Firms lure in fresh talent with non-financial perks over pay rises, says Indeed
Employers are increasingly luring in fresh talent with non-financial perks instead of pay rises, according to new data.
After more than 18-months of pandemic trading, firms have been offering flexible working hours, private medical and dental insurance, childcare arrangements and extra holiday against the backdrop of a tough hiring environment.
While 47 per cent HR directors hiked wages “faster than usual” in a bid to attract interest from jobseekers, half said they were prioritising non-financial perks, research by jobs site Indeed Flex found.
“HR directors are now waging the war for talent on multiple fronts. The staffing crisis which first dogged the hospitality and logistics sectors is spreading to the wider economy, forcing ever more employers to fight ever harder to attract recruits,” COO and co-founder Novo Constare said.
“While offering higher pay is a tried and tested way of attracting candidates, it’s striking how many employers are now thinking beyond the paypacket. Non-financial perks and incentives can be just as effective as pay rises at drawing in applicants.”
The new focus on work-life balances and flexible working that has merged throughout the pandemic-era has proven popular among workers, Constare continued.
“We’re seeing a surge in the number of companies opting to build the bulk of their growth on a flexible, temporary staffing strategy. Meanwhile for many workers, choosing temporary work over a permanent job gives them the flexibility and freedom they crave.”