Revolutionizing incentives for talent

Revolutionizing incentives for talent

Even as concerns about a possible recession grow, talent shortages and mobility continue to impact the workplace. This challenge is not projected to improve in the foreseeable future.

The market for talent has evolved rapidly since 2020 – and in many ways, it has changed forever. Widening skills gaps, changing candidate expectations, and record job openings are all impacting how companies strive to perfect their talent acquisition strategies to attract the right people.

-One clear result from this has been a very tight labor market. As a result, finding new ways to incentivize candidates is a key priority in the talent acquisition arena. Businesses are adjusting to the new employment landscape – and they understand it is not always about what you offer, but more so about how you do it.

Revolutionary talent acquisition strategies include offering sign-on bonuses, even at the entry level, that are paid out before a candidate even starts (with a clause that they must pay it back if they leave within a matter of months). Counteroffers – and counter/counteroffers – are everywhere, and starting salaries are on the rise. Other incentives include long-term incentive (LTI) offers for middle to senior managers to stay, and sabbaticals. More organizations are offering enhanced wellness benefits, such as on-site childcare, caregiver stipends, increased paid time-off, education reimbursements, and top-tier health and dental insurance in order to stand out above the crowd.

Finding and attracting talent is a major undertaking. As your business navigates this new reality, the good news is that there are a variety of ways to shake things up.

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Article contributed by Scott Smith.

Human Resource services are offered through a division of Herbein. Herbein I Mosteller HR Consulting is a subsidiary that was formed through the addition of Mosteller and Associates.