Attract Quality Candidates with These Job Benefits

July 27, 20211:50 pm2339 views
Attract Quality Candidates with These Job Benefits
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Theodore Roosevelt once said, “Nothing worth having comes easy”. For hiring managers, this means that finding quality candidates can be quite a challenge. In a job opening, the number of applicants typically outnumber the available positions so HR leaders need to sort them out and come up with only qualified candidates. Problem arises when you cannot find any good candidates despite all the job applications. What could have gone wrong? Your job ad might not be attractive enough for top talents out there. But then, what kind of job benefits can attract them? 

One thing for sure, quality candidates are well aware of their worth. This is why they tend to be picky and have a lot to consider before applying and accepting a job offer. A survey conducted by Glassdoor revealed that around 60% of respondents mentioned they carefully consider perks and job benefits before signing the deal. The survey also noted that staggering 80% of employees would choose greater benefits over a wage raise. For HR leaders, this tells that having a competitive benefits package in place can help significantly in recruitment and retention. 

If anything, it is time for leaders to keep in mind that talents are looking for more than cash. Here are three job benefits recruiters can consider to attract quality candidates.

Medical, Dental & Vision Insurance

Listed as the most valued job benefit is medical related insurance, including dental and vision insurance. Employees carefully consider health insurance that would cover them and their immediate family. However, the benefit is not cheap, it is estimated to cost $6,435 per employee for individual coverage, or $18,142 for family coverage. For mature and settled companies, medical insurance that has family coverage may still be affordable. But for startups and small scale businesses, an alternative for this is to offer subsidization by paying a portion of the monthly cost. 

Retirement Benefits

According to a survey by SHRM, the second most valued job benefit is retirement savings and planning benefit. This may become more important to employees, especially if they consider staying for a long period of time in a company in order to be granted this benefit. The ultimate issue for companies regarding retirement benefits is the fact that it is undeniably costly. However, promoting this benefit can be a great advantage in getting quality candidates to stay in a company, which effectively lowers turnover. Retirement benefits also encourage loyalty for quality candidates once they become employees and this will be a great asset of a company; even considerably an investment in human resource. 

Read Also: Workers See More Value in Employee Benefits during COVID Era: Survey

Flexible Working Hours

If medical insurance and retirement benefits are beyond a company’s budget, offering a flexible working hours policy can be a less costly option. This benefit is proven to be both attractive and effective. Flexibility and work-life balance are essential for both millennial employees and some older generations. Both age groups will opt for flexible hours over high wage and health insurance, as they believe it will improve their work-life balance. Flexible working hours policy may look like it can endanger employees’ productivity at the surface, but it does not. Providing a daily job goal for employees without having to stick to 9 to 5 in finishing it can give them more freedom in time management. This will give them space to pursue work-life balance in their own way. On the other hand, companies need not to worry about productivity, as their daily job goal will still be achieved, regardless at what time they work on it. 

Offering great job benefits does not always come pricely. It should be adjusted to an organization’s budget plan and nature of work. In the end, promoting these job benefits can go a long way in attracting quality candidates, thus ensuring a company’s value propositions. 

Read Also: Compensations & Benefits Employees will Receive in 2021

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