How Much Money Does It Take to Be Happy?
With the workforce becoming more and more competitive, companies are starting to step up their game in recruiting efforts. This can be seen in the increase of benefits and incentives offered to attract top talent. Many typical perks include flexible work schedules, ability to work from home, and growth opportunities. But what are the biggest incentives for today’s job seekers? According to Glassdoor’s Q3 2015 Employment Confidence Survey, the top 5 perks are as follows.
1. Health Insurance
Medical and dental plans are ranked the biggest incentives for a job candidate. Companies that do not offer any form of health coverage for their employees are at a significant disadvantage of hiring and maintaining top talent in today’s competitive market.
2. Vacation/Paid Time Off
Companies can entice candidates by outlining their vacation policy and paid time off. Companies like Adobe, who shuts down the company for one week in December and once in the summer, offer unique vacation incentives. Burton employees receive season “snow days” to hit the slopes after a big snowfall. Both companies embrace their brand by creating vacation incentives unique to their business, which really entices new candidates.
3. Performance Bonus
A candidate who is told they will receive performance bonuses feels assured that their hard work will be rewarded and that they are working for something tangible.
4. Sick Days
Companies that offer unlimited sick days to its employees are at a significant advantage. At the very least, if there is a limit to sick days, they should be paid sick days.
5. 401(k) plan, retirement plan and/or pension
Security may not be the “sexiest” or interesting incentive, but it still makes the top 5 perks that attract top candidates. Candidates want to be assured that planning for their future is included with the jobs. Pensions are becoming less and less offered, so companies able to provide them will attract candidates.
Along with the above top 5 attractive perks for candidates, some companies go above and beyond to provide incentives for their employees. Twilio offers employees a Kindle plus $30 a month to purchase books. The World Wildlife Fund has “Panda Fridays”, where employees take every other Friday off. Airbnb gives its employees an annual stipend of $2,000 to travel and stay in an Airbnb listing anywhere in the world. Others offer free meals and on-site wellness centers. Paid maternity leave is another big incentive for candidates wishing to have families in the future. Legally, companies are not required to provide paid maternity leave, so candidates are looking for companies that will guarantee it. Unique incentives prove beneficial, so companies are learning to cater their perks to their brand.
Written By: O.Greendyk