Job Satisfaction Is Driven by Far More Than a Salary & Benefits

June 5th 2018

With a shift into a candidate-driven job market, recruiters and HR professionals are under more pressure than ever before to both recruit and retain top talent. This demand has led both small and large companies to consider what drives job satisfaction and how to boost satisfaction within their own workplace, as a means of attracting new and retaining current employees.

 

Key Drivers for Active Vs. Passive Job Seekers

Active job seekers, those actively looking for new employment, have several things driving job satisfaction. If the job seeker is currently out of work, salary and benefits are not going to be nearly as important to him as job security and career growth. Even active job seekers who are working aren’t necessarily looking for a higher salary. Instead, they want a job where they “fit” into the workplace culture and one that offers benefits their current employer lacks.

Passive job seekers, those who are not actively looking for a job, make up about 75 percent of the entire candidate pool. While these candidates may be harder to entice, studies show that 81 percent of these workers are willing to leave their current job for the right opportunity.

While salary and benefits are still important to the passive employee they, also are looking for career growth and a better work environment. This is especially true for Millennials. According to a recent survey, Millennials are willing to take a small pay cut in order to work for a company that offers mentorships, transparency, career growth, flexible hours and job security.

 

Why Salary and Benefits Won’t Motivate Job Seekers

In the past, job candidates primary concern was salary and benefits, but this is no longer the case. Perhaps the shift to a candidate-driven job market or the ability to research employers online has generated this change. Either way, employers can no longer hope to entice new employees and retain current employees simply by offering more pay and better benefits.

Job candidates want more. They want a culture fit, employer transparency, mentorship, job growth potential and a workplace culture that meets their specific needs. These are the factors that spur job satisfaction today.

This makes it more important than ever before for employers to take a proactive approach to recruiting. Employers must tell their story in a way that resonates with both potential candidates and current employees if they hope to foster job satisfaction and improve retention.

 

How to Design an EVP for In-Demand Talent

The most effective way to share your employer story with candidates and employees is to start by developing a strong and authentic EVP (employer value proposition). At its core, an EVP details what employees can expect to receive by working for the company. There are three main factors to consider when designing a unique EVP for in-demand talent.

 

1. Understand the Most Prospective Candidate First

It would be impossible to develop an accurate EVP without first understanding your most prospective candidate. Knowing how these candidates think and behave, what makes them willing to change jobs and when, and the best ways to engage with them will enable you to develop an EVP that speaks directly to them. Using data-driven analytics can help employers develop a persona for the most prospective candidate.

2. Differentiate Your Message

No two EVP should be exactly the same. The uniqueness of your EVP is what will make your company look authentic and transparent and stand out from its competitors. Through your EVP, prospective employees should get a clear understanding of what it is like to work for your company, as well as why they should work for your company. When drafting your EVP, it is imperative that you can deliver on your promises. As misguided EVP can be detrimental to your employer brand.

3. Align Unique EVP With Recruitment Strategy

Once formally developed, the EVP should be used as the foundation for the company’s recruitment strategy. Everything within the recruitment strategy should be based on your unique EVP. You want to make sure potential candidates identify your EVP in the company’s career page, social media posting, job posting, interviews and all other recruitment functions.

Developing and infusing an authentic EVP into your recruitment strategies can help boost job satisfaction among current employees and entice prospective candidates to come onboard. Learn more about how to use data-driven analytics to develop a keen understanding of your most prospective candidates and how to use this vital information to develop a strong and unique EVP for your company by contacting Tulsie today.

Written by: Sushila Ramkisoensing


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