3 non-monetary actions employers can take when recruiting talent

In response to rising inflation and a tight labor market, 64% of US companies plan to increase salary budgets for 2023. Because there are more open jobs than people to fill them, employers need to attract and retain talent in more and more inventive ways. In this article, I will share some non-monetary actions that construction companies can take when recruiting talent and to retain the existing employees.

What monetary rewards cannot achieve

• They do not improve employees’ job-relevant knowledge, skills and abilities (KSAs)
• They do not offer job enrichment.
• They can encourage unethical and counterproductive behaviors.

# 1: Workplace flexibility

Workplace flexibility is a major motivational factor for employees. Because workers need to have a healthy work and life balance, employers can offer incentives such as:

• Opportunities for remote work
• Flex vacation time
• Technology that automates smaller tasks
• Flexible work arrangements
• Relaxed office environment
• Gym memberships

Non-monetary incentives can also help minimize workplace stress and keep employees productive, engaged and satisfied.

# 2: Diversity, equity and inclusion (DEI)

Emphasizing diversity, equity and inclusion can be beneficial for retaining and recruiting talent. Studies revealed correlations between gender and ethnic diversity and companies’ financial performances. Here are some tactics that employers can use to improve DEI:

• Identifying DEI gaps in employee compositions
• Incorporating gender-neutral language in job postings
• Conducting bias-free interviews
• Broadening search resources
• Mentoring
• Sponsorship
• Leadership programs
• Incorporating DEI with succession planning

DEI is good for the company’s health because it encourages diversity of thought.

# 3: Long-term incentive awards

These non-monetary perks reward employees for reaching specific goals that increase shareholder value. They help retain top talent in a highly competitive work environment. Examples of such awards are:

• stock options
• Stock appreciation rights
• Stock ownership
• Performance vested shares

LTIAs incentivize employees to take actions that will maximize shareholder value and promote long-term growth for the organization. These are some of the benefits of non-monetary actions that will help employers in recruiting talent.

Kaufman Search & Consulting works with leading Contractors and top-level talent throughout the country, building teams for tomorrow’s projects one perfect fit at a time. We use extensive know-how and our solid relationships with key decision makers at our client companies to elevate your executive career in construction.

AboutStephanie Kaufman

Career change is a major life decision affecting your professional fulfillment, your family´s livelihood and your employer’s success in the marketplace. Stephanie has had deep understanding of that premise in her decade-long activity as executive search expert supporting construction industry leaders. Her experience pointed to the essential aspects of a perfect professional match such as competence, personality and cultural compatibility. She has developed a portfolio of returning high profile clients and a sensitive and efficient hands-on approach to both sides of the recruitment process. She vouches for investing time in getting to know the clients and candidates on a personal level and diligently guiding them through step by step. All this comes together in a proven strategy that molds to your career and staffing needs, bringing exactly what you need and when you need it.