Why cash is no longer king
Apparently, money doesn’t matter as much anymore. According to recent research conducted by SEEK, work/life balance is now considered the most important factor when choosing a company to work for. It’s no longer a whimsical objective or a throw-away selling point, work/life balance is THE benefit to promote to get better cut through with prospective employees.
One in three Australians (33%) selected work/life balance as the most important factor when choosing a company as an employer. Salary and job security followed with 20% of respondents each, showing just how much emphasis is currently on lifestyle. Given the average Australian is working six hours unpaid overtime each week (according to the Australian Institute’s Think Tank research, December 2014) and 46% of us are working longer hours, this could be a sign of the times.
Interestingly, when the same group were asked what other factors were considered when choosing their next employer, the top five are:
• Work/life balance.
• Job security.
• Company culture.
• Company reputation.
This shows just how much emphasis candidates put on factors beyond a job description and pay packet when making their next career move. While salary, security and work/life balance are personal motivators, culture and reputation indicate that they’re making this decision in a wider context. The company, its vision and values, how it treats its employees and the resulting culture are all taken into consideration. And it’s unsurprising, really, given the amount of time the average Australian spends in the workplace.
As the shift comes from sourcing talent to attracting talent, organisations need to consider how they promote and highlight these benefits to attract the best candidates. The same piece of research revealed that there were three key resources that candidates referenced when researching potential companies to work for:
• Organisations website.
• Friends and family.
• Online company review sites.
For companies to put their best foot forward, its ‘about us’ section on its website needs to not just focus on company history and leaders, but it also needs to highlight the heart of the organisation, its vision, values and culture. A work/life balance philosophy should be clearly mentioned so that it’s a selling point, not hidden.
Similarly, online company review sites, like SEEK's company reviews, should be used to manage the digital component of an employer brand. Organisations should be proactively claiming its profile, and monitoring and engaging with users as they post comments so that it becomes a live and relevant resource for candidates.
The battle for the best talent isn’t getting any easier. Companies need to ensure they’re on the front foot, promoting the things that are important to candidates, and not just the company.
What are people saying about your organisation? Find out on SEEK company reviews.