While cocktail Fridays, games rooms, meditation rooms and massages might attract some employees, those numbers are dwindling – and fast. A recent Twitter thread that has been making the rounds identified these recruitment/retention bells and whistles as anti-perks, adding that surveys are showing these are no longer a drawing card. In fact, for many employees, the “fun stuff” that used to draw younger workers in droves is simply not wanted any more.
Today’s hires want more choice and autonomy when it comes to perks, from fast-track career advancement and learning opportunities to tailored health and wellness support and activities that suit their individual lifestyle and needs. Rather than offering all things to all people, today’s employers need personalized programs that allow employees to thrive both professionally and personally.
The pandemic has played a significant role in this value shift. As lengthy work-from-home business models took hold and became refined over time, a growing number of employees of all ages and backgrounds began to embrace remote work and the new “perks” it brought, including less time spent commuting, greater autonomy and far more flexibility to manage their personal schedules. Even as companies move to a hybrid environment, a large percentage of employees are holding fast to the idea of being able to work acceptable hours without having to burn the midnight oil away from their families and friends.
The most telling and high-profile example of how dramatically employee expectations have changed was Elon Musk’s request for workers to commit in writing to working long hours in a stress-filled environment. The demand was widely rejected and accelerated the exodus of thousands of employees unwilling to take part in his definition of a productive workplace environment.
The mass resistance at Twitter was a prime illustration that personal values and well-being are far outweighing the allure of free lunches, video games, travel events and after-hours visits to a local watering hole to combat long workdays in a high-stress corporate culture. Now, “anti-perks” (a term that is circulating among HR groups) such as generous learning and development opportunities, a personally curated wellbeing program, and even the opportunity to relocate and experience new regions are examples of what can help make employees sit up and take notice.
“Even as companies move to a hybrid environment, a large percentage of employees are holding fast to the idea of being able to work acceptable hours without having to burn the midnight oil away from their families and friends.”
So, where do employers go from here? At Dialectica, we have based our recruitment and retention success on three essential pillars.
First, it starts with a solid, meaningful, thorough and 360-degree onboarding process where the employee experience, understanding of the business, their role and approach to building a support system are equally important. That may be easier said than done, but it is the first stepping stone to building a strong sense of belonging.
Second is offering a rewarding career path. This includes mentorship programs, access to customized learning and development programs, along with social team building and wellness programs. Without question, key talent is always a company’s best asset. However, that can easily be forgotten when making business decisions that are tied to profitability and at-risk revenue.
A high-performing culture that has a growth mindset at the centre of its philosophy and that lives its company values through all business and people decisions.
Which brings us to the third pillar: providing projects, initiatives, and tailored opportunities that produce meaningful impact for employees. Rather than external rewards such as salaries and titles, (although attractive compensation is still a draw) employers should focus on initiatives and projects that connect with employees’ personal motivational drivers and help them to develop personally. Today’s staff are driven by curiosity; they want to be part of something bigger and make a difference. Employers should create programs, including volunteer days and/or donation matching, that allow workers to have an impact in the communities of their choosing. Those will ultimately grow their sense of belonging far more than weekly social gatherings.
These are insights that we have gathered from interviewing candidates and listening to their demands. Conversations typically focus on what we as a company can offer to further their careers. We often field questions around mentorship programs, training (and cross-training), opportunities for advancement and corporate social responsibility.
Creating a recruitment and retention package that hits all the sweet spots with each and every employee is an ongoing exercise. The pandemic has shown us how dramatically employee preferences can change. Organizations must follow suit if they want to recruit and retain motivated and productive workforces.
Of course, success depends on having a flexible baseline to work from, including health and wellbeing programs and priorities that can be repurposed when needed without having to reinvent the wheel. We have used the feedback we gain to build a uniquely fluid and customizable compensation program that has been highly successful in our recruitment and retention efforts.
All too often, companies tend to focus on solving profit and loss issues instead of proactively engaging key talent. While salary and benefits still hold an important place when it comes to recruitment and retention, the right “perks” matter much more than you might think. There are plenty of candidates who will gladly forego the pool table in the break room to pursue something that supports their personal agenda and aspirations.
