Natalie Bentivegna | 29 July 2022
If you haven’t read that blog first, I’d highly recommend doing that first and then circling back - https://bit.ly/3IDu1R4
I’m sure you’re sick of hearing this, but it’s super important in a candidate’s market to constantly be re-evaluating your companies EVP and benefits list, because, put simply… the more you can offer the candidates, the more likely they are to choose you in their job search.
Between the market research I’ve been doing (which is code for stalking every company I come across’s career pages & glass door profiles) and the endless conversations I’ve been having with candidates and clients in the market, I’ve compiled a list of the most popular and common benefits that are encountered in the market to date:
Of course! This is the number one most tangible way to incentivize applications and promote high offer-to-acceptance ratios, especially if you’re struggling with salary banding. But don't worry, if your company is not in a position to offer a bonus there are plenty of other ways to incentivize candidate engagement…
I find opinions on this quite divisive, some candidates place a lot of value on stocks & equity whilst others see it as too intangible to matter. We tend to see this kind of incentive offered by companies at each end of the lifespan spectrum, as it’s mainly implemented by start-ups/scaleups, and large corporations.
The most controversial of the lot, in my opinion, especially post-pandemic. With about 30% of the candidates, I speak to wanting fully remote options it’s definitely worth considering making this a full-time option for your candidates.
If you’re not in a position to accommodate remote, then hybrid working models need to be as flexible as possible and demand no more than 2 days per week in the office (1 day per week seems to be the most ideal from the candidates I've spoken to).
This is especially popular amongst candidates with junior and mid-level skillsets, they tend to place more emphasis on how to better & progress their careers in the future rather than how much they earn.
This is (but not always) more popular amongst the more senior & female candidates. Having well throughout and generous parental leave packages also promotes a family vibe and inclusive work culture that is appreciated by candidates a lot.
This used to be seen amongst more American companies but more and more Aussie companies are incorporating this into their perk’s lists.
When we think about how much people spend on private health insurance the appeal becomes clear, I’ve even heard some candidates refer to it as part of their total salary package, purely because it saves them so much, even though it’s not money directly in their pockets.
If you’re looking to foster a fun-loving and youthful environment, these things are the way to go. You’ll be surprised by the impression even the smallest of these perks makes on a candidate's attitude towards your company branding.
Either accrued days off or the ability to purchase extra leave pre-tax, this sort of stuff tends to fall under the staff wellbeing & mental health area, and some candidates even rate extra time off higher than monetary incentives.
This one is the unsung hero, it’s the perk that no candidate thinks they’ll ever have to use until they’re struggling. Even though I rarely refer to it when I’m encouraging a candidate to apply for or accept a role, it’s an essential part of making your candidates and employees feel cared for and supported.
If you want to see a good example of a company that has complied their benefits in an easily digestible way as I recommended doing in my previous blog, go look at Atlassian’s website.
See for yourself - https://www.atlassian.com/company/careers/resources/perk-and-benefits/global/australia?tab=employee-support
Notice they have even organized their “perks & benefits” lists into three different tabs:
“Employee support”, “Perks” & “Work-Life Balance”.
It’s a fantastic idea to break your benefits list into those sections, it’s unique and shows that your company is implementing benefits that add value to multiple areas of the candidate's life. One extra tab I’d suggest including when it comes to considering unique or out-of-the-box style benefits would be adding benefits for “Diversity and Inclusion”.
Some people consider diversity and inclusion as a benefit in itself; however, I am of the opinion that if some of your benefits encourage diversity and inclusion then you’re one step closer to having a workplace with higher rates of diversity without having to tokenistically hit “quotas”.
During a time where perks and benefits have never been more important to review, finalize and publish in order to help your hiring success, I hope this blog has shed some insights into what's out there and what’s most popular so you can create and publicize a list of your own that best reflects your companies branding.
If you’re interested in chatting about further market insights, feel free to connect with me on LinkedIn, DM me or email me at firstname.lastname@example.org
Looking forward to connecting!
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