Workplace benefits and the talent gap

Where is the battle for in-demand skills being won and lost?

As the talent gap continues to undermine the abilities of many companies to grow worldwide, the battle to win new hires is being fought on many fronts. Some of the key elements that are shaping the choice of their next employer of new hires include:

• Job satisfaction – for many this has always been a critical factor. Some people certainly want interesting and perhaps challenging work that pushes their professional skills. ‘Challenge’ here doesn’t mean having far too much to do in unrealistic time frames! 
• Ethics – have now become a prominent factor. Ethical concerns about employers used to be tied to issues such as the marketing of cigarettes to minors in developing nations, or perhaps the business of unhealthy cheap junk food, right around the world. However, that has moved on significantly as people around the world have become increasingly aware of commercial activities of prospective employers that have unwelcome side effects. 
• Environmental issues – these are a major point of contention, and they are wide-ranging. Fossil fuel energy in all its forms, from extraction to consumption; the impact of paper and timber production, and the use of palm oil in processed foods, typify the ethical battleground for the hearts and minds of new hires. Climate change and the myriad of contributing factors are central here.
• Salary – the basic rate of pay has become increasingly important as the scale and effect of the cost of living crisis have become apparent. Employees have been demanding pay increases in line with inflation and beyond. When they have in-demand skills, many have no hesitation in abandoning being a passive job seeker and going active in finding a new job at a better salary.

Some unsurprising and surprising research analysis!

Besides raw salary, the contribution of the total benefits to the reward package has now become another front in the battle to win new hires. 

Recent research by Lensa Inc, a job search engine in the US market, has sought to uncover some intelligence on what are the most important elements of working conditions and benefits packages.

Lensa recorded the number of Google searches for 50 employee benefits across the last 12 months. Remote working came out on top as the most searched term, and – with Covid lockdowns over (for now!) – that should come as little surprise. The workers for which WFH is appropriate want the flexibility that comes with remote work. Here are the top 10 from the Lensa list and the Google search numbers:

1. Remote working – 487,600 
2. 4 day workweek – 192,200 
3. Personal issues help (US: Employee assistance program) – 164,100 
4. Signing on bonus – 139,800
5. Shared interests network (US: Employee resource groups) – 84,300
6. Career development – 80,400
7. Hybrid working – 51,700
8. Productive and efficient tech – (US: Smart office) – 49,600
9. Pensions (US: 401(k) contributions) – 36,900
10. Employee discounts – 34,500

It’s noteworthy that besides the quest for a signing on bonus, the remaining benefit items that are financial, (pensions and discounts), trail in at number 9 and 10 respectively. This is quite surprising and shows that securing soft benefits is clearly on the minds of many passive and active job seekers.

More efficient timesheets and billing with ETZ

Of course, for temps, contract and freelance workers, achieving an exceptional day rate remains the grail. In a market where in-demand skills are at a premium, what exactly constitutes an ‘exceptional’ day rate is, however, an upwardly moving target!

ETZ’s leading timesheet and invoicing solution, streamlines the back office processing of your recruitment agency. Our complementary solutions, ETZ Comply for onboarding and document management, and Caspian for business intelligence give agencies further capability to streamline and uncover opportunities. To find out more call us on 0800 311 2266 or book a demo.