The U.S. Labor Department reported a record high of 6.6 million job openings in Q1 of 2019 – an all-time high affecting 50% of U.S. employers. If you’re a business decision maker, you can probably relate all too well, especially if you happen to be located in the Midwest, where unemployment rates hover under 4% on average. Let’s face it: In that environment, the employable are already employed.
Which is why recruitment is most often listed among the top two challenges facing businesses today (with cashflow ranking as its twin headache), and that’s especially true for large employers. Even as the competition for labor continues to ramp up, salary and benefits costs are also on the rise, placing many businesses between the proverbial recruitment rock and fiscal hard place.
There are strategies for finding your way around that trap though, and not only are they successful, they’re cost-effective too.
It starts with understanding what employees really want from their employer. And surprisingly, higher salaries aren’t always the No. 1 factor in job choice. In a 2018 study, 60% of employees indicated they would take a job with a lower salary but better benefits. Likewise, 40% of employees said they would quit their current job within a year for another job offering more fringe benefits.*
Those stats are good news for employers on several fronts. There’s the obvious one: Promoting benefits instead of raising salaries is much better for your bottom line, and can be just as effective at recruiting employees. But there’s also this:
80% of employees who believe they have a good variety of benefits identified strongly with their organization’s vision and values (compared to 40% of employees who don’t) in a 2018 survey from Thomsons.**
Not only that, but you’re more likely to retain existing employees if they’re happy with their benefits. In a 2017 survey from WTW, 78% of employees said they would stay at their current job if they’re happy with the benefits offered, up from 72% in 2016.
So what’s the easiest and most budget-friendly benefit your business can bring to your workforce? Onsite food service. The right food service solution comes with little to no out-of-pocket employer costs, but happens to be one of the top perks credited with keeping employees happy. Not only that, solutions like breakroom Markets – featuring fresh food options and a wider variety of products than traditional vending – bring a host of other benefits:
- Improving workforce job satisfaction and reducing stress
- Boosting employee efficiency and productivity
- Enhancing workforce wellness programs
- Fostering a more collaborative work environment
No matter your industry or number of employees, there’s a food service solution that will fit your needs and serve as a great recruitment tool, while simultaneously promoting workforce retention.
Ready to experience what a Market can do for your business? Talk to a Burch team member about your options or schedule a Market demo.