Money Talks: Employers, Here Is What You Should Be Offering
With all of the hype around alternative means of compensation, it can be easy to lose track of what’s important when it comes to offers. But don’t let all of the headlines fool you. When it comes down to it, most people want one thing: More money.
What’s Trending In Alternative Compensation Offers
Sabbaticals, free meals, time off to volunteer – alternative compensation offers have become all the rage. And they have become the new norm in employment offers for a multitude of reasons, primarily because the talent market is tight but also because hiring has changed. Most employers today find themselves trying to hire people away from the jobs they already have. In fact, Census data shows that the majority of people who took a new job in 2018 weren’t looking for one: Somebody came and recruited them. More and more, companies are looking to fill – and pre-fill – their recruiting pipelines with as many people as possible; “passive candidates,” who aren’t looking to make a move. Passive candidates are tagged by various forms of technology, signifying to the recruiter that it’s time to start the courting process. And because many companies take a similar approach to recruiting, most of the same candidates get approached and ultimately given job offers.
To stand out, employers try to add some sparkle to their offers, including:
- Flexible scheduling
- Remote options
- Moving expenses
- Unlimited sick time and vacation
- Benefits – including health, dental, vision
- Retirement savings plans – including company matches
- Tickets to events – including sporting events and concerts
- Paid-for company cell phones and laptops
- Laundry service
- Paid time off for volunteering
- Company-sponsored lunches, happy hours, snacks and parties
The list continues to grow – and gets more creative – each year. But knowing when to offer these perks is important, because they should be additives; they are not what make the job offer.
When Alternative Compensation Works, And When It Doesn’t
Alternative compensation works when someone is presented with two similar offers. In these instances, the alternative compensation perks can make all of the difference. More importantly, however, the actual compensation – the salary, the bonus, the earning potential…the money – needs to be right before any of the alternative compensation elements get factored in.
This is also where a staffing partner can provide some much-needed guidance. Not only can they provide real-time market intel on what the going rates are and what would constitute a competitive offer, but they can also help navigate some of the misleading assumptions about candidate needs.
For more on compensation, get in touch with us! Each of our local offices are equipped with experts who can provide critical information on compensation and competitive job offers based on location and industry vertical. The Intersect Group specializes in information technology and finance & accounting in Atlanta, Charlotte and in Dallas. Contact us today!