When you’re searching for a new job, some employers solely focus on ensuring their salaries are competitive. With market research, industry values, and local market rates talent acquisition teams can accurately gauge where they can compete for certain titles, but is that enough? The answer is no, unfortunately. The modern ‘American Dream’ is a bit more expensive non-monetary and organizations are now creating contrasting compensation packages to attract, retain, and celebrate top talent.

Let’s dive into a foundational toolkit company should be valued to create a requisite package that appeals to a variance of titles: 

Bonuses:

Everyone loves recognition for doing something appropriately. What better way to do it with extra cash? Organizations have created programs within their culture to help attract talent by offering sign-on bonuses based on certain skills. Or through referral bonuses by allowing tenured employees to share job descriptions with qualified candidates outside the organization. Based on performance and/or a particular time frame employees can be awarded on a tiered level or through a retention period (i.e. employee has been hired for 90 days). 

Benefits:

Outside of your essential health, vision, and dental insurance organizations have taken efforts a bit further to support the other challenges that impact employees outside of their work life. Things like life insurance, supplemental, and pet insurance represent the little things that some organizational cultures overlook. Paid time off and sick days are also valued as employees have unexpected circumstances that affect their performance and commitment to career development within their title. 

Non Monetary Perks:

As time progresses, employers have implemented certain programs and cultures to proactively show future talent that they value their career development, work-life balance, and mental well-being. Programs like tuition reimbursement and flexed work schedules (working from home) have shown prominence in metric performance tracking, retention, and internal promotions. Ultimately saving money on new hire costs and proving their efficiency in the competitive market.