01 Feb What Makes Talents Accept That Job You’re Dangling Among All Other Benefits
What’s the best way for global mobility managers to understand the mind of a job seeker if not to put themselves in their shoes?! This way, one can figure out what makes them accept or reject an offer, right? That’s easier said than done, of course. Or is salary the ultimate pull? Fortunately, Hired did its own study to figure this out.
The results show salary still rules, but it turned out to be just part of the clincher. About 55 percent of the respondents say compensation and benefits preoccupied them, but the other factors were company culture (45 percent); opportunity to learn new skills (40 percent); challenging technical problems to solve (29 percent); and composition and quality of the team (27 percent).
Taking our cue from the previous study in 2016, the result here moved company culture moved up from third to second place as a concern. Yet it carries some vestiges of ambiguity. What is company culture, really? Is it more organizational in nature or more relationship-oriented — the way colleagues work and interact with each other?
There’s clearly a need to pin down the true definition of company culture, as some minorities still feel left out in other aspects — funding their own startups, for example. A report by RateMyInvestor and Diversity VC revealed that investors still fail to back founders from diverse backgrounds. This is not news for minorities but it has gone unchallenged because a problem takes its time to unravel. It takes a certain confluence of events — and voices — to assert certain issues.
Granted, these startup-minorities may be trying to get money from investors and not looking to be hired as employees of companies. But it’s actually even more glaring an insight as it’s the next level up the hiring mechanism — one becomes a partner, not just an employee.
A related effect and must-do: Companies would do well to know what turns off most job seekers.
Hired listed five factors that turn job seekers away from job dangled by by a recruiter: lack of knowledge about the company (34 percent); negative company culture (36 percent); not interested in the mission (41 percent); not interested in the product (54 percent); and poor reputation (46 percent).
Yes, companies can’t control all the factors that can turn job seekers away. In fact, the number one reason candidates don’t engage is simply based on lack of interest in the product and, coming in third, lack of interest in the mission. However, companies can control their brand reputation and company culture, which are just as important to job seekers. But pushing it further, what makes employees leave their job?
Higher base salary
They want a higher base salary. Those who have managed to fit in and excelled get to demand more. About 74 percent prefer a higher base salary; 64 percent, new challenges and problems to solve; 40 percent, location and commute; 37 percent, more appreciation and recognition from the manager; and 28 percent, a higher title.
For nearly three out of four of respondents, higher base salaries will influence them to take another job, and another one in four say that a better title plays a role, too. So what matters that’s not tied to compensation? Opportunities to learn something new, feeling valued by managers, and a location and commute that work for their lifestyle.
So why do some assignees engage with a company? Salary is still king, it turns out, with about 62 percent demanding it. Then there are work experience expectations at 57 percent; personalized message at 49 percent; recognizable company name, 45 percent; and friend of former colleague who works at the company at 45 percent.
Just as compensation is the most important factor job seekers consider, salary transparency is reportedly the top reason candidates will engage with a company that reaches out with an offer to begin the interview process. Friends and company recognition play a factor, as well — and half will engage with a company that reaches out with a personalized message.
Career advancement and personalized notes
Hired’s report revealed a clear theme across all markets: Candidates are seeking ways to advance their careers. When applying for jobs, 41 percent are looking for training and development, and 64 percent move on when another company provides a chance to solve new problems and challenges.
Plus, they’re future-focused: when asked if they’re worried about AI eliminating their job in the next three to five years, only four percent said yes. Job candidates aren’t afraid of changes in their job landscape, and companies can cater to that outlook by providing more opportunities for them to learn and stay ahead of the curve.
The way recruiters and talent acquisition managers engage with potential candidates can be the difference between “I’m interested” and “No, thanks.” Data shows that sending personalized notes can go a long way. Fifty percent of survey respondents said they’ll engage with a company that sends a personalized note — and that personalization is 12 percent more important to women.
Offer remote work and flexible hours
With 70 percent of survey respondents expressing interest in working 100 percent remotely, and 19 percent showing they’re looking for remote work when evaluating a job offer, flexible schedules are clearly important.
Today’s workforce already understands how to use the necessary tools to work from anywhere, so companies need to adjust their benefits to cater to the demand.
In conclusion, the report takes the guesswork out of understanding job seekers and recognizes the incredible brands that are already making an impression.
Not mentioned (and pretty much unsaid) yet but predominant in Silicon Valley, tech workers are the ones who take issue or are more concerned about the abovementioned matters, since they can swing things to make it beneficial for them. Companies are more willing to bend rules if talents are hard to come by.
Of course, these talents are looking to join companies that invest in their professional development and offer programs designed to refine their current skill set while learning new ones. Beyond factors that impact learning and career growth, they want to feel connected to the product and mission of a company.
Transparency is key. If you’re spending $1 million a month in overhead expenses as a startup, it might be wise to tell your employees your company’s market valuation. As such, even if the company is spending a lot, they can be assured that it has an extended runway to reach its intended goal: success.
Global mobility managers need to know that tech talent pays attention to and makes decisions based on their knowledge of a company. They also look up to the company to look after them outside of the office, especially if they’re relocating from different parts of the country or the world. Do they have top-notch housing or accommodation like what California Corporate Housing offers?
Beyond offering them that lucrative job, these talents will want to know what their lifestyle is going to be like once they make their move. In many instances, global mobility managers and recruiters say the safest and most neutral of all enticing pitches: The weather in northern California is awesome. It’s true, after all. There’s nothing like it anywhere in the States, except San Diego.