September 10, 2018
It may be no surprise that job seekers want essential information – including salary, benefits, and location – when they research job ads. What may be more surprising is that when assessing long-term potential with an organization, job seekers want transparency, too. I address these issues in my book, Compensation Sense 101 – Common Sense Answers to Your Questions About Employee Compensation and Total Rewards, but let’s take a quick look at these fundamental components and why they matter to job seekers:
Survey Results Reveal What Job Seekers Want
According to WorldAtWork.org, an online survey conducted by the Harris Poll in May of 2018 for Glassdoor revealed that information about salary (67%), benefits (63%), and location (59%) are among job seekers’ top employment search criteria.
The survey quantified responses from more than 1,100 U.S. adults – employed or not employed – who were looking for work; and “also highlights that offering attractive benefits and perks is a key factor for enticing prospective employees.” In fact, when rating factors that would entice them to apply for a position, “48% cited attractive benefits and perks (e.g., gym memberships, paid time off, etc.), followed closely by a convenient, easy commute (47%) … plus high salaries (46%), good work-life balance (43%), and work-from-home flexibility (41%).”
Therefore, when you have positions to fill in your organization, make sure you make these key pieces of total rewards information available upfront. If you don’t, job seekers are likely to dismiss your company without a second thought; and this can be a critical error, especially during tight labor market conditions.
The Longer-term View: Transparency Matters
According to Julie Coucoules, Glassdoor’s global head of talent acquisition, “Job seekers crave transparency on pay, not only to make an initial judgment about whether to consider applying for a job, but also to assess if an employer holds long-term potential for them.” In other words, those seeking new employment opportunities are savvy these days. Coucoules notes that “quality candidates … go beyond job ads and look for a richer set of background data that includes benefits and employee reviews, among other specific traits about an employer.”
In fact, 44% of workers and job seekers rate pay and benefit transparency as important “when assessing an employer’s long-term potential.” This 44% rating also represents the mean value between female and male respondents, as 48% “of female workers/job seekers report company transparency on pay and benefits as important information for assessing long-term potential at a company, compared to 40% of men.”
Of course, not only does transparency matter for employee attraction; it also matters for effective employee retention. As I note in my book, regardless of the reasons workers seek employment elsewhere, management might be able to avoid many costs associated with employee defections with better communication and transparency. Indeed, transparency usually goes hand-in-hand with how a company develops and administers its compensation programs – and these are factors which impact job satisfaction and retention.
The Bottom Line:
While it is no surprise that job seekers want to know about a job’s location, salary and benefits when researching employment opportunities, they also care about total rewards transparency. If your company isn’t sharing key information upfront and throughout an employee’s tenure, you could be missing out on opportunities to attract and retain top talent. If you shy away from sharing salary and benefit information because you fear what you offer is below market, contact us at Total Reward Solutions today. We can help you understand where you are – and where you should be – compared to your competitors. Call us at 317.589.8529 to start the conversation.
Cassandra Faurote
About Total Reward Solutions:
Total Reward Solutions is your trusted partner for compensation services. Led by Cassandra Faurote, professionally certified Human Resources expert and author of the book Compensation Sense 101, Total Reward Solutions offers a broad range of compensation and total rewards consulting services to help your organization attract top talent, motivate employees and retain top performers. We can partner with you on a project basis, on retainer, or as your total outsourced solutions provider for compensation services.
Call us today at 317.589.8529 to discuss how we can help your organization develop and implement competitive and effective compensation and total reward programs.