Looking Beyond The Paycheck

Ask any millennial or Gen Z job seeker today about their top priorities, and you'll find that competitive compensation is often not their main focus. Instead, they prioritise employment flexibility, work-life balance, quality of life and diversity.

A Career Interest Survey found that 61 per cent of respondents cited work-life balance as the most important factor to them, followed by a flexible work schedule (37%). Another Glassdoor study revealed that 76 per cent of people picked workplace diversity as a critical factor when seeking new job opportunities. 

This information is crucial for HR professionals who want to attract and retain the best talent in the industry. Given that it costs an average of $4,700 to hire a new employee, what strategies should HR professionals focus on to attract top talent, reduce turnover, and enhance employee satisfaction?

What is it that HR professionals need to focus on to attract the best of talent, keep attrition rates low and keep employees happy?

Company culture

This can be a company’s supreme strength or its worst weakness. In today’s world, building a positive and thriving work culture is absolutely essential. Employees want to work in an environment where they feel valued, respected and part of a cohesive team. A strong culture that promotes collaboration, innovation and work-life balance is significant. Lack of a great company culture can be detrimental to the company, leading to high attrition. Take the case of the ‘Great Resignation’ in 2021. In an unprecedented move, millions of people quit their jobs. As per research done by MIT Sloan Management Review, toxic company culture was the driving force behind the ‘Great Resignation’. 

Work-life balance

Employees today value work-life balance above everything else. They want to enjoy quality of life and do things that are important to them – whether that is spending time with loved ones, pursuing a hobby, etc. They want to work for businesses that value and support this sentiment. From flexible hours and remote working options to generous vacation policies, companies that champion work-life balance will undoubtedly attract good talent. Moreover, studies have shown that this leads to increased employee satisfaction and morale boost and also builds trust. On the other hand, it leads to increased productivity and encourages loyalty. So, it's really a win-win situation.

Health and wellbeing

There has never been a greater emphasis on health than now, as we recover from the COVID-19 pandemic effects. Potential employees are proactively asking about various health and wellness programmes companies offer during the interview process. When it comes to benefits, potential employees prioritise comprehensive health insurance, mental health support programmes, and access to stress management resources. Additionally, they value collaborations with fitness clubs offering various fitness programmes.

Purpose and values

Today, employees are not satisfied with doing a 9-5 job and heading home. They want to do meaningful work that creates a positive impact. They want to make the world a better place by reducing carbon footprint, reversing the effects of global warming, creating educational opportunities for the less privileged, enabling financial inclusion, and more. They are actively seeking companies that are aligned with their values and help them achieve their purpose – directly via product and service offerings or indirectly via CSR programmes.   

Diversity and inclusion 

The world is rapidly evolving, with an unprecedented emphasis on diversity, equity, and inclusion. The upcoming generation values a workplace that embraces all forms of diversity, including religious backgrounds, and sexual orientations. LGBTQIA+ representation is increasing, and many allies are open and supportive, striving to create an inclusive environment. The workforce is seeking companies that foster an environment where all employees can thrive and contribute their unique perspectives and skills.

Growth opportunities

A company that is as invested in its employees’ career growth as it is in business growth will always be highly valued and coveted. The best talent is often looking for growth and development. They are more likely to stay loyal and not jump ship if they know they have the opportunity to progress within the company in the future. It is thus imperative that companies offer continuous learning programmes such as workshops, training, and certifications, as well as lay out clear career progression plans for ambitious employees to keep them engaged. 

Final Word

Attracting talent is just half the battle won. The other half is making them feel valued and keeping them inspired and committed for the long term. This will invariably lead to a more motivated workforce and higher retention. As the workforce evolves, it is crucial that businesses also change their perspective and adapt their strategies to meet the changing expectations of new-age employees.