Post-Pandemic Benefits: How Employers Can Put Together A Compelling Offer To Attract & Retain Top Talent
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As employers continue to fight for top talent amidst the Great Resignation, companies are spending more time and effort than ever thinking about what might help attract and retain great employees.
Beyond asking for flexible work arrangements such as opportunities to continue working from home, employees can consider a range of other benefits during the negotiation process. Not only for new employees, it's also important that employers ensure any new post-pandemic benefits carry over to tenured employees to ensure equal treatment.
Based on recent conversations with candidates and clients, Accela Talent’s Client Director Vanessa Mittman breaks down what’s being offered and requested in the market below.
Financial Benefits
Often the first thing to be negotiated during the interview process is financial compensation, and with a tight talent market, benefits like earlier salary reviews (i.e. 9 months vs. 1 year) and fixed bonuses have come to be offered more regularly. Companies have also reported increased benefits such as higher referral bonuses or even shares for mid-level staff who wouldn’t typically have received them in a pre-pandemic world.
Flexible Work Arrangements
While most employers are hoping to get back to more of a regular office working routine, they also realise the desire for employees to have flexibility. After proving they could be effective working from home, employees are pushing for permanent hybrid work arrangements to be confirmed in their employment offers;with the rise in the “work from anywhere” trend, some employers are even offering an added incentive of an opportunity to work anywhere in the world for a set period, i.e. up to 4 weeks.
Some candidates have also asked for more flexibility when it comes to childcare benefits such as reduced or flexible hours, however these have been more difficult conversations that most companies don’t seem quite willing to budge on. This has led to many parents making the decision to scale back their hours, take on less demanding roles or pursue freelance opportunities to allow them the flexibility and family time they’ve become accustomed to.
Wellness Benefits
Another product of the pandemic has been the desire for better work-life balance and increased access to mental health resources. As part of this, employers have begun offering increased leave packages; Vanessa notes some companies within the region offering unconventional perks like a paid flight for holiday to mid-level staff. While expat-friendly countries like Singapore often offered benefits such as home leave for more senior employees, this benefit is specifically geared at a quick trip away within the region to reset and recharge.
Well-being programmes have also been introduced to place a bigger emphasis on mental wellness, offering options such as access to counselling, mental health apps and mental health leave.
Upskilling
Candidates are also keen to continue improving their own knowledge bases, seeking professional study benefits such as paid learning & development opportunities or flexible hours to attend courses and exams. Internal and external training have been among the top requested benefits, as employees seek continued growth opportunities.
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Do you need help putting together a modern and competitive compelling package to attract new talent or retain current employees? Get in touch with our friendly Talent team for a chat: [email protected].
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Sources:
https://www.cnbc.com/2022/06/07/singapore-jobs-companies-fight-for-talent-in-tight-labor-market.html
https://www.brinknews.com/working-from-anywhere-a-differentiator-in-the-war-for-talent/
