Can’t Raise Salaries to Attract Candidates? Try These 3 Things
As the competition for talent continues to rage, employers are regularly raising salaries to try and differentiate themselves. It makes sense, since candidates have lots of options in the current job market, and the draw of a bigger paycheck is a surefire way to attract attention.
Unfortunately, amid sky high gas prices, rising inflation, supply chain issues and other economic factors, many companies can’t afford – literally – to get caught up in a bidding war. Does that mean they’re out of luck when it comes to recruiting top professionals?
Absolutely not. No matter their size or industry, firms have much more to offer prospective employees than simply a salary. The key is to understand and communicate your employer value proposition. Here are three areas in which companies may be able to make a strong case to candidates.
1) Serving a higher purpose. More than ever, people want to do work that matters. Since the pandemic, we’ve seen a shift in which individuals are motivated toward mission-driven work, rather than simply chasing profits.
Is your organization making products that address important issues such as health, clean energy or the environment? Providing services that make life better for those in need? Is there a tangible difference you’re making in the community? Now is a great time to trumpet those attributes, which are proving to be a lure to talented people.
2) A forward-thinking work environment. An enlightened and supportive work culture can be at least as important as a higher salary, and in some cases, even more so. For instance, flexibility is a prized feature for many employees. Can you offer remote or hybrid work opportunities? Flexible start and end times? A four-day work week? Summer hours? Any of those options would certainly attract interest.
As the Great Resignation continues, many employees will trade salary for better work-life balance. As employers recognize their workers’ needs to handle child or elder care, or their desire for improved health and wellness, they can set themselves apart from other companies.
3) Factor in the value of perks and benefits. Salary is one piece of a compensation package, but there may be other factors, as well. If you’re contributing to employees’ health insurance coverage, that should be added in. So should any matches made to a 401K plan. Not to mention the value of paid time off; of coffee, snacks or lunches being provided; and for investments made in training and professional development.
By the way, if you’re offering remote or hybrid work options, that can add up to a huge savings in gasoline, which is welcome relief these days.
Recruiting great employees involves more than offering the highest salary. In fact, we work with companies every day that have much to offer beyond a paycheck. Need help understanding your employer value proposition, and knowing how to use it to attract talent? Alaant’s experts can help. Contact us today and let’s get the conversation started!
Tom Schin, Director, Talent Acquisition Partnerships & Recruiting Consulting Services
When he’s not working, Tom is an avid board game enthusiast, from Catan to Canasta, who makes sure game night is fun for everyone (even though they’ll probably lose). He’s also fond of celebrating his status as a child of the ‘80s by watching Star Wars, listening to U2, and reminiscing about his (gone-but-not-forgotten) Andre Agassi haircut.