Non-monetary benefits = valuable candidate drivers. By mastering the total compensation equation,  you can find more ways to attract and retain tech talent. Making work work: how holistic compensation can support your staff 

How to attract, hire and retain new talent by rethinking your incentives 

What makes work worth your while?  Back in the day, a big shiny paycheck was enough to secure long-term loyalty.  But now? 

People want more than a great salary.  They want total compensation.

This means walking the talk - acting out your company values and making work work for each individual! 

Most people want a holistic hybrid of compensation, with:

• A learning and development budget for each employee
• A remote/In-office hybrid working environment
• Holiday allowances
• A focus on wellbeing (are you taking care of your people?)

Because it’s 2022.

We’ve all been through a lot and people are becoming much less willing to compromise their happiness in exchange for a paycheck. Don’t believe us? Maybe it’s time you read our 2022 Candidate Motivators Report.

Every year, we survey our candidates to find out what makes them tick.

What’s happening in the market? What’s important to employees? 

What keeps them happy in a job? And what does it take to lure them into a new role? 

We ask all the questions - so you don’t have to. 

And you know what we learned? it’s not all about the money. 

If you’re looking to attract, hire or retain new talent, it might be time to rethink your incentives. 

Read on to discover how to master the compensation equation (and how to acquire and retain your dream team) 

THE PURSUIT OF HAPPINESS

Keep competitive by prioritising your people. 

• Question: How do you attract the best and brightest talent? And then how to keep that talent feeling nurtured and valued? 
• Answer: The key to tech talent attraction (and retention) is through a combination of incentives and benefits. 

We’re talking about more than just money here.  We’re talking total compensation.   

Total compensation includes base salary plus the value of employees’ benefits and incentives. 

But isn’t money the most important incentive? 

We get it, money talks. It really does. 

When it comes to compensation and benefits, it’s not one size fits all.  We need to see people as individuals, and offer something that’s inclusive to all.  Remember: we’re all different! Different people place value in different benefits. 

For example, a growing trend among Gen Z  and Millennial candidates is to prioritise lifestyle goals over work

And, in our full 2022 Candidate Motivators Report, there were 3 segments that didn’t even rate attractive salary as their #1 driver.  (Both females and contractors said put flexible working arrangements as #1!) 

Also, people who had changed roles internally said that supporting a good work life balance and offering flexible working environments were more important to them and rated these #1 and #2. 

It’s horses for courses. Every individual will have different ideas, priorities needs. And your compensation equation needs to pony up! 

So what else can you offer aside from salary? 

Benefits.

Benefits benefit everyone 

Commissions. Bonuses. Paid time off (e.g., holidays, sick days… 

Benefits are beautiful. But as we've just mentioned, it's not all about the money! What non-monetary benefits are you offering?

Let’s explore ideas you can easily implement for happier, more motivated employees. 

Non-monetary benefits: Flexibility + Freedom 

According to our candidate motivators report, flexibility is a popular ‘non-negotiable’. 65% of females rated flexible working arrangements among their top five candidate drivers.

Freedom to work outside the traditional 9-5 supports a healthier work-life balance. It also shows your employees that you care about their overall well-being, not just their work output! 

Is your flexibility policy stuck in the past? 

The 80s called. They want their philosophy back. 

In the past 20 years, the digital economy has moved from away from time as a measurement of success, and instead we have been more foucssed on expertise and delivery. 

Shifting the focus from how long you spend at work each day to the output that you’re delivering has seen innovations move ahead in leaps and bounds. And it’s seen our population change the way we value time! 

The rise of fleixble working is making this possible, and arms us with ways to value our employees differently than we have in the past.   

Non-monetary benefits: Perks of the job 

Because who doesn’t love a little something extra?  To support your talent, you can offer: 

Health and well-being 

Invest in employee well-being by providing an on-site gym or group fitness classes. Exercise helps reduce stress and increase productivity. If your team is remote, reimbursing gym memberships could be the way to go.  

Extra insight 💡: A recent study asked the question: “Does higher employee wellbeing lead to higher productivity, and, ultimately, to tangible benefits to the bottom line of businesses?” 

Looking at the wellbeing of 1,882,131 employees and the performance of 82,248 business units (ooft), they found a significant, strong positive correlation between employees' satisfaction with their company and employee productivity and customer loyalty. 

Basically, even then research teams agree: higher wellbeing at work is positively correlated with more business-unit level profitability

Transport 

How does your team get to work? Do they walk, bike, hitch a ride or drive? What can you do to make the experience smoother and more enjoyable for your employees? It could be anything, from providing secure bike storage to reimbursing the costs of public transport. 

Food & Beverages 

Another Tupperware container filled with last night’s leftovers… OR a free lunch on the company’s dime? Food brings people together, creating a positive culture and encouraging networking and collaboration. Putting on a lunch spread will fill your employee’s bellies and their social cup too. 

🔥 Hot tip: Ensure your employees know about any additional benefits they’re entitled to! 

Catch (and keep) new talent with a whole compensation equation 

Financial incentives may initially appeal to candidates. But the positive effects of non-monetary benefits are much longer-lasting. They’ve been shown to help to improve company culture, increase employee job satisfaction and result in longer-term employee retention. 

Want to master your total compensation equation? We’ve got you. Download our candidate motivators report for 2022.