How can you attract candidates with non-monetary incentives?

I love talking talent attraction. I think what it comes down to is knowing to the core who your company is, who they aren't, knowing who they're for, and who they're not for. Getting super clear on your vision, values, etc helps you market your job opportunities better and communicate in a clearer way to attract your ideal employees. So definitely double down on what you do well, and what benefits you are proud of that you offer, and showcase that through your website, job postings, social media channels, and employee/talent acquisition ambassadors.

While monetary compensation can be a driver for some people, others are motivated by other components. Examples could include company mission, challenge, ability to develop a new skill, flexibility, upward mobility, even job title. During the initial call with a candidate, a recruiter needs to conduct a thorough interview to learn what makes the candidate tick. What are their strengths? Why are they looking outside of the company? What would constitute "better" and improve not only their career but holistically trickle into their lifestyle? Career fulfillment is often more than just the money.

It's a fundamental question and could be a game-changer for certain businesses because it's not just about the paycheck. Employees seek Work-Life Balance, Recognition, Mentorship, Quality Work Environment, Clear Communication, and more. A business offering more than a nice salary will always be a winner. Because people don't just stay for money, everyone they go to will probably offer a bit higher. So it is important to understand what else is needed than a handsome salary. Employers who provide more than a salary will not only attract new talent but will also retain their employees.

To effectively identify your candidates' needs, it's crucial to adopt a personalized approach. Tailoring your non-monetary incentives to match individual preferences and priorities can significantly boost their engagement and satisfaction. Additionally, creating a transparent and open communication channel with your candidates can foster trust and enable ongoing adjustments to your incentive offerings as their needs evolve over time. This proactive approach ensures that your organization remains competitive in attracting and retaining top talent.

To attract candidates with non-monetary incentives, start by understanding their needs and preferences. Use surveys, interviews, and feedback from current employees to gather insights. Segment candidates based on their priorities, such as work-life balance, career growth, or a positive work environment. Customize job listings and communications to highlight the incentives most relevant to each group. Share real-life success stories and offer choices when possible. Continuously gather feedback to refine your approach and stay updated on industry trends to remain competitive. This tailored, candidate-centric approach can make your organization more attractive to a diverse pool of talent.

Ensuring that your non-monetary incentives align with your employer brand not only attracts candidates who resonate with your organization's culture but also strengthens your brand's authenticity and credibility. By consistently showcasing these incentives through various channels, you not only attract talent but also nurture a positive employer reputation that can help with long-term talent acquisition and retention efforts.

Harmonizing non-monetary incentives with our employer brand is crucial. It's about ensuring that what we offer resonates with our core values and culture. From job descriptions to social media, every touchpoint should echo the benefits we provide. Employee testimonials and referrals become powerful advocates, showcasing the tangible impact of our incentives. This alignment not only attracts the right talent but also reinforces our commitment to a fulfilling work environment. It's about authenticity and transparency in every interaction.

Customizing incentives for individual candidates is essential for attracting and retaining top talent, as it acknowledges the uniqueness of each candidate's desires and circumstances. By actively engaging candidates in discussions about their preferences, offering flexibility, and ensuring post-offer satisfaction, you can create a more inclusive and motivating work environment that aligns with the diverse needs of your workforce.

Recognizing individuality in non-monetary incentives is key. It's about understanding that what motivates one candidate may not resonate with another. Tailoring incentives to their unique needs and aspirations shows our commitment to their success. This personal touch, whether it's in work arrangements or responsibilities, creates a sense of ownership and value. Engaging candidates in this conversation not only ensures satisfaction but also fosters a culture of mutual respect and understanding. It's about building a relationship founded on trust and fulfillment from the very start.

When customizing incentives for candidates, you do need to be mindful of how offering different incentives to similar roles may cause inequity and unfairness within the company culture. Offering one employee fully remote and requiring another employee to report to the office could cultivate animosity between peers.

One of my favorite non-monetary incentives is recognition! Whether you are a big organization or a small business, there are creative ways you can bring recognition into your culture as an incentive. I am not someone motivated by bonuses or money, but a great recognition opportunity makes me feel great about what I am doing and makes me feel valuated within the organization. I have held personable recognition ceremonies with several employees, went directly to a department and recognized employees for things they are doing well (management by walking around), or utilized the organization recognition platform like Bravo - sending an E-CARD.

Gen Z cares about sustainability ?? And there’s more Gen Z in the workforce now vs Baby Boomers! Gen Z is an uber eco-conscious bunch and since they highly value sustainability, you’ll hit a large demographic by offering environmentally friendly ?? incentives.

Measuring and improving your non-monetary incentives over time is an essential practice to remain competitive in the ever-evolving job market. Regularly collecting data and feedback from candidates and employees, benchmarking against industry standards, and analyzing the impact of these incentives on key recruitment metrics allows you to stay agile and adapt to changing needs and expectations. By making informed adjustments and enhancements to your non-monetary incentives, you can strengthen your employer brand, attract top talent, and cultivate a workplace culture that fosters long-term employee engagement and satisfaction.

Evolving non-monetary incentives is essential for staying competitive. It's about staying attuned to shifting market dynamics and employee needs. Regular feedback loops and data-driven insights are our compass. By analyzing their impact on key metrics, we ensure they remain a driving force in attracting and retaining top talent. Benchmarking against industry standards keeps us ahead of the curve. This iterative approach allows us to fine-tune our incentives, ensuring they align seamlessly with our evolving employer brand. It's about demonstrating our commitment to a workplace that nurtures growth, fulfillment, and shared success.

A unique incentive my employer offers is paid sabbaticals every 5 years. It encourages loyalty, offers a much needed break and gives employees an opportunity to live life and try new things. For example, next year is my 5th year, and I’ll be taking 3 weeks out (fully paid!) for my wedding and honeymoon.

Tailoring to Career Progression: As candidates progress in their careers within your organization, their needs and aspirations may evolve. Customization should extend beyond the initial hiring stage to support ongoing career development. For example, you can create personalized career pathways that align with each employee's long-term goals, providing them with tailored development opportunities and advancement prospects. This approach not only enhances retention but also boosts internal talent development.

Inspire me! Tell about the company's mission and the benefits of success. Then tell me how the work I'll be doing impacts that mission and why my work matters. We get caught up with money and days off and other incentives. Find people who can be inspired and then give them reason to be.

Non monetary incentives are a dangerous road to go down. Primarily because you need to be super careful not to offer special projects that will make employees work more thus decreasing their pay. Instead, things like being able to spend x hours a month on courses to help up-level, mentorship and reverse mentorship programs, event participation are all things that need to be under consideration. But I reiterate, it is CRITICAL to be very aware and inclusive when putting out non monetary incentives.

What if my company doesn't have this kind of benefits? Something to add to this amazing article, is that sometimes financial areas of big enterprises aren't so confident about this kind of non-monetary, which still have a cost for the company, such as training, mentoring or awards, because maybe they're not considering the ROI. Which comes from saving money in Recruiting, Employeer brand and retention strategies. For me, It's essencial to bring on table the data with numbers, so those areas can have a better approach and they keep approving this kind of benefits and compensations. Try to put the conversation on the table always with numbers and a good Benchmark!