As the competitive job market continues, companies have found new ways to attract job applicants. Here are a few creative hiring incentives implemented recently by businesses everywhere:
Companies from health care to fast food service have begun raising wages and offering hiring bonuses to entice workers.
Glassdoor defines a hiring bonus, also called a signing bonus, as “a one-time payment to a job applicant who is highly desired by a company recruiter.” Such bonuses are meant to tempt attractive candidates away from competitors offering similar positions. Organizations can protect their investment in their bonus program by tying the bonus to a retention period. If an applicant leaves within that given period, they would be required to pay that bonus back.
Depending on the type of job, hiring bonuses can range from gift cards to substantial lump sums.
With a delayed sign-on bonus, the new staff member may receive part of the sum when hired and the rest six to 12 months later.
Referral bonuses are another option. Companies may offer referral bonuses when a current staff member refers a friend for an open position. If the friend is hired and remains in good standing for a specified amount of time, both parties receive a bonus.
Training and Tuition Reimbursement
Staff appreciates employers who help them reach their career goals. This help can take the form of in-office training, stipends or tuition assistance programs.
Making tuition and training a part of your compensation package shows prospective employees that you care about the growth of their careers and the growth of your company.
Childcare Assistance and Tutoring
The pandemic continues to stress families with young and school-aged children. Some companies have responded by offering financial assistance or grant programs to help staff with childcare.
Recognizing the strain remote learning was putting on its staff, in March 2021, a national flooring company began offering free personalized one-on-one tutoring for children of employees in grades K-12.
Remote and Flexible Work Options
If there’s one thing the pandemic has demonstrated, it’s that remote work is a viable option for many businesses. Whether due to childcare issues or personal preference, remote employment options and flexible work arrangements are in increasingly high demand.
“Nearly nine percent of employers on ZipRecruiter are explicitly advertising flexible work schedules, the highest share the site has ever seen,” according to Inc.
An employee who invests time and effort in a company’s growth may appreciate financial investments, as well.
Employee Stock Ownership Programs (ESOPs) offer stock in the company as a benefit or performance-based bonus, notes Launchways. Phantom equity programs are another option that shares profits with staff, incentivizing long-term commitment without giving up company ownership, they said.
Smaller or retail businesses might consider offering employee discounts on their goods and services or implementing an employee rewards program.
Finding good workers these days is a challenge but adding a few creative incentives could be the right move for your company to attract top staff.
TPD’s Total Workforce Solution addresses all of your talent acquisition needs – including direct hire and contingent workers – and employment relationship management, reducing your costs and freeing you up to focus on business. Contact us today for your workforce solution!