With the demand for quality talent at industry highs, the supply has steadily dropped over the past couple of years. It’s no longer the guarantee of a good paycheck and steady hours. More and more desirable candidates are also seriously looking at the extras as part of a compensation package.
Depending upon the position, different perks work for different roles and positions. A star outside salesperson expects a vehicle or generous car allowance in addition to a very competitive salary and bonus/commission structure. Companies that think that those low base salary plus creative commission plans attract the best people are highly mistaken. Believe me.
A gifted Inside Salesperson is also looking for a competitive salary commensurate with their experience. But many are now closely looking at their own extra potential bonus or commission plan. With some forward-thinking companies, it is not uncommon to see inside folks nearing or exceeding six figures. These companies recognize that without good inside support, their outside people simply will not be as successful (or motivated); especially if they have to do both jobs.
For Management, as current Baby-boomers age (45+) and the Gen-X (ages 30-45) slowly take over, there is a distinct change in the way of thinking. The younger folks are more team-driven; rather than individual goal-driven. They are willing to completely overhaul office plans to make a more collaborative work space. They feel that these newer and friendlier areas can foster productivity and also, more importantly, retain good talent. This all remains to be seen, but something to watch.
Sure, compensation is always high on the list but there’s always something else that can be done to set one’s company apart from the competition. The old adage is still valid today: ‘All work and no play8etc. etc.”. Employees need a way to let of a little steam and relax a little. The winter holiday party is great but it’s only once a year. Occasional lunches or other team-building events are what will continue to retain and attract good people.
Years ago, many companies had bowling leagues and softball teams to encourage employee morale. Unfortunately those have fallen out of fashion and nothing has really replaced those regularly scheduled weekly events. Some companies are doing what they can with incentivized trips to major sports events, horse races, hunting and fishing trips.
Companies need to realize that perks could be the difference of a top candidate choosing their company over their competitor’s company. No matter what those extras may be, it’s a small investment that will pay off many times over.