Can’t Compete On Salary? Consider New Ways to Invest in your Employees
Not all employees are motivated solely by money. That’s the old way of doing things. If you’re looking to hire good, talented employees but can’t match their current salary or another offer from a competing food and beverage company, you might not be out of the running just yet. Consider these new ways to invest in your employees:
Get Creative With Work — Location, PTO, Etc.
Recent research finds that employees aren’t just looking for a paycheck; they want to secure a good work/life balance that allows them to focus on work in the office and on their families and interests when they’re home. Some 70% of employees in a recent survey said they’d rate the option of telecommuting “highly valuable” if it were offered by their employer, but only 27% of companies offer that option. When asked, 85% of employees said a flexible schedule is highly valued, but only half of companies allow for leeway in schedules.
If you can show potential employees a willingness to work with them, research shows these candidates are more likely to consider your offer, even if the pay is less than their current position. On the other hand, a study of 10,000 people indicated that a lack of flexibility would prompt a younger worker to consider quitting their job.
On-the-Job Perks Matter
Did you know that In-N-Out offers its employees a Double-Double burger and fries, for free, during each shift? Or that Whole Foods gives its employees a 20% store discount? Jobs in the food industry have the opportunity to offer benefits like free meals that might be harder to come by in other environments. Zappos, the online shoe and clothing company, has long offered free meals and snacks to its employees, in addition to reimbursement offers for participating in endurance events like marathons and membership to Weight Watchers for those who are trying to get healthier.
Up the Ante to Invest in your Employees
When asked by MetLife what traditional perks they valued most, employees listed the following, in priority order:
- Medical health insurance
- Prescription drug coverage
- Dental insurance
- Retirement plan with matching contribution
- Vision care insurance or program
Do you already offer these benefits? If so, can you negotiate a better rate with your provider? It’s a way to show employees that you’re invested in them and their health, so they can be invested in your company’s wellbeing.
How well do your benefits compete with others?
As much as you’d like to offer all your employees the highest possible salaries in order to keep good workers longer, sometimes it takes a little creativity to attract new workers. Kinsa Group is ready to offer advice and strategies for attracting and retaining the right employees for the best food industry jobs; contact us today and let us help you strategically recruit your next new hire.