Even at a time when millions are out of work, companies are doing all they can to not only ensure they can attract attention from job seekers, but lock in on the absolute best candidates available. One of the ways many organizations are choosing to do so is by altering their benefit offerings, employee perks and incentive programs to better align with candidates' wants and needs. A handful of recent polls show this tactic is increasingly popular with all involved.
At a time when many companies are still dealing with the economic impact of the COVID-19 pandemic, it should come as little surprise that these changes are coming at the expense of salary increases for most workers. A recent poll from Gallagher shows that 51% of businesses won't increase salaries as much as they did in 2020, including 45% that won't increase them at all. On the whole, it's expected that salaries will rise by about 2.1% this year, down from the 2.5% seen last year.
This makes sense, in terms of how much even relatively small pay hikes across an entire company can affect the bottom line. It may well also be why more affordable options, such as incentives and rewards, are coming to the fore.
A changing landscape
The necessities of work in the COVID era have shifted many people to work-from-home situations, in whole or in part, and it seems as though many enjoy the change. As such, a large number of companies say they expect to see a good percentage of their workers continue to take advantage of WFH offerings even after the virus has been effectively corralled.
Currently, more than 3 in 5 professionals are working from home for at least some of their hours, and that number is expected to decline by about half as the pandemic winds down, according to a recent Willis Towers Watson survey. However, the roughly 30% of workers who will continue to take advantage is up from just 5% of employees who did so only three years ago. In fact, 61% of employers say this flexibility will be important to employee retention, 53% say it will help buoy engagement and 41% believe it will boost productivity.
Other COVID-related benefits to consider
Meanwhile, experts also believe that the outbreak will cause employers to offer more once-unconventional perks that came to the fore in recent months, according to Best Upon Request. These include better access to telehealth, child care benefits, expanded mental health care options and other things that not only allow employees to work from home comfortably and effectively, but also help them manage the many other things that must be taken care of at home.
Another great way to ensure you are filling an open position with a top-notch candidate is to work with the C-level staff and management recruitment experts at YES Partners. To see some of the roles that we have already successfully placed, click here.
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