Published on Dec 5, 2020
There are numerous factors that go into attracting top salespeople. Compensation, advancement opportunities, and company culture are often some of the first things that come to mind.
But benefits have become a major factor as well. “In today’s hiring market, companies have to fork out more and more to create benefits packages that both attract and retain talent,” writes Kerry Jones, marketing director at Fractl, a growth marketing firm.
The question is, which specific benefits should you offer?
Fractl performed a comprehensive survey that asked 2,000 people which benefits out of a list of 17 were most important to them. Here are the most valued benefits according to the data.
What we want to focus on here is the top 10 benefits so you’ll know which ones to prioritize. They are as follows.
Unsurprisingly, this is the number one benefit — something that’s primarily due to the rising cost of healthcare. Just look at how the total national health expenditures have increased between 1988 and 2018.
It’s becoming a bigger and bigger challenge for Americans to keep up with rising healthcare costs, so offering fully paid healthcare to salespeople can be a game changer for attracting top tier talent. This is no doubt one of the most expensive benefits, averaging $11,394 for a base salary of $60,000…
…but it can be well worth it when you consider the competitive edge it can give you. For a rundown on offering health insurance to employees, check out this guide from Gusto.
This came in just behind health, dental, and vision insurance at number two on the list.
“Steering away from a traditional 9-to-5 workplace structure that dictates the whereabouts of an employee, moving toward a modern workplace model that improves satisfaction and productivity, is ideal in today’s job climate,” says Joshua Stowers of Business News Daily.
Giving salespeople more say over their schedule and allowing them to balance their professional and personal lives can be instrumental in attracting the best and the brightest talent.
Not far behind health insurance and more flexible hours is more vacation time. Here’s how much paid vacation the average salesperson receives according to the Bureau of Labor Statistics.
If you can go beyond that, your company instantly becomes more attractive to elite salespeople.
Being able to work remotely at least part of the time has been an attractive benefit for a while. But with COVID turning the world on its head, it’s pretty much a must for businesses nowadays.
There’s never been a more important time to invest in technology that allows your salespeople to work-from-home than the present. To learn how to help your team make the shift to remote processes for talent acquisition, check out this previous post we wrote.
At first glance, this benefit may sound a little crazy, but it’s really catching on as of late. “Although the perk is far from widespread,” says Kerry Jones, “unlimited paid time off has been adopted by a growing number of organizations” with some of the most notable being Netflix and LinkedIn.
When done right, it can offer multiple advantages, including a healthier work-life balance, more time for salespeople to recharge, and a deeper sense of trust between you and your team.
In 2020, the average student loan debt was $30,062, which is more than a $6,250 increase from what it was in 2010.
So it’s no wonder that student loan assistance clocks in at number six of the top 10 benefits. This is a perk that more and more companies are offering, including Chegg, Estee Lauder, and First Republic.
And for younger salespeople who are still finishing their education, tuition assistance can be an extremely enticing benefit — especially for those attending private institutions, which have an average tuition cost of over $35,000 per year.
“The United States is one of only two countries in the world that doesn’t provide paid maternity leave to its workers,” notes Kerry Jones. “However, this benefit is important to employees.”
In fact, 26% of salespeople reported that they’ve switched jobs specifically for family benefits. Offering paid parental leave can put your company at the top of the list for ultra talented salespeople that are family focused.
Lower on this list but still important is a free gym membership. We’re living in a day and age where people are becoming more conscious of their personal health. So, being able to stay in shape by going to the gym — something that costs nearly $700 a year — can definitely be enticing.
While interest has obviously waned post-COVID, it’s likely to pick up again in the near future.
Finally, there’s free day care. In 2019, about 40% of US households had children under the age of 18, which makes this attractive to a good chunk of salespeople. And with all of the complications that have arisen with child care due to COVID, this can be a major selling point for those with young children.
The success and longevity of your company relies heavily upon the quality of your salespeople. And one of the most effective ways to attract the best and the brightest is by offering the right benefits.
The list above zeroes in on the 10 most popular according to reliable data so you’ll know exactly which benefits to prioritize moving forward.
Learn how HireDNA can help you take your recruiting and hiring to the next level. See how it allows you to source top talent and use intelligent matching and science-based assessments to find elite salespeople in your industry.
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