In this tight labor market, a high salary is not enough as 69% of candidates will reconsider an offer if current employees do not seem happy in their roles, finds a survey by HR tech platform Hibob. The report also indicates what is effective in driving candidates to accept job offers, what is making them think twice about accepting an offer, and how candidates are researching potential employers.
“Poor culture and employee dissatisfaction are driving away more than two-thirds of candidates. In order to thrive in today's quitting economy, companies must create workplace experiences designed to retain today’s workforce by promoting a clear work/life balance,” said Ronni Zehavi, CEO of Hibob.
With more than 50% of today’s workers dissatisfied with their current jobs, companies must cater their offerings to the needs of modern workers in addition to offering a competitive salary. Clear opportunities for growth and a strong corporate culture are top priorities for job seekers: 56% of employees rank opportunities for growth as more important than salary, underscored by the fact that only 25% of employees left their previous role because they felt underpaid. Also, 77% of employees feel corporate culture is extremely important.
In the new world of work, as the concept of a work/life harmony becomes more fluid, job seekers are keeping their ideal work/life balance in mind. The amount of vacation time offered (45%) and potential commute distance (35%) are key factors that are taken into consideration.
Even if a company is offering clear growth opportunities, a competitive salary, and the other benefits job seekers crave, there are several factors that can still influence a job seeker to say no to an offer. The survey showed 69% of candidates will reconsider if a company has high turnover or if current employees seem burnt out as it shows a lack of employee satisfaction and a weak culture.
The majority of job seekers base their perceptions of a company on information provided by the organization. Around one-in-three candidates look at a business’s website (32%) or contact current employees (29%) to understand the office experience, and one-in-five (19%) look through social media pages. With only one-fifth of candidates using information from sites like Glassdoor to inform their search, the responsibility of managing expectations falls into the hands of the organizations themselves. The workforce will be dominated by Millennial and Gen Z workers by 2020, and as digital natives, these generations demand transparency, constant communication and instant gratification. If an organization is dishonest in its marketing tactics, it will lose candidates’ trust from the start and hurt current recruitment efforts.
With high competition for talent and a workforce that is constantly evolving, companies must take into account what will attract and deter candidates, and how job seekers are doing their research to win over top talent.