Despite what many employers think, salary isn’t the most important factor for job candidates. That may have been the case 60 years ago when other workplace benefits were rare. But these days, compensation packages must come with a variety of non-monetary perks to attract talent.
Salary is but one of several facets of a pay package. That’s important to know whether you’re interviewing candidates yourself or relying on executive recruiters in Milwaukee to do the job for you. If you want to attract the best talent, you need to offer more than just a high salary.
Below, we’ll discuss some of the benefits you’ll need to include in the offers you extend to jobseekers. If you don’t, they may walk away and accept positions with your competition.
Ask Executive Recruiters: How Big A Priority Is Salary For Job Candidates?
Ever courted a talented executive with a substantial salary that was higher than any figure your competitors would offer? Did that candidate accept the position or turn it down? A lot employers are floored when jobseekers decline their generous offers — at least, generous in terms of monetary compensation — only to start working for their competitors.
They understandably want to know the reason. After all, if the job candidate isn’t motivated by money, what is his or her driving motivation?
Today’s employees and jobseekers want more than just a hefty income. They want to enjoy their work and coworkers. They want to feel that their contributions matter. And they want to receive a variety of benefits that are just as important as the salary they’re paid.
Perks And Benefits That Jobseekers Favor
A survey appeared in 2013 showing that today’s workers were interested in much more than just money. Published by Glassdoor, the survey involved the participation of 2,000+ jobseekers and employees. The results showed that they wanted a pay package that included a number of items that had nothing to do with their salary.
For example, they wanted good medical and dental coverage. They favored employers who offered ample vacation and sick time. Some survey participants mentioned that tuition reimbursement and health and wellness programs were important to them. For some, the prospect of casual dress, free food, and other workplace perks was valued highly.
Every employee is different with regard to how much value he or she places on various benefits. The individual who values dental coverage may care little about office perks. The person who values medical coverage may not care about health and wellness programs. Employers must be able to identify the perks and benefits job candidates desire in order to extend competitive compensation packages to them.
You want to hire talented executives and managers. To do so, you need to offer a pay package that accommodates their needs.
How Does Your Company Approach Employee Compensation?
Your philosophy toward compensation will influence how successful you are in attracting and keeping good, reliable people. If the package you offer is paltry compared to your competitors, your company will gain a reputation for not valuing its employees. Jobseekers are likely to avoid your company (unless they’re desperate).
Some organizations are known for valuing their workers. They offer a competitive salary along with numerous benefits and perks. These companies rarely have trouble finding good people since job candidates are motivated to work for them. The fact that a higher salary may be available elsewhere is nearly irrelevant.
You need to extend a salary that is on par with the job candidate’s knowledge, experience, and skill set. But realize that salary is merely one aspect of the pay package that the candidate will consider.
If you’re relying on executive recruiters in Milwaukee to locate talented team members for you, make sure they understand your pay philosophy. If you need help finding executive talent, contact our experienced team of executive recruiters in Milwaukee at The Lawler Group today.