As we continue to navigate this unprecedented employment market, one thing is certain – things are changing and likely won’t ever return to the way they were before the Covid-19 Pandemic. The workplace shifts that we have seen as a result of the pandemic are likely here to stay. As the economy continues to evolve, employees are starting to prioritize different things in their job search.
In years prior, an outstanding 401k match, or a great PTO policy even, may have been enough to sway a candidate into saying “yes” to a new opportunity, but now we are seeing the focus shift beyond standard benefits. And with the continued escalation of wages, not only are employers having to work to meet compensation demands, but they also need to be considering what other benefits they are offering their employees.
It’s important to position yourself, your organization, and your brand to stand out from the crowd. With the market as competitive as it is, this could be the make-or-break point. Companies should consider the following when looking at their hiring, onboarding, and retention:
1. Flexibility
Companies need to consider what their work model looks like and if it allows for flexible work options such as hybrid or fully remote schedules for employees. Having the ability to work outside of a typical office environment has become desirable to many, so if remote work is not offered, some are quick to not even consider the job. This may require an audit of positions and needs, as well as technology, to ensure that the work model is effective for employees and the company overall. If for some reason remote work is not possible, companies should consider what sort of flexible scheduling options may exist so that they don’t lose out on talent for that reason.
Consider this: Companies also need to be intentional about how they implement these policies – making sure employees are staying connected and engaged no matter where they work day-to-day.
2. Wellness
Companies also need to consider what physical and mental health benefits they are offering. Standard health insurance is an expectation, so consider what else you might offer as far as creative benefits. Pet insurance, fitness club reimbursement, and an employee assistance program are just a few of the increasingly popular benefits we are seeing in the marketplace. Think about how your company can help employees build and maintain a healthy lifestyle – the company will also reap the benefits when they are more active, engaged, and feel better and more productive.
Additional thought: Some companies even extend this to financial wellness, offering reimbursement for financial advising, tax accounting, and other financial wellness tools.
3. Culture & Growth
At FGP we talk a lot about our culture – and that’s because we want to prioritize it. People want to work in a positive environment where they feel valued and supported. Think about ways your company can elevate your employment brand and highlight your cultural values in the hiring process. It’s important to connect with employees through engagement surveys, leadership evaluations, favorable work environment surveys, etc., and collect feedback from your employees and stakeholders so that you can be constantly working to improve it.
For example, at FGP, we recently completed an amenities survey to better understand what our employees wanted from their work environment. We heard from our team that they’d like a workout space in the office and open work environments where there is more opportunity for collaboration, connection, and team interaction. Can we do all of those things today? No. But, we now have something we can work towards, and perhaps in the meantime, we can find other ways to encourage physical activity in the workplace and interactions in the office.
Companies don’t need to try to offer it all – that just isn’t feasible and won’t stick. But they do need to consider their offerings, benchmark against competitors, listen to current employees, and create actionable plans to make themselves marketable to candidates through unique and meaningful benefits offerings.
Need help thinking through your benefits offerings and how you can differentiate your company in the market? FGP can help. Reach out to our team today to learn more about our available resources.
