3 non-monetary actions employers can take when recruiting talent
Under rising inflation and a tight labor market, 64% of US companies plan to increase salary budgets for 2023. There are more open jobs than people to fill them – employers need to be more inventive in attracting and retaining 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
- 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.