Despite a number of news headlines announcing job losses over the past number of months, Ireland’s jobs market remains strong.
In fact, competition for talent is expected to remain high for the rest of 2023, particularly in sectors where candidates are in short supply. However, over the past number of months, Matrix Recruitment has noted a decline in the number of candidates actively seeking out new positions.
The higher cost of living and slew of news headlines announcing job cuts have caused candidate confidence to wobble in recent months. While many of the job losses announced are only related to the tech industry, employees in all sectors are bedding down in their current positions as a means of seeking shelter from the supposed storm of job losses.
If employers want to secure the best talent available, they’re going to have to offer attractive benefits in order to make it happen. Financial security is no longer enough of an incentive on its own, candidates want additional incentives that will give them a better work/life balance as well as stability.
So what perks are employers using to attract top talent? Here are five benefits employees can expect to see on job offers this year.
1. Four-day work week:
A shorter working week could benefit everyone in your organisation from new joiners to employees who have worked with you for years – that’s according to reports following positive results of a four-day work week trial at 12 different companies across Ireland. The study reported that a shorter working week can boost productivity and found that employees were more satisfied in their role. According to Matrix, this is one new work trend that is expected to pick up pace this year.
2. Work From Home:
Working from home became the norm during 2020 and workers now expect this as a standard and viable option. With the rising cost of living, now more than ever it is important for companies to accommodate this even in a hybrid capacity. Working fully or partly remote not only allows for employees to save money on their commute but it also means they have more valuable time to themselves. Aside from this, businesses can benefit too. Employees with a better quality of life are more likely to stay with the company and with less of a need for office space, companies can reduce overhead expenses by switching to a smaller office.
3. Early finish on Fridays:
For some companies a four-day work week may not be feasible, but you can turn Fridays into Fri-yays for your staff with an early finish at the end of the week. Work/life balance has never been so important to employees and potential candidates now expect their employers to allow for this type of perk.
4. Health insurance:
Employees are giving health benefits more consideration than ever, particularly considering the health difficulties and anxieties that many families experienced over the past three years. Insurance premiums can be expensive, so many potential applicants may also expect supports like this to be included in addition to their salary.
5. Education & career growth opportunities:
Many employees are motivated by companies giving them opportunities to grow in their roles professionally. Not only do they value this for their own development, but it also shows that their organisation values them. Through providing educational support, companies also make themselves more appealing to new recruits. With a clear career path in place, employers can give new joiners a clear trajectory and an incentive to stay.
Benefits that enhance overall workplace satisfaction and happiness are valued by employees. It is no longer sufficient for organisations to simply offer a competitive salary. It is essential for employers in Ireland to boost and foster company morale in order to attract top talent into their organisation.