While salary is a key consideration when someone is looking for a new job, it is rarely the only factor that influences a candidate’s decision to accept a job offer. So, what do candidates value in addition to a salary?
Salary aside, there are other factors which are considered by job applicants. Key points include career development opportunities, flexibility, company culture, management style, and job security.
Understanding what candidates value beyond salary can help organisations attract the right talent for their business and then retain them as employees.
Career Progression Opportunities
Candidates look for more than just what they will be doing on a daily basis. They look to see where their new role could lead them in the future.
While rapid promotion may not be for everyone, many employees are keen to explore all of the opportunities their role could bring, including furthering their skills, specialising in a department or perhaps even becoming a manager in the future.
Showing candidates possible career paths within a company during the recruitment process is very important to employers.
Learning and Professional Development
Next to career progression opportunities, opportunities for learning and professional development are the most important issues for employees looking for a new job.
Many professionals look to continue to develop their skills whilst working for an employer to further their career, formal training such as a qualification and often a mentor can be beneficial to help in their career progression.
Development Does Not Always Mean Formal Training
Employers do not necessarily need large training budgets to provide development opportunities. Working alongside experienced colleagues, attending industry events, taking responsibility for new projects or learning different areas of the business can all contribute to professional development.
A Healthy Work-Life Balance
Work-life balance is an important consideration for many candidates. A candidate’s expectations of a balance between work and free time can vary from one industry to another and from one position to another.
Manageable working hours and a realistic workload are often as important as a decent amount of annual leave. As for flexible working, this can vary from a company that offers flexible start and end times, to a job that allows for a number of days of remote working each week.
Where a role frequently requires travel, unusual hours or even periods of time away from home, the employer should clearly state this at the initial application stage.
Flexibility
Flexibility can refer to anything from working from home several days a week, to having more flexible hours or being able to adjust your working hours from time to time.
The extent to which flexibility can be offered will depend on the role and there are many jobs where employees are expected to be on site at all times (such as those in the logistics, aerospace and moving industries and other operational roles).
Company Culture
People often don’t realise that when they accept a job offer, they are also accepting an environment where they could spend several years of their life.
Some candidates even look at the culture of the organisation within which they will work. This can include how teams work and communicate with each other as well as treatment of employees. They may also like to know whether collaboration is promoted and whether it is a dynamic working environment.
Interviews are also an opportunity for employers to describe the organisation’s culture. A job description only can rarely give sufficient insight into the culture of an organisation and the behaviour of employees. Describing the organisation’s culture is in the interest of the employer as well, because employees want to know whether they will become part of a positive and productive work environment.
Job Security and Stability
A higher salary does not necessarily compensate for a lack of job security. Employers can answer candidates’ concerns about job security by explaining why they are recruiting, whether the role is created to replace someone leaving the organisation or not, and where this role fits into their medium- to long-term plans.
Recognition and Feeling Valued
Most people want to feel that the work they do matters. Recognition of value does not always have to be via financial means. Recognition of employees’ work via regular feedback, praise of achievements, delegation of important responsibilities are all examples of how employees feel valued.
This perception of your culture can be perceived in the recruitment process, for example through clear communication, well-organised interviews and giving feedback to candidates.
Benefits That Employees Actually Value
The value of employee benefits is based on how relevant they are to employees. Pension contributions, extra annual leave, private healthcare, development opportunities and working flexibly are benefits that have more value to employees than a list of benefits of little use to them.
Understanding what value employees place on various benefits can form part of an overall strategy to support both the recruitment of the best candidate for a post and subsequent retention.
Attracting Candidates Is About More Than Salary
While salary is an important factor when recruiting highly specialised professionals, it is not the only deciding factor for determining the most attractive employer. When looking for a job candidates look at a whole range of factors.
While salary may be important for people looking for work at lower levels, when recruiting for more complex and technical roles the opportunities for candidates to progress, to learn and to work with decent people are also critical factors for consideration.
Alchemy Global Talent Solutions supports clients within specialist sectors and simultaneously advises professionals on their job search and career development, in order to attract the right talent for their respective organisations.
