Despite economic uncertainty and fears of job instability, many employees are planning to change jobs this year. Some have already taken the plunge.
Do you want to know why they are leaving your company and what type of employee benefit you should implement to keep your current employees and attract the best talent in the market? Learn more about:
what is going on now?
Many workers are leaving their positions in pursuit of fresh challenges and professional development. Additionally, employers are growing more concerned about an impending economic slump.
Both parties are being more cautious as a result of rampant inflation. There are signs that top talent is demanding greater pay, but firms are using a ’wait and see’ approach to hiring.
An Express Employment Professionals’ poll indicates that other factors contribute to the reduction in recruiting and the labour shortage.
Many firms are concerned about a recession and are delaying hiring new employees because they may be unable to provide competitive wages or benefits.
It’s a dangerous gamble because rivals can choose the other path and use more aggressive tactics. Offering a competitive wage as well as benefits that are desired by the majority of employees is a winning strategy.
While some perks are regarded as conventional, other particular or intangible benefits can enhance a job offer during pay negotiations or revising compensation packages.
Are you interested in finding out how to create tactics that will draw in and keep your future workforce? Or would you like to know the ranges of salaries? Get the salary guide.
must-have perks
Randstad Canada conducted a study in collaboration with Ipsos to crack the talent code to determine what employee benefit can persuade a Canadian to stay with their current employer.
According to the survey, the most crucial factor was the salary.
You can meet top talent’s salary expectations by using the salary guide. Continue reading to learn about other advantages that may help you stand out.
reasons for employee resignations
Your top talent may leave or even apply elsewhere due to a number of issues. These elements include:
traditional benefits
Several survey respondents also highlighted traditional employment benefits, which are seen as ’essentials’ in a job offer or remuneration package. These consist of:
- prescription medication coverage,
- medical and dental coverage,
- paid time off,
- RRSPs with employer matching,
- and retirement or pension plan with employer matching.
what potential employees want when choosing an employer
In addition, our employer brand attractiveness report can assist you in identifying other factors that may attract potential candidates to your candidate pool.
differentiating perks and benefits
creative perks and benefits
Even if they don’t express it explicitly, talent prioritizes a few additional ’creative’ bonuses and benefits. Some instances:
- training or opportunities to gain new skills
- financial assistance for personal projects (e.g., educational allowance, extended paid parental leave, or childcare support)
- small lifestyle perks, such as free snacks or meals, a gym membership, discounts on everyday purchases or trips
- paid time off on their birthday
- tuition reimbursement
this year’s expected perks and benefits
It is essential to provide remote and hybrid work! However, we’d be remiss if we didn’t mention a slew of other highly sought-after perks, such as:
- flexible work or remote work
- salary increase in keeping with market trends
- salary increases on par with inflation
- performance bonuses
- four-day work week with full-time pay
These advantages are significant in an era when an increasing number of talents are concerned that inflation will reduce their standard of living.
make a difference by paying the appropriate salary rates
Want to know more about salary ranges or discover what drives talent away?
get the salary guideintangible perks and benefits
A robust, inclusive onboarding process is one of the intangible perks and benefits that gives you the most bang for your buck.
No one wants to have to go through the hiring process again due to poor onboarding! This is why the probation period is so crucial for you and your talent. You’re both getting to know one another!
Implement an effective onboarding process that’ll be ready to launch on their first day on the job. It’s one of the best ways to make sure talent is quickly up to speed, in addition to being an excellent tool for fostering a sense of belonging from day one.
It’s particularly important during this period (and afterwards) that managers provide constructive feedback and clear goals so talent doesn’t feel incompetent or unfit to work at your company.
This is vital: almost 73% of employees think their manager could set clearer goals. Only 25% feel they are being given feedback regularly enough to help them understand how they can improve.
Don’t forget! These days, employees are more concerned with personal development than professional development. They’re looking for a job that works for them.
If they’re displeased with a company’s lack of clear goals and processes, they won’t hesitate to cut their probation period short and take their skills to an employer that better meets their expectations.
Not to mention that the company’s reputation might take a hit since unhappy employees can share their negative experiences on social media.
psychological safety and talent’s well-being
Most companies advocate a work environment where transparency, collaboration and goodwill are part of their employer branding. But how many of them actually put those values into practice?
And yet, as shown in our employer branding attractiveness report, ’job security’ and a ’pleasant work atmosphere’ are among potential employees’ top five expectations when choosing an employer. These two factors fit into the concept of psychological safety, which plays a role in providing a workplace where:
- every reasonable effort is made to protect workplace mental health
- respecting employee well-being and work-life balance is crucial
- managers are committed to providing an environment that fosters trust and allows workers to give their best
- employees feel like they can be themselves and express opinions without fear of reprisal
Studies show that such workplaces are more productive and innovation-friendly. They increase employees’ sense of belonging, and have a major positive impact on their emotional, mental and physical health. This, in turn, leads to lower absenteeism, less turnover, fewer employees quitting due to burnout, and a better motivated workforce!
Think about how you can provide this intangible benefit to your talent and make it a part of your company culture. This is your opportunity to stand out authentically, regardless of your company’s size or your business sector!
rebuilding social capital with an authentic employee experience
According to 43% of managers, building relationships is one of the biggest challenges in the current work world. Employers must, therefore, create human-centered, personalized work experiences to go along with increasingly high salary offers.
One way to do so is to increase employee motivation through managers’ authenticity and kindness. In 2024, it’ll be the four pillars of employee experience.
Employee engagement, happiness and well-being will most definitely be indicators of your company’s health.
After all this time of isolation and social distancing, rebuilding social capital and re-establishing connections are essential steps in helping leaders foster talent loyalty.
Moreover, motivated employees:
- are emotionally attached to the company
- care about the quality of their work and, more generally, about the company
- have a positive affect on the behaviour of those around them
- perform better than passively or actively disengaged employees
flexibility: your trump card
Flexibility is the secret to success in 2024. Any HR strategy worth its salt must make it its secret weapon.
Employees today want the freedom to choose their work schedule and the ability to set their own hours and take paid time off.
Some individuals also desire to be allowed to take time off if they work above their scheduled hours on another day of the week. Others would choose to base their daily work schedule on their workload at the time.
This type of benefit requires a long-term investment. If properly implemented, it can lead to:
- greater trust between employer and employee
- performance focused on results (rather than on hours of attendance)
- employee empowerment thanks to procedures and technologies that make collaboration easier (for white-collar workers).
Yes, salary is, and remains, the most important criteria job seekers look for, particularly amid inflation and a possible recession.
But, since everyone’s in the same boat, employers like you have everything to gain from improving their value proposition by providing more flexibility, safety, learning and career advancement opportunities and myriad other interesting benefits.
It’ll help you stand out and get a head start in the race for top talent.
Check out the following articles for more information on retaining and attracting top talent with the best benefits:
- fantastic employee benefits for next to nothing
- alternatives to raising employee salaries
- what do different generations want?
You can also receive our tips directly in your email box or follow us on LinkedIn to receive expert advice on the various benefits to implement or optimize to avoid high turnover rates.
