Why overlooking benefits in hiring is an epic fail

Let’s face it; even as the job market begins to cool from the record-setting activity that we saw at the peak of the Great Resignation, the unemployment rate is still hovering around 3.8%, there are more than nine million job openings, and on top of that, labor and skills shortages are making it harder than ever to fill those open roles.

In other words, for most organizations, attracting and retaining talent hasn’t gotten much easier – especially for those who don’t always have the resources to compete on salary alone.

But, even if you manage to win the candidate bidding war, for most job seekers today, that still won’t be enough. The events of the last few years have changed us all, including the way that we view work and what we expect from our employers.

Today’s workforce yearns to be part of something bigger than themselves. They’re searching for work that has purpose and meaning, and for a company culture that supports their ability to thrive both in and outside of the workplace.

This means that people are looking for more than just a paycheck. They want an employer that offers a strong employer value proposition (EVP) and holistically supports their wellbeing, growth, and development, all while offering a healthy work-life balance.

What’s more, they are seeking an employer with a mission and values that align with their own, which is especially true for millennials and Gen Z employees.

While competitive pay is certainly important, in today’s job market it isn’t everything. You may be surprised at just how much a robust benefits program, strong employer brand, and positive workplace culture can influence your ability to attract candidates.

However, a strong EVP won’t magically attract the talent you need – the way you communicate your benefits and value as an employer can make all the difference in shortening your time to hire and filling your candidate pipelines.

Here’s why and how you can leverage your benefits and EVP in the candidate experience to gain a competitive advantage.

Benefits offer proof of culture

Benefits are the most tangible expression of your organization’s culture and influence every aspect of the employee experience – both within and outside the workplace.

Your benefits tell a story about who you are as an organization and what it means to be a part of it. They provide a narrative of your company’s mission, values, and long-term vision, allowing potential new hires to assess how these priorities and goals align with their own.

It isn’t enough to tell a candidate what you stand for or that you’re a caring employer; you need to prove it. Benefits provide a window into the soul of your company and offer concrete evidence of the validity of your cultural claims.

For example, a robust health plan and mental health resources signify a commitment to employee wellbeing. Tuition reimbursement and professional development programs signal a culture of continuous learning and your willingness to invest in your people.

Parental leave programs, adoption assistance, and fertility benefits demonstrate a family-friendly culture. Volunteer programs indicate a culture of giving back and a commitment to corporate social responsibility.

From a diversity, equity, inclusion, and belonging (DEIB) perspective, the breadth of benefits that you offer can be just as important as the programs themselves. A diverse range of programs that supports employees across different demographics, lifestyles, and life stages offers proof to your candidates that you’re fostering an inclusive workplace where all people are valued.

Your benefit programs paint a vivid picture of your employee experience, giving potential new hires insight into what truly matters to your organization. In a market where candidates place such a high value on company culture and corporate values, failing to paint this picture can be costly.

Proving that you’re a caring, inclusive employer can not only help you attract talent but also give you a head start in the onboarding process and foster an immediate sense of belonging that can help new hires feel like part of the team more quickly while retaining them down the line.

The power of non-monetary benefits

Now more than ever, non-financial benefits shape an organization’s EVP and can make or break your ability to attract talent. Your EVP represents everything of value that you offer your employees, which includes programs and experiences that are not financially driven.

Oftentimes, organizations are so hyper-focused on demonstrating the financial rewards of a role that they fail to mention some of the human-centric experiences that can make all the difference to your candidates.

These non-monetary benefits often align with a candidate’s need to find purpose and meaning, as well as their desire to be a part of an organization contributing towards something that they themselves believe in.

Make sure you highlight offerings like flexible work arrangements, professional development opportunities, a commitment to internal advancement and career progression, wellness programs, and mentorships to let candidates know that you’re invested in their long-term growth and happiness. Do you provide access to interesting clients or high-level technology? These are resume boosters that can go far to attract talent.

As mentioned before, people want their work to mean something. Showcase your commitment to corporate social responsibility or corporate volunteer opportunities to help candidates understand how they can contribute to the greater good by becoming part of your team.

Again, a paycheck isn’t enough for today’s job seekers. They want to know about everything offered as part of your EVP, and by doing this, you will attract candidates who are already aligned with your mission and values.

Reducing uncertainty

The hiring process can be a time of uncertainty for candidates. Sharing information about benefits and your EVP from the start can help candidates focus on evaluating the role without lingering questions about what it’s like to work for your organization.

Offering this level of transparency also shows the candidate that you value clear communication and establishes trust from the very beginning.

In the age of Glassdoor, LinkedIn, and other platforms where employees can freely share their experiences, an employer’s brand is under constant scrutiny. Candidates often research a company’s reputation before even considering an application. Social proof can go far in helping influence candidate behavior, so consider having your current team members share their benefit experiences.

Related: The most popular benefits employees sign up for

Whether it’s a video testimonial about your professional development programs or a blog post detailing a positive experience with parental leave, real stories bring the impact of these benefits to life.

Conclusion

Benefits provide a clear view of what life at the company could be like, and with the rise of pay transparency laws, benefits can be a unique differentiator emphasizing a company’s approach to compensation and the employee experience.

Candidates have shifted what it means to be an employer of choice and are now looking more holistically at how an organization can support their wellbeing, personal growth, work-life balance, and long-term goals.

So, if your organization struggles to compete on salary but offers a strong benefits program and EVP, you might just find yourself with the upper hand when it comes to attracting talent. That is if you leverage your benefits and employer brand early and often during the candidate experience.

Angel Seufert serves as Empyrean’s Executive Vice President, Human Resources, leading the organization’s strategic and administrative HR function.