As many industries face a talent shortage going into 2022, businesses are starting to realize that a competitive salary alone is not enough to attract top candidates. Benefits packages are now expanding as a result of the war for talent. The exact benefits which are going to be most effective will depend on your particular market - but if you are looking to perfect your company’s employment packages, the technology industry might be a good place to draw some ideas.
Tech has often led the way when it comes to benefits offerings. Remote work, for example, was widely accepted in this sector well before it became a necessity in 2020.
So, let’s take a look at what the tech industry is doing now, and what it’s likely to introduce down the line when it comes to workplace benefits.
How Does Tech Set the Standard?
First, it’s important to understand why we should look to tech for these insights. It’s safe to say that technology is one of the most fast-paced, rapidly growing industries out there due to the amount of investment and advancement at its core. As a result, tech candidates are highly sought-after. There seems to always be high competition for top talent.
Alex McClymont, a Manager in our Michael Page LA office, says, “Tech businesses need to look at a much broader scope of attraction. The tech industry is widely regarded as the first to invest in their staff’s wellness, something that is starting to become adopted on a broader scale now.”
He continues, “Tech companies offer monetary incentives for healthy eating, exercise, balancing work and personal life, and most offer free mental health benefits as well. All of this stems from the idea that that candidates in this industry are looking for more than money. In order to bring new staff in and retain existing staff, they need to make the experience of working at that company more enjoyable.”
What Tech is Offering Now
Besides flexible working and wellness programs, the tech industry is taking things a step further. Some businesses are even offering new equipment and stipends for remote working needs.
Some benefits are more monetary in nature, such as bonus plans and equity available at all levels. McClymont points to this as one of the biggest available perks in the industry. “If they own a piece of the business,” he says, “employees are more invested and much more likely to stay.” As retention is an issue for many organizations right now, this is key to bear in mind.
Looking to the Future
There are a few benefits that are starting to gain momentum in the tech industry, even if they aren’t widely adopted quite yet. These are mainly associated with remote work, such as stipends mentioned before. Some businesses are taking these to the next level.
“While most companies have adopted flexible working, the tech industry looks to be doubling down and paying for their staff’s home offices – equipment, furniture, work from home food allowances, and so forth,” McClymont says. “One of my clients just started offering all their staff an expense account for buying, ‘any equipment they may need to work comfortably at home.’”
While these benefits may not all be perfect for your business, the tech industry’s knack for innovation will certainly provide some insights to help you improve your benefits packages in order to attract candidates.