Benefits are the key to winning the hiring war
We’re in the midst of the toughest hiring market in recent memory. If you have vacancies to fill like many companies out there, you’re just not getting quality candidates, if you’re getting any resumes at all. It seems counterintuitive — people are quitting their jobs in record numbers. It’s the Great Resignation. You’re no doubt familiar with, if not engulfed by, it. Starting in April 2021, an average of 4 million people have left their jobs every month. November 2021 saw the highest number on record — 4.5 million, according to the Bureau of Labor Statistics. That’s a lot of people out of work. You’d think job seekers would be breaking down your door. Why aren’t they?
It’s a question that has left many HR pros scratching their heads. The answer lies in the reasons behind why a tsunami of people have left their jobs.
You can read survey after survey, study after study, but it boils down to this: People want to live a meaningful life doing work they enjoy for a company that genuinely cares about them. Fed up with their employers, they walked away not knowing what was on the horizon for them. It’s unprecedented.
How can you coax some of those Great Resigners into your workplace? It’s about one thing. Benefits.
Win the hiring war with benefits
We get it. Not every company can roll out the red carpet for new employees. But in this hiring market, it’s time to take a good, hard look at what you’re offering job seekers and current employees. It’s not just about hiring, it’s also about retention. Just because your employees haven’t left doesn’t mean they’re not going to. Here are some ways to win new employees and keep the ones you have.
Evaluate your pay scale. Some people believe salary is the alpha and omega of hiring and retention. Certainly, it plays a huge role. In this hiring market, it’s time to look at your pay scale and compare it to your competitors. Open those purse strings as wide as you can, not just for new hires, but for current employees, too. A generous salary helps you hire great people. A “thanks for helping us get through the pandemic” raise or bonus will go far in the quest to retain them.
Create a work-from-home policy that works for everyone. Many companies are grappling with creating return-to-work, hybrid or WFH policies. It’s best to give people choice if possible. Some people like coming into the office every day or a few times each week. Others love working from home. According to a survey by FlexJobs, 58% of people would “absolutely” look for a new job if they can’t continue to work remotely. Flexibility is the key to keeping people happy.
Get creative about other benefits. Remember, people left their jobs in search of more meaning in their lives. For some, it was about more security. Take a look at your benefit structure and discern if it’s providing that. It’s about things like affordable healthcare, elder and childcare, student loan payoffs, unlimited PTO, four-day work weeks, even home down payment assistance bonuses. Think about what would add quality to people’s lives.
Invest in technology. Technology is a benefit? Yes, it is. Millennials and Gen Z job seekers are digital natives, and they’re not going to even consider a company that is running on dinosaur systems. It starts with the hiring process. Automating what you can and streamlining the experience via technology is guaranteed to lure job seekers. If you’re still soliciting paper resumes, you’re out of the game.
If you want to learn more about how Benetech can help streamline your hiring process, give us a call. We’ll be happy to talk with you about how the right HRIS can help.
