- Money is still the number-one motivator for 67% of job seekers and employees looking elsewhere for career opportunities, according to a new Glassdoor study. The survey of 1,100 workers and job seekers, conducted by Harris Poll for Glassdoor, also found that offering good benefits and perks attracts talent, too.
- Besides pay and benefits, respondents focused on other desirable perks in their job pursuit, such as job location, commute time and employee reviews of companies in job ads.
- When asked what would make them more likely to apply for a job, respondents said attractive benefits and perks. Popular options included paid time off and gym membership, work-life balance, working from home and a good company culture.
Reports listing the benefits and perks that entice job seekers to submit an application can revolutionize a firm's recruiting strategies. When employers know what potential hires want in a job, they can decide where to channel resources.
Higher pay is likely the top consideration in a job hunt. In January, Glassdoor reported stagnation in U.S. workers' wages, with the median base pay at $51,210. Across-the-board, pay increases have hovered at 3% in recent years, according to Willis Towers Watson. Some employers, like Target, have boosted their minimum wage to retain workers; by the end of 2020, employees at the retail giant will earn $15 an hour.
Not all employers can afford to plump up employees' paychecks, but that doesn't necessarily disqualify them from good retention rates. The tight labor market has put the pressure on organizations to offer workers and job seekers more of what they want in a job. Workers' desire for work-life balance and flexible work schedules demonstrates a growing need for more personal time. Employers that support workers' needs for more time for family and personal responsibilities, like caregiving, are often recognized as employers of choice.
Workers might be more focused now on company brand and culture because of recent high-profile scandals involving unethical behavior or sexual misconduct. Job seekers are routinely eyeballing company-rating sites before submitting applications. Employers that create cultures based on high ethical standards, civility, and inclusiveness will attract and hold onto talent with the same values.