If you’re searching for a single word to accurately describe the current state of the…
Today’s job market is not like it used to be. In addition to the wave of technological innovation that’s completely evolved the job hunting game and the rapidly evolving staffing requirements of companies that’s changing the very nature of how we work, we’re witnessing a shift in the balance between employer needs and employee demands and expectations—and simply put, it’s leading to significant changes in the employment landscape.
It’s by no means a stretch to say that today’s ultra-talented candidates and employees across industries have real leverage when negotiating their compensation and benefits packages with employers—the growing number of companies and new start-ups in a wide array of fields has really crowded the marketplace, leaving business clamoring in an effort to get ahead of the competition and staff their teams with capable individuals.
As a result, employees are growing increasingly bold in what they’re looking for when considering a job offer. This includes “personalized perks,” which includes benefits and incentives individually tailored to meet their specific needs and life—everything from vacation time to flex hours, bonuses, childcare perks, opportunities for continuing education, and more are fair game—and employers and employees are taking these seriously.
The benefits to employees
Employees obviously benefit by getting a hiring package that directly meets their needs. In addition, it provides greater incentive to carry out their job responsibilities at maximum efficiency. The truth is, the line between work and personal life is blurrier than ever before, and many of us are spending an increasing number of hours at our jobs—companies today are expecting more from a reduced number of employees, so having additional motivation in the form of personalized perks helps employees deliver on that notion. Employees today expect the organizations they work for to acknowledge that they are more than cogs in a machine—they are unique individuals with unique needs, and when it comes to perks and compensation, one size does not fit all. Feeling valued leads to more dedication and a longer time spent at a company.
The benefits to companies
In addition to having a more motivated workforce, companies benefit by having more loyal employees over the long haul—and considering that hiring and onboarding expenses for the average company can be significant, minimizing staff turnover is crucial. Another key consideration for companies is building a solid corporate identity and image—which comprises the way that a business treats its employees. Companies today are required to be more transparent than ever before regarding all levels of operations, and employees can be quite vocal regarding how a company treats them (in fact, there are websites devoted to disseminating this sort of information). Offering personalized perks helps companies build a positive, “employee friendly” identity—and you better believe that word will spread to prospective candidates for future job openings.
Here’s the bottom line—not only are employees asking for and expecting personalized perks as incentives to join an organization, employers are more than game to comply and continue to up the ante in an effort to attract top talent to their teams and maintain a talent-rich pipeline of passive and active job candidates. The rules of employment have changed, and this is increasingly becoming the new way of doing business. If your company wants to lure capable individuals for their open positions and retain them for as long as possible, personalized perks is an effective solution.