Whether you’re a startup or an established business, there’s no arguing that today’s recruitment environment has become more challenging than ever. Top candidates rarely apply for job board listings, and the consequences of making the wrong decision can be severe.
For low-paying, high-turnover positions, the Center for American Progress pegs turnover costs at 16% of an employee’s annual earnings. That figure goes up to 20% for mid-range positions (those earning $30,000-$50,000 annually) and skyrockets to as much as 213% for high-education executive jobs.
Getting good employees is only half the battle; keeping them around comes down to providing the right mix of compensation and culture. It’s easy to assume employees make job decisions based solely on pay, but studies suggest salaries actually play a smaller role than other perks.
Of the workers surveyed in Glassdoor’s 2015 Employment Confidence Survey, nearly 80% would prefer new or additional benefits to a pay increase. Health insurance and paid time off (PTO) ranked near the top of employees’ wish lists, but flexible schedules (30%), office perks like free lunch and casual dress codes (19%), professional development (19%), and gym memberships and wellness programs (16%) were also cited frequently.
So where should your company start? The ideas below will help turn your company into a place employees will love to work.