Your company culture and soft benefits are critical to thriving in today’s competitive employment market. As you prepare a talent strategy to fill vacant positions and retain your most valuable employees during this post-pandemic hiring explosion, understanding candidate and employee motivation is key to building a loyal team that will not be tempted by recruiters promising a better compensation work experience than the one that you currently offer.
Trending Soft Benefits
As an executive search firm that uses a passive candidate approach, we have found that time and time again it is not the highest salary, but the soft benefits that help us close a deal. According to CultureFit’s spring compensation trends survey, nearly 45% of candidates have indicated that soft benefits for employees are as important, or more important than compensation.
A new generation taking over the workforce, paired with a global pandemic, has forced the tired Work/Life Balance mantra out and the Work/Life Experience in. Employees want to feel good about the company they work for and seek out organizations whose culture aligns with benefits that enhance their lives, not just their time spent at work.
With the entire market shifting into a hiring frenzy, creating a fierce competition for talent, you should be prepared for your employees to start receiving job offers intentionally crafted with soft benefits that pique their interest, even if they are not seeking a new position. Get ahead of the job offers that might pull your best talent away and ensure your talent strategy is competitive by considering some of the soft benefits we have seen successful companies integrate into their employer brand:
- Flexible/hybrid work schedule/workplace flexibility
- Defined stance on social responsibility and the environment
- Community-focused volunteer days and charity events
- Employee value added services – ex. Food service
- Summer hours
- Tickets to entertainment events
- Employee engagement initiatives and team building
- Health and wellness programs
How Can an Executive Search Firm Help Me with My Talent Strategy?
The right executive search firm can help you prepare your talent strategy for 2021 and beyond. Torch Group partners with your team as talent advisors who can help define your employer brand, cultural practices, and soft benefits. Our international client base positions us to offer unique insights on recruitment and retention across a range of markets, as well as how to identify and place candidates who are a functional and cultural fit for your business and are designed to last.
To learn about our Signature Search Process™ and how we partner with your team to map search and retention strategies for your specific talent needs, please contact Michele Torch at mtorch@torchgroup.com or complete and submit this form and let us know how we can help.