What are the best ways to incentivize candidates who value more than just salary?

In today's competitive and dynamic talent market, salary is not the only factor that attracts and retains top candidates. Many professionals are looking for more than just a paycheck, they want a meaningful and rewarding career that aligns with their values, goals, and passions. How can you incentivize candidates who value more than just salary? Here are some tips to help you craft a compelling offer that goes beyond the numbers.

1 Offer flexibility and autonomy

One of the most sought-after benefits for candidates is the ability to work flexibly and autonomously. This means giving them the option to choose when, where, and how they work, as long as they deliver on their objectives and expectations. Flexibility and autonomy can increase employee satisfaction, productivity, and loyalty, as well as reduce stress and burnout. To offer flexibility and autonomy, you need to communicate clearly about the expectations, outcomes, and feedback mechanisms, and trust your employees to manage their own time and resources.

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Devni Naidoo Ferdi

Global CHRO | Inclusion, Diversity & Equity | Integral Coach (Cricket South Africa ;Estee Lauder Companies; Standard Chartered Bank; Standard Bank, Absa/Barclays)
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I believe the new currency to attract and retain candidates who prioritise more than just salary is to offer work-life balance and a supportive company culture that promotes and encourages inclusion, Diversity , Equity and Flexibility.

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2 Provide learning and development opportunities

Another way to incentivize candidates who value more than just salary is to provide them with learning and development opportunities that help them grow their skills, knowledge, and career. This can include formal training programs, mentoring and coaching, online courses, certifications, conferences, and other resources. Learning and development opportunities can show your candidates that you care about their professional growth, that you invest in their potential, and that you support their career aspirations. To provide learning and development opportunities, you need to understand your candidates' goals, interests, and needs, and match them with relevant and accessible options.

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3 Recognize and reward performance and impact

A third way to incentivize candidates who value more than just salary is to recognize and reward their performance and impact. This means acknowledging their achievements, contributions, and results, and showing appreciation and gratitude for their work. Recognition and reward can take various forms, such as praise, feedback, bonuses, incentives, promotions, or other perks. Recognition and reward can motivate your candidates to perform better, to feel valued and respected, and to stay loyal and engaged. To recognize and reward performance and impact, you need to set clear and measurable goals, track and evaluate progress, and celebrate and share successes.

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Karen Dykes

Talent Acquisition Lead - Engaging Top Talent at Change Specialists
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Regular engagement with staff to identify their motivators and preferred rewards. You might be surprised by some of the responses! There are many small touches that your staff will value that can be easily introduced and may not be too costly. For example, a team working breakfast on the first Monday of each month, volunteering days for a cause close to their heart, gift cards for the local coffee shop. Adhoc acknowledgement and recognition of achievements and contributions are always well received, however remember a simple thank you for a good job done goes a long way.

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4 Create a positive and inclusive culture

A fourth way to incentivize candidates who value more than just salary is to create a positive and inclusive culture that fosters collaboration, innovation, and diversity. This means creating an environment where your employees feel welcome, respected, and supported, where they can express their ideas, opinions, and perspectives, and where they can learn from each other and work together. A positive and inclusive culture can enhance your candidates' sense of belonging, purpose, and identity, as well as attract and retain more diverse and talented people. To create a positive and inclusive culture, you need to model and promote the values, behaviors, and practices that you want to see in your organization.

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5 Align with their mission and vision

A fifth way to incentivize candidates who value more than just salary is to align with their mission and vision. This means showing them how your organization's purpose, goals, and impact relate to their own passions, interests, and causes. Aligning with their mission and vision can inspire your candidates to join and stay with your organization, to feel passionate and committed to their work, and to make a difference in the world. To align with their mission and vision, you need to articulate and demonstrate your organization's values, stories, and outcomes, and connect them with your candidates' motivations and aspirations.

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6 Negotiate with multiple offers

A sixth way to incentivize candidates who value more than just salary is to negotiate with multiple offers. This means being aware of and responsive to the other opportunities and options that your candidates may have, and being flexible and creative in finding ways to match or exceed them. Negotiating with multiple offers can help you secure and retain your top candidates, to show them that you value and respect their worth, and to build a long-term relationship with them. To negotiate with multiple offers, you need to research and understand the market, communicate openly and honestly, and offer a holistic and personalized package.

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7 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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Chibundu Nnorom (MBA) (MCIPD)

Resourcing & Talent Management Expert. Hydrogen|Wind|Solar|Grid Integration|BESS|Project Development|Upstream,Midstream & Downstream Oil and Gas|Succession Planning| Learning & Development
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Essential is for the TA professional to spend time understanding the orgs pay and benefits framework, and in addition understand how to use marketing segmentation to differentiate the needs of employees into buckets. By creating these buckets, you can effectively develop bespoke products that can speak to each of these segments per time and increase your chances to attract top talents for your organization

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Olivier Meier

Talent Mobility & Total Reward Strategies | Future of Work | Working From Anywhere | People Analytics & HR Tech
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It's important to remember that it's not about a clear opposition between pay versus non-financial incentives. Employees value a mix between the two depending on their personal preferences, stage of life etc. And these preferences can quickly change due to new circumstances (e.g. financial difficulties). Companies also need to understand their current position. Are they paying a competitive salary and just need a little differentiator? Are they paying below market and must compensate that with other incentives? The non-financial incentives about motivation and lifestyle promised by companies should also reflect accurately their corporate practices and work setup. Overpromising or misjudging the company's culture is risky.

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Shenika Johnson

Sr. Human Resources Business Partner at Oak Street Health
(edited)
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Prioritize their humanity. The world never quite rotated back “right side up” after the pandemic, remnants of its immediate impact still heavily present in many lives in the workforce. It can be easy to forget that if the lens through which representatives of the “employer” look, are bit clearer. Grace is essential. An appreciation of a firm but gentle structure of learning and development, responsibility and accountability can transcend across generations. This is crucial as today’s workforce includes the most diverse population the world has seen.

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What are the best ways to incentivize candidates who value more than just salary?

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3

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1 Offer flexibility and autonomy

2 Provide learning and development opportunities

3 Recognize and reward performance and impact

4 Create a positive and inclusive culture

5 Align with their mission and vision

6 Negotiate with multiple offers

7 Here’s what else to consider

Global Talent Acquisition

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What are the best ways to incentivize candidates who value more than just salary?

1

2

3

4

5

6

7

1 Offer flexibility and autonomy

2 Provide learning and development opportunities

3 Recognize and reward performance and impact

4 Create a positive and inclusive culture

5 Align with their mission and vision

6 Negotiate with multiple offers

7 Here’s what else to consider

Global Talent Acquisition

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