5 Ways to Create Better New-Hire Offers
Attracting and retaining talented employees is central to keeping your business running smoothly. But it isn’t always easy, particularly when worker shortages mean stiffer competition for recruiting new hires.
Nearly seven in 10 companies in 2021 reported difficulty hiring, according to a global survey from ManpowerGroup.
How do you fill the hiring gaps when there are more jobs than workers to go around? Rethinking new hire offers could be a great place to start. Here are five strategies that could help make your company a magnet for top talent.
- Embrace flexibility with new-hire offers
The COVID-19 pandemic brought into sharp focus the importance of work-life balance for many employees. What many workers want isn’t necessarily higher pay but more flexibility.
Specifically, 54 percent of workers want to choose when they work, while 40 percent want to choose in which location they work, according to a 2021 EY survey. If you’re approaching new hire offers, it could be helpful to consider these terms and conditions:
- Could you allow employees to work remotely part of the time?
- Would full-time remote work be possible for employees who desire or need it?
- Are flexible scheduling and time off an option?
According to the ManpowerGroup survey, companies that offered the least flexibility had the hardest time attracting talent. When deciding how to make an offer to an employee, it can be helpful to keep flexibility in mind.
- Make learning a priority
Beyond flexibility, workers are looking for companies that emphasize learning and upward mobility. That includes helping them to learn new skills or upgrade existing ones.
If you’re creating new hire offers, think about what you can do to create a culture of learning and development. Offering employees access to free training, for example, could give you a competitive edge. Another strategy you may want to think about is using collaborative technology to keep employees learning at the same pace, or incentivizing education to keep employees engaged and at their peak.
- Consider expanding employee benefits
Are there opportunities to make your benefits package more competitive? Beyond offering a 401k or comparable retirement plan option, health insurance and vacation time, it’s helpful to consider other types of benefits.
Student loan repayment and/or tuition assistance, for example, could be an ace card for attracting new hires. Nearly half of employers offer or plan to offer some form of student loan debt assistance, according to a 2021 survey from the Employee Benefit Research Institute. If your company doesn’t have the budget for a full repayment program, perhaps consider some type of education assistance in your benefits package.
- Think about wellness
Just as the pandemic put a spotlight on work-life balance, it has led many employers to consider the importance of employee wellness — including both physical and mental health as well as financial health.
If you’re thinking about incorporating this more prominently into your workplace culture, some ways to promote and encourage wellness could include:
- Introducing an employee wellness program that incentivizes exercise and physical fitness.
- Expanding access to mental health services without increasing employees’ out-of-pocket costs for care.
- Offering financial wellness programs, including resources for budgeting, debt repayment and retirement planning.
- Consider offering a sign on bonus
Bonuses can provide a strong incentive for a top prospect to accept your job offer. The types of bonuses you might offer to new hires or existing employees include:
- Sign on bonuses
- Referral bonuses
- Spot bonuses
- Retention bonuses
Managing your cash flow
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