As any recruiter or candidate will tell you, salary is an important factor for any job. It reflects how hard you work, the skills and expertise you’ve gained, and the value you bring to a company. If you want to attract talented candidates to your company who are going to make you more competitive, you know you have to pay top dollar. In competitive industries, you will sink without offering competitive salaries.
Money will always be a major concern, but when it comes to top talent, money isn’t everything. You should consider all of the compensatory factors that you can and should be offering to bring in better candidates. These include aspects of your organizational culture, your work environment, flexibility, holidays, and more.
A survey reported on by Toronto recruiters IQ Partners showed that while respondents valued a pay raise, nearly 80 percent preferred other benefits to a higher salary. Opinions in many cases were shaped by age: those aged 18-34 had a stronger desire for benefits than a pay raise, whereas those 55-64 were keener on salary than perks. Part of that may have to do with the increasing scarcity of health benefits for younger generations, and it may also have to do with lifestyle preferences.
Health benefits provide a great deal of security and stability, and they can make employees feel taken care of by their employers. Because these benefits are disappearing thanks to an increase in contract and temporary work, they’re becoming increasingly desirable among top young talent. If you want to draw talented young millennials to your firm, health benefits can drastically improve your recruitment strategy.
Collected by IQ Partners, below is a list of all of benefits that are highly ranked by prospective employees:
- Paid vacation
- Flexibility to take vacation
- Bonus based on performance
- Retirement plan and pension
- Health benefits like dental
- Wellness programs
- Lifestyle perks
- Stock options
- Employee discounts
- Training and development
- Childcare assistance
- Paternal leave
Talk to a recruitment agency in Toronto about creating a benefit strategy that will appeal to competitive candidates and help you draw better talent to your company. Not all benefits have to be financial, as more people seek out a healthy balance between benefits, salary, and flexibility. It’s part of a movement to find a better work-life balance.
Improving the perks and benefits you give your employees isn’t just about improving things for your current employees, it can also be used as a recruitment tool, especially if you’re targeting Millennial candidates rather than older employees who favour higher salaries. The generational divide means that candidates of different generations have vastly different expectations. The younger generation, which has been told repeatedly that benefits are disappearing in the new, precarious economy, value benefits and will flock to companies offering them. It may very well be time for you to review your compensation plans and start offering health and wellness benefits to your employees. Recruiting smartly means offering something more than just a pay raise.