Competition for talent in 2019 has been intense — and there’s no indication that it will get any easier. That was the overriding theme of last week’s Team KC Training Camp, an annual talent leadership summit sponsored by Morgan Hunter.
Much of the program focused on steps companies should take if they hope to hire the best talent possible in this highly competitive market.
One thing was clear: employers must think outside the box to formulate unique ways to attract talent.
Gone are the days of ping-pong tables, nap pods, or other “fun” office perks. Employers are beginning to realize that those benefits are not enough to attract and retain talent.
To determine what benefits will truly appeal to the talent you need, ask yourself this question: Are we offering benefits that are valuable and applicable to our employees and their lives?
“Could we help them buy a home?”
“Can we help with their childcare expenses?”
“Could we help them pay off their loans?”
“Can we support them if they want to further their education?”
This means taking benefits beyond the typical health insurance or retirement plan. What other unique things can you offer that will help improve or add value to your employees’ daily lives?
With that in mind, here’s what we learned some employers are doing:
Considering that 44% of people do not have $400 in their savings, some organizations have started to offer special savings programs with employer contributions. These programs, similar to Health Savings Accounts, allow employees to deposit part of their pay into a savings account they can use for anything they want. Employers match the employee’s contributions, providing an additional safety net for their employees. Learn more at getonward.org.
Student loan repayment
The average college graduate enters the workforce with $40k in debt. To attract these young professionals, some employers offer student loan repayment programs, contributing company dollars toward their employees’ loans.
Paid maternity, paternity and adoption leave
While many U.S. employers currently offer paid maternity leave, your company can set itself apart by offering paid paternity leave as well. In addition, many are also providing financial assistance for employees who are adopting a child in order to offset the high costs of adoption.
Others unique benefits to consider:
- Charity contribution matching
- Paid time off for volunteering
- Extended bereavement leave
While you wouldn’t need to include all these benefits, it should help you start thinking about unique things you can offer that will help you win the talent war in 2019.