It is safe to assume that most job seekers’ top priority is to make money. But what else are these potential employees looking for? While compensation may be the ultimate goal, it certainly is not the only important factor.
According to the United States Department of Labor, the Employment Cost Index (ECI) was up +0.4% for the first quarter of 2012. In other words, it is costing you more to employ others, so now more than ever it is crucial to ensure that you are attracting quality candidates. How?
By offering what they want, what they need, and what makes the most sense for your business.
Competitive Compensation. Compensation is about more than dollars and cents. That is why, as an employer, you must be confident that the compensation you are offering is not only fair, but is in line with job requirements (i.e. education, experience, skill) and is also competitive. Offer much less than your competitors, and your pool of candidates will likely decrease in value. Offer much more, and you may run into the same problem. Balance here is key.
Balance. Speaking of balance, your potential employees are searching for it as well. Many job seekers are in the market for more than just a job; they are looking for an opportunity that will fit into their lifestyle. That may mean leaving time for family or for a second job, but regardless of the reason, work-life balance is more than a nice concept; it is a must if you want to keep your employees happy, healthy and productive.
Benefits. Benefits packages have become nearly as important, if not equally as salary when it comes to what job seekers want most. However, you must be smart when it comes to the benefits you are offering. Be sure that your current employees are taking advantage of the benefits you offer as a good indicator of how effective and valuable these options will be to potential employees. Benefits are only as valuable as their demand, so be sure that what you are offering is worth your while, and money.
Opportunity & Growth. Potential employees want to be sure they will have room to grow within your organization. Is there room for advancement? Are there opportunities for them to flourish? In other words, they want to know if their hard work will pay off, and it is up to you to let them know what possibilities exist. A large part of the equation is appreciation. Be sure to let your team know how valuable they are and that their accomplishments will not go unnoticed.
Job seekers aren’t only looking for a way to spend 40+ hours each week. They are looking for fulfilling opportunities where they can grow, be fairly and properly compensated, and most importantly, where they can feel appreciated enough to work their hardest and give their best.