How to attract talent without raising pay - Glassdoor for Employers

How to attract talent without raising pay

The race to find top talent may have employers with smaller budgets feeling left in the dust.  Many have tried raising the pay rate to attract job seekers and keep the talent they have, but increasing salary isn't always an option. There are other incentives you can explore to help ensure your company doesn't miss out on or lose quality talent. 

Think beyond pay

A job seekers' decision to apply for a job isn't completely about the pay. In fact, data indicates that simply offering more money isn't enough to retain workers or bring in new talent. 

To find, attract, and keep talent, consider what else your company offers - and where there is room for growth and improvement. If you have a company survey, find the areas of opportunity in employees' responses. If you don't have a survey, kick off a program or find other ways to ask for feedback. Retention is key during the Great Resignation, as millions of people continue quitting jobs they don't like. Hiring and training workers is expensive. And it's even more expensive when you're stuck in a  cycle of losing good talent because of a bad working environment. Consider monetary alternatives like offering signing bonuses for new hires and spot bonuses for current employees. While you're not raising wages, these actions still provide a financial incentive and a chance to recognize workers for a job well done.

Let's dig into some other ways to improve your workplace and find quality candidates without raising pay.

Improve and offer benefits

Your company may not have the budget to offer traditional benefits like health care or a 401(k), but there are other ways to enhance the employee experience. Consider expanding vacation time or even offering unlimited PTO.  Can you offer flexible hours, remote, or hybrid work? Today's candidates are looking for flexibility. Other ideas include starting a budget for professional development, tuition reimbursement, or career development programs.

Think about meaningful benefits beyond in-office perks like  a mini-fridge full of drinks and a ping-pong table. Give job seekers a reason - beyond pay - why  they should devote their time, energy, and experience to your company.

Part ways with toxic managers

If former employees repeatedly complain about the same manager or worker, it's time to take a good look at  their behavior and contributions. If you know there is a bad seed that can't be trained or put on a performance improvement plan, let them go. If you don't, the revolving door may continue to spin. 

Some companies are reluctant to fire toxic workers because they help turn a profit. It's time to get a new perspective: this isn't about this quarter's revenue, it's about the survival of your company. 

Your bottom line can take hits from repeated turnover caused by toxic employees. If you want your business to survive, grow, and thrive, you need to get rid of the people driving other employees to leave.

Improve workplace culture

More than 3 in 4 job seekers and employees say a diverse workforce is an important consideration when job hunting. Make sure your business is a safe and welcoming place for all people to work, regardless of their race, gender, age, or sexual orientation. There are equal opportunity clauses in most job applications, but prove that your company is really walking the talk on diversity and inclusion.

It benefits your company, as those who focus more on diversity and inclusion attract better candidates and have happier, more productive workers and see higher profits.

The market for top talent is very competitive. Attracting the best workers requires introspection, innovation, and creativity to respond to what candidates want and need right now. Keep these factors in mind when you think about recruiting and retention.