Finding talent is harder than ever in the post-pandemic business realm, as employers attempt to demystify the needs of the current workforce and foster a competitive edge in hiring. According to Robert Half’s 2022 Salay Guide1, perks and benefits are just as important as salary. While this may not come as a surprise, the level of actual importance placed on some of the most recent perceived benefit needs just might.
At the start of the year, it was made clear that continued options to work remotely were a priority among employers and the Robert Half survey echoes this sentiment with 76% stating they will continue to provide remote options. According to the guide, however, despite the majority of workers (53%) wanting remote work options right now, just under half (48%) of surveyed workers view remote options as a necessary perk to employment post-pandemic. Further, the average number of days per week most employees reported wanting to work remotely was three.
While some employers may see that as less than half the workforce cares about remote options and be tempted to reconsider, be reminded that prior to the pandemic just 6% of the workforce worked from home and nearly 75% of workers had never worked remotely, period2. Now, 34% of workers cite remote options as a must, and they will not work for companies that do not offer it. Even more important than remote options, according to the guide, is flexibility. The majority (66%) of workers reported wanting flex time and windowed work, willing to leave their current roles if these options are unavailable1.
Other notable trends include benefits pertaining to physical, mental and financial wellness. Employee sponsored gym memberships were offered among 95% of companies surveyed, with just 38% of employees reportedly taking advantage. Further, despite growing efforts to support mental wellbeing within the workplace with the vast majority (91%) of employers offering mental wellness programs, just around a third (32%) of employees currently utilize company support offerings. When it comes to financials, however, employees are vastly more interested with more than half (58%) taking advantage of retirement planning and other financial programs offered by their employers1.
Finally, the survey addresses just how much money matters when it comes to retention and, unsurprisingly, it matters a lot, especially now. As the shortage of skilled professionals continues, so does the trend of those candidates receiving multiple offers, much as they did prior to the pandemic, Robert Half reports. In a bid to boost retention, many employers are reinstating raises and improving their benefit offerings such as signing bonuses (48%), cash incentives for returning to the office (46%), increased paid time off (43%) and job title upgrades, (40%)1.
Further, the data supports the notion that if employers fail to increase salaries, they risk losing their top talent to competitors. If your organization is currently weighing the cost of increasing salaries, consider that just under half (49%) of workers currently feel they are underpaid. Another 46% intend to ask for a raise and about a third (31%) will consider a job change if their pay does not increase. The bottom line is that most employees appear to know what their skills are worth, with 66% reporting they are confident they would quickly find a new job and 87% certain their skills are marketable1.
As the business landscape continues to reshape itself for the post-pandemic world, the MICPA will continue to follow trends in hiring and professional development. MICPA members can join the conversation by logging in to MICPA Connect to exchange ideas, strategies and concerns regarding recruitment and retention as well as other emerging issues within the profession.
References:
- “National Trends 2022 Salary Guide.” Robert Half. 2021. Accessed on 2 Oct. 2021.
- Coate, Patrick. “Remote Work Before, During and After the Pandemic.” NCCI. 25 Jan. 2021. Accessed on 2 Oct. 2021.