It’s no secret that there’s a very tight labor market these days. It’s hard to attract and retain the right talent. So many companies across Asia and around the world use work perks and incentives to stand out.
According to research from global staffing firm Robert Half, flexible work schedules, a compressed workweek and the ability to telecommute are the most sought-after nonmonetary perquisites. However, while many companies offer flexible work schedules, fewer than one in five offer shorter workweeks or remote work options.
There was less of a disconnect when it came to monetary motivators: 44 percent of employers surveyed said they offer annual or biannual bonuses to employees. Workers surveyed said bonuses are their most desired incentive (77 percent) when considering job offers. Profit-sharing plans and sign-on bonuses are also highly sought (tied at 49 percent), though only 33 percent and 19 percent of employers, respectively, offer these types of rewards.
Benefits can also play a significant role in attracting and retaining talent, and most companies are offering the two most wanted employee benefits: health insurance (88 percent) and paid time off, including vacation, sick days and paid holidays (80 percent).
“In today’s competitive hiring environment, job candidates are looking at more than just salary and bonus — they seek the complete package and place added emphasis on quality of life,” said Paul McDonald, senior executive director for Robert Half. “Companies that don’t offer in-demand nonmonetary perks in addition to a competitive salary and benefits are not likely to land or keep top performers.”
For more information on compensation packages and hiring trends, download the 2019 Robert Half Salary Guides.