As the year comes to a close, compensation professionals are sounding the alarm on the evolving expectations of workers in today’s job market. Gone are the days of a simple salary, benefits, and a 9-to-5 schedule. In its place, employers are being forced to get creative in order to attract and retain top talent.
For Ron Seifert, workforce reward and benefits leader at Korn Ferry, it’s all about differentiating oneself from the competition. “You have to pay competitively, but that’s table stakes,” he says. “Business leaders need to understand how to differentiate yourself from a benefits perspective, along with other factors like bonuses and stock incentives.”
A recent survey from FlexJobs found that 63% of U.S. employees consider a remote schedule to be the most important part of a job, even surpassing salary as a top consideration. “People are willing to take less salary if they’re allowed to be remote or have a very heavy hybrid, mostly at-home type schedule,” said Brandi Britton, executive director of Robert Half.
So, what does this mean for employers? It’s time to get creative with benefits, source said. Caregiving assistance, mental health benefits, and tuition assistance programs are all in high demand. And while they may not be part of the traditional compensation package, remote and hybrid work policies are now a must-have for many employees.
As Emma Burleigh writes, “Fortune spoke with five compensation professionals to get to the bottom of what employees really value—and demand—from their pay packages in 2024.” The results are clear: the new rules of compensation are about more than just a paycheck. They’re about flexibility, work-life balance, and a sense of security.
As the job market continues to evolve, one thing is certain – employers will need to adapt to meet the changing needs of their employees. It’s a new era of compensation, and those who can’t keep up risk losing out on the best talent.
