The U.S. has been experiencing turbulent shifts in the labor market. A worker shortage has created an environment in which employers must compete for talent and where employees can leverage their scarcity.
Since July 2021, more than 4 million people have been hired into new jobs every month, and 32% of job-switchers got a pay raise for it. Employees stayed with their current employers, too, but negotiated a higher salary to do so. In total, wages and salaries have increased by 5.3% from 2021 to 2022. Despite these pay bumps, some workers continue to express their dissatisfaction in their current job.
For businesses to remain competitive, employers must attract and retain talent by offering incentives that go beyond pay and standard benefits. Below, we highlight innovative benefits employers can consider offering to attract and retain talent.
Flexibility continues to be an alluring perk to attract and retain talent. The rise of remote work over the last two years has become a new normal for employees that many are unwilling to leave behind.
According to a McKinsey study, 87% of workers offered at least some remote work embrace the opportunity and spend an average of three days a week working from home. In addition to remote work, employees have indicated that flexible hours are attractive, too.
Many companies allow employees to work a pre-determined number of hours within a wide window. For example, a popular model asks employees to work any eight hours...
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