seem like just a buzzword to some, but the meaning behind it is crucial. Maintaining a work-life balance can be a daily challenge, but with the help of an employer, a candidate can maintain a healthy work-life balance that will lead to stress reduction, increased efficiency and many other benefits that positively impact everyone involved.
5. Project list
A new position comes with many new opportunities. It only makes sense that candidates want to make sure those opportunities fit what they’re looking for to help them advance in their career. They’re probably not expecting a completely laid out list of projects for the next year, but it is important for them to get an idea of the projects they’ll be working on. This is especially important for those who are looking to gain experience by taking on new and exciting challenges.
6. Stock options
Just as candidate wants to invest in their own growth, they want to invest in the company’s growth. Employee stock options not only mean additional compensation for the candidate, but also an investment into the company and its future. There are two types of stock options companies issue to their employees: non-qualified stock options and incentive stock options. There are different tax rules that apply to each option, but simply offering an option can help you land the perfect candidate for the position you are trying to fill.
7. Remote work
Remote work has been a growing trend in recent years, and now it’s here to stay. Candidates enjoy having the option to work remote because of the flexibility it offers. They can work from any location, have a flexible schedule, and spend more time with family. There are also tons of benefits to employers for allowing their employees to work remote. This includes but is not limited to improved employee retention, access to a wider pool of candidates, lower costs, increased productivity and more. If this isn’t enough of an incentive for an employer to offer remote work, a
study by the Global Workplace Analytics revealed that 36% of employee would choose the ability to telecommute over a pay raise. Sounds like a win-win situation, doesn’t it?
8. VTO
VTO, short for “volunteer time off”, is when companies allow employees to take paid days off in exchange for volunteering their time in the community for a non-profit cause. According to a
Glassdoor survey, “75% of U.S. workers expect their employer to support groups and individuals in need in their respective communities, either through donations and/or volunteer efforts.” Other than the benefit of embracing social responsibility and adding to the growth of a community, there are a few different ways offering VTO can pay off for a company. Companies who offer VTO have
higher employee retention rates, increased corporate visibility in the community, and are overall more attractive to job seekers.
At the end of the day, what’s important to each candidate differs from situation to situation. Offering qualified candidates these options can mean the difference between hiring a top candidate and continuing the everlasting search of finding a qualified candidate for your position.
Now that you know what non-traditional compensation trends candidates are searching for, make sure you're offering the most competitive salary to attract top talent to your company by checking out our Salary Guide.
