By Max Douge

My first car was nearly 10 years old with a lot of mileage. I recall going up a steep mountain, and the car struggled mightily to reach the speed limit as the engine’s RPM shot up higher than I had ever seen it and slowing traffic behind me. Today’s job market reminds me a bit of that car as it fights against steep challenges, trying to lead the economy back to pre-COVID levels.

Companies that have suffered through the past several months are doing their best to regrow their business as we begin seeing an uptick in job openings. However, the pandemic is far from over as the number of people getting sick continues to rise. Federal and state governments are doing their best to financially assist the unemployed, but the impact on businesses who are hiring is they are now struggling to fill their openings.

However, a glass-half-full approach from some businesses has brought about some clever hiring incentives. Some have also found ways to enhance their company culture as a draw for job candidates. Check out these incentives and benefits to determine if they are right for your business:

Hiring Bonuses, such as paid memberships to professional associations or local gyms; student loan repayment incentive plans; and of course, $$$
Remote work and/or flexible scheduling options
PTO options - may include time off for birthday or additional holidays, or allowing staff to earn more paid time off
Get staff involved with recruitment; incentivize current employees with candidate referral bonuses
On-site services: childcare, dry cleaning, massage therapist, yoga classes, investment counselor/planner, meal planning, and more
Retirement plans and/or stock options
Work/life balance, including after-hours group activities that may include employee’s family members

Offering these or other incentives will help keep your business competitive for today’s job market.

So, as you can imagine, my car continued struggling up that mountain each time, along with many other cars, I might add. Perhaps if I upgraded my vehicle, the ride up would have been better, but that wasn’t a priority at the time. Fortunately, there was a smarter and more cost-effective option… I had found a better route around that mountain instead of over it.

How will your business get around today’s hiring challenges?

For really cool recruitment ideas, check this out: https://www.forbes.com/sites/amyanderson/2013/08/16/5-unique-recruiting-ideas-that-paid-off-big-time/#14ecae356813

Incentives for Attracting New Hires