As the challenge to attract top talent becomes increasingly difficult, it seems as though many organizations are offering perks and incentives to draw talent in. While all employees can appreciate a fancy coffee machine or monetary bonuses, it’s important to note that this may not be the number one factor driving employees to an organization. With unemployment at 3.7% and more than 7 million jobs left unfilled in the United States, it may be time to reevaluate how we attract talent.[i]
The Current State of Employee Retention
According to the US Bureau of Labor Statistics, approximately 3 million employees leave their jobs each month.[ii] Additionally, more than 50% of organizations globally struggle with retaining their top performers.[iii] As you dive into the eye-opening stats on employee engagement, it is clear to see why many employers offer perks as a means to retain employees. While it is great to offer perks like great lounge areas and special snacks at work, this is not the only way to attract, hire, and retain great talent.[iv]
Employees Want Engagement
Among all of the employee engagement statistics, the one common denominator is engagement and a sense of belonging. According to a Gallup research study, employees who are “engaged and thriving” are 59 percent less likely to look for a job with a different organization in the next 12 months.”[v] Additionally, most employees are likely to stay in their current positions longer if they feel a sense of belonging within the organization. Approximately, 54% of employees admitted that due to a good work environment and a sense of community they stayed longer at their jobs.[vi] Both of these factors lead to higher retention rankings above offering perks.
In today’s competitive marketplace, in order to attract top level talent, it is crucial to stand out as an organization. However, as it becomes increasingly clear that perks are not at the top of a candidates list, we may want to emphasize other ways to draw them in.
Here are a few ways to attract talent without using perks:[vii]
- Capitalize on what makes your organization unique
- Give timely and consistent feedback
- Focus on growth and opportunities for success
- Create a dynamic company culture
Attracting and retaining talent truly lies in your ability to find the value within your organization. Find what makes your organization unique and be sure to share this with the world.