New survey data from leading recruitment software provider, iCIMS, reveals the demand for compensation and nontraditional benefits is driving a competitive arena for employers
MATAWAN, N.J. [July 26, 2016] – Today’s employees are constantly looking for their next career move, and to keep up, modern HR professionals are creating recruitment strategies that go beyond dollar signs to stand out in the competition for talent. iCIMS, Inc., a leading provider of Software-as-a-Service (SaaS) talent acquisition solutions, released a new research report, “Competition for Talent in the U.S.” to gain insight on the quickly changing landscape.
The report uncovers which U.S. companies and industries job seekers are most interested in, top motivators for changing careers, and key factors for job satisfaction. This information helps employers better understand what motivates today’s job seekers and how they can implement new strategies to attract and retain talent for their organizations.
“Our survey supports the need for employers to use more aggressive approaches to stay afloat in this competitive job market,” said Susan Vitale, chief marketing officer at iCIMS. “Job seekers have become more resourceful and they’re aware of unique perks and benefits that some employers are offering to make their company an attractive place to work. According to our survey, not only are employees willing to leave a company, but 77 percent are willing to switch industries and a shocking 56 percent would give up their full-time job to join the gig economy. Being aware of the underlying factors for these changes is essential, as recruiters and HR professionals try to navigate the new landscape of workers.”
Highlights from the report include:
Where employees are headed:
– Sixty-three percent of full-time employees are looking for a new job. This breaks down to 71 percent of millennials, 66 percent of Gen Xers and 44 percent of baby boomers looking to move to another company.
– Sixty-three percent of full-time millennial employees would be interested in leaving their current position to join the gig economy and 56 percent of all full-time employees, including Gen Xers and boomers, would be interested.
– Employees spanning all generations are looking at industries outside of the current one they are working within for new opportunities. The top industries candidates are considering migrating to include technology/software, entertainment, communications, banking/finance and consulting.
Why employees are leaving:
– Ninety-two percent of full-time employees agree that companies offering nontraditional benefits are more likely to recruit top-tier talent.
– Sixty-nine percent of full-time employees are not completely satisfied with the benefits they are currently offered. Some nontraditional employee benefits that employees find attractive include student loan reimbursement, pet insurance, a paid sabbatical, child adoption benefits, and on-site massages.
– Forty-two percent of full-time employees feel they have limited opportunities for growth with their company.
– Employees are looking to join the gig economy for more flexible hours, to make more money, and to be their own boss.
“Employers can leverage our data as a retention tool and enhance their recruiting strategies to ensure they’re meeting their employees’ needs and attracting best-fit candidates,” Vitale added. “Be sure that your recruiters are mentioning your organization’s strong benefits and opportunities for advancement during the hiring process to position your company in the best light for today’s workforce. Showcasing your employment brand via recruitment marketing techniques could save you time and money in the talent hunt.”
The report was compiled in partnership with Wakefield Research, assessing responses from 400 full-time adults in the U.S. ages 18+. To view the full report, please visit iCIMS Hiring Insights.
iCIMS is the talent cloud company that empowers organizations to attract, engage, hire, and advance the right talent that builds a diverse, winning workforce. iCIMS accelerates transformation for a community of more than 4,000 customers, including 40 percent of the Fortune 100.