Battle of the perks and benefits: Why overpromising won’t get you the talent you need
Are you looking for new talent? Well, you are definitely not the only one. The shortage of skilled workers is a phenomenon that is present in nearly every sector and won’t disappear anytime soon, especially in the communications field, which Laika is in. Around 20 years ago, McKinsey had already coined the term the war for talent. Oftentimes, the weapons of this “war” include rather hollow promises, in the aim of presenting oneself as the perfect employer. We can tell you from experience — promising cool goodies and the possibility of remote work, alone, won’t suddenly lead to new talent flocking to you and wanting to work for you. Therefore, we looked into the situation in more detail, and would like to share with you our insights about the up and downsides of perks and benefits.
Needless to say, employers aren’t the only ones aware of the growing discrepancy between job offers and qualified applicants. The talent knows this. Therefore, potential employees have demands of their own. Just looking at GenZs, who will fill the spots of retiring Boomers in the coming years, shows us that their wishes towards obtaining a good employer are highly complex. For example, according to a Zenjobs GenZ study, theywant flexible working hours, yet still have a clear separation between private and work life.
In general, studies show that important aspects for a strong employer brand are organizational trust, training opportunities and real social responsibility. Employees and potential applicants appreciate when there are flat hierarchies, recognition and appreciation of good work, good relationships within the team, and the opportunity for further self-development. In addition, they value knowing that their work, or the organization, has a positive impact in the world. All these elements need to be taken into consideration when thinking about attracting new talent and establishing a strong employer brand.
Clearly, these can’t be fulfilled by simply promising a lunch with the CEO and some healthy snacks. In some cases, these promises might even be perceived as companies checking off these superficial boxes, to divert attention from negative aspects of the work environment, rather than being actual motivators. As an employer, you need to find out where your current pain points are, understand who you want to be as an ideal employer, and then determine and plan how you get there. Your employer brand needs a well thought-through branding strategy. Perks and benefits can then be a part of this larger strategy.
One important advantage of perks and benefits is that they can be directly implemented in the job offers so that every potential applicant can see them. Therefore, you can use them as a way to show what it’s like to work at your company. You can’t expect that every potential talent will comb through your whole social media presence. Some might not take the time to first research your company values and how you live up to them. Perks and benefits are a quick and convincing way to make clear what you stand for, and might pique the curiosity of potential applicants to further look into your company. However, be careful not to get caught-up in all the standard promises such as the typical offers of free fruit, table tennis, and soccer tables. These don’t communicate what is special about you, but instead show that you just wanted to promise something.
However, do not overpromise. We know, it can be hard to resist coming up with a long list of perks and benefits after seeing what your competitors offer. While, offering many perks can certainly show that you really care about your employees, it can also be hard and stressful to deliver on those promises. And a stressed employer is seldom a good employer. Moreover, the quality might suffer if you try to deliver everything. So, better choose really suitable benefits and execute them well, instead of overdoing it with mediocre approaches that might lead to disappointment (on both sides).
If you can’t deliver on all the benefits you’ve offered, this might create a huge backlash. People will be disappointed if they were looking forward to something which then never happens. They will lose trust in you. If employees share their negative experiences with other potential applicants, you would achieve the exact opposite of what you aimed for: people will think of you as a bad employer.
After hearing what can all go wrong with unfitting perks and benefits, you might think that it’s best to not promise anything at all. This is also not the best idea. But no worries, we’ve got you covered. Here are three steps you can follow to be on the safe side:
1. Find perks and benefits that match your personality and focus on those
As said before, the benefits are part of the employer branding strategy, which is a component of the overall branding of your company. Meaning, everything needs to be in line. For Laika, for example, one of our values is curiosity, therefore we actively promote our training and self-development opportunities . While this claim is not unique as such, we support it on all our channels with examples of the trainings we do (check out our Instagram 😉). This way, we aim to create a consistent image that strengthens our employer brand. You want to go bigger? Great idea. Maybe try to come up with some moonshot ideas, something special that no one else has and that are specifically relevant to your company and employees. Make your company culture tangible!
2. Accept that employer branding is a process
You won’t have the perfect strategy from one day to the next. There will be a lot of trial and error. At Laika, we are also still figuring out a lot of things. However, if you don’t try to improve, you surely won’t. Also, don’t be afraid to make mistakes or ask for help. Who knows better what the pros and cons of working in your company are than your current employees? Ask them for their open and honest feedback. At Laika, for example, we have regular retrospectives and surveys to collect feedback and improve ourselves.
3. Be clear on all levels
You have a cool, unique idea for a perk or benefit? Then make sure to explain it in a way everyone understands it. If your wording is vague, you might confuse applicants. In the worst case, this leads to misunderstanding and disappointment. Also, a clear layout helps. No one likes lists which are way too long and confusing. Try clustering benefits that fit together, or get creative with some accompanying illustrations. Remember, one eats with their eyes first.
In conclusion, offering perks and benefits is a great gesture and will surely be appreciated by your employees and applicants. However, don’t see them as something separate from the whole (employer) branding process, and don’t get carried away with all the possibilities of potential benefits. At the end, it’s not the longest list of benefits that will win you new talent, but the most honest and best thought-through approach.