What Are the Top 5 Ways to Attract Talent? Read Jobstreet’s 2023 Survey Results!
It’s the job of recruiters to find the best talent to fill positions. But in today’s competitive job market, how can hirers ensure they’re attracting the top candidates? What are the deal breakers for applicants that should be avoided? What are jobseekers’ priorities in choosing offers? And how can employers create a better benefits package for jobseekers?
Find out in The Future of Recruitment report, part of the Global Talent Survey series conducted by JobStreet in partnership with the Boston Consulting Group and The Network. With over 90,000 participants of various age groups, work experience and industries from 160 countries, the survey covered the world's major talent markets but focused on Southeast Asia, Australia, and New Zealand.
How to Attract Talent in 2023
According to the report, the job market in the Philippines is more active than the global average, with 87% of respondents in the Philippines saying they are approached many times a year with job offers, compared to 75% globally.
Filipino jobseekers are also more confident about their negotiation power – 78% compared to 68% globally.
Moreover, the increased digitalization of jobs means that more Filipinos may opt for a remote job with an overseas employer, making it harder for local recruiters to get their pick of the best talent.
The main takeaway is that the local talent market is hot right now, and for a recruiter to attract the best talent, they need to know the following: what jobseekers consider the deal breakers, jobseekers’ motivations and priorities, and how to put together an attractive compensation package.
Jobseeker Deal Breaker Examples
There are certain elements that are deal breakers for applicants. If one or more of these elements are lacking or inadequate, this may lead to candidates declining a job offer.
JobStreet’s survey showed the top five deal breakers as being the following:
1. Inadequate financial compensation (salary, bonuses) Some 35% of Filipinos considered good financial compensation as their top reason for accepting a job offer.
2. Poor work-life balance Around 28% of the survey respondents said they value work-life balance. As workers increasingly realize that stress and pressure take a toll on their mental and physical health, they seek to join companies that value their wellbeing.
3. Meager or non-existent retirement and insurance benefits The third-ranked deal breaker for Filipino jobseekers (27%) is related to retirement and insurance benefits. These are important to workers because they provide a source of financial stability after they retire. The security of knowing they have a fixed income at the end of their working life will make any offer more attractive.
4. Weak job security A company that cannot ensure job stability and security for its workers will have a hard time attracting the best talent, with 25% of survey respondents saying this is important to them. Any assurance to jobseekers they are in no danger of being retrenched or laid off will make any job offer more attractive.
5. Unavailability of flexible work location and/or work schedule options One of the lessons of the pandemic is that people can get their work done anywhere as long as they have a laptop and secure internet connection. The survey shows that 25% of respondents said the lack of options for remote work or flexible hours was a deal breaker. And with digitalization making remote work possible, local recruiters will have a hard time attracting talents if they don’t offer these options.
Other deal breakers that respondents mentioned were related to the lack or inadequacy of paid time off/holidays, family support solutions, additional benefits such as free meals and sports, appreciation at work, and learning and career development possibilities.
Also read: 5 Best Practices to Working from Home
Jobseeker Priorities in Choosing Offers
To attract the best talent in a heated job market, hirers need to make their offers very attractive. To do this, it is helpful to know what motivates today’s jobseekers to stay for the long-term.
JobStreet’s Future of Recruitment survey shows that the majority of Filipino employees – 73% - want to have a stable job with good work-life balance. This is higher than the figure for the entire SEA region which is 71%.
Moreover, half of the survey respondents also said they want to join a good company that gives them opportunities to progress to a leadership position.
A recruiter who takes into account these top two motivators will be on their way to creating an attractive job offer.
Top Five Ways to Attract Talent
Now that we know the top five deal breakers for applicants and the top two long-term career path motivators, let’s look at five best ways to attract talent.
1. Create a great compensation and benefits (including retirement) package. For most Filipinos, a generous salary and benefits package is the number one factor that will attract them to join a company. Consider offering competitive pay, potential bonuses, flexible working hours, health insurance, paid leave, retirement pay, and other benefits that can make a significant impact on an individual’s life.
A long-term reason for offering a good package is that it helps retain employees and make them more productive and motivated at work.
2. Provide work-life balance. Assuring employees that they’ll have ample time for rest and time with family will go a long way toward attracting the best talent out there. Consider crafting company policies to keep tasks within working hours and limit or ban work-related calls and emails during off-hours.
Also read: 5 ways to care for employee mental health
3. Guarantee job security as much as possible. In todays’ uncertain business environment, it will be difficult to assure employees that they won’t be laid off or let go. But if the employer can guarantee job security at least up to a point and make candidates aware of this, this can contribute greatly toward making a job offer more attractive.
4. Offer hybrid and fully remote work options. JobStreet’s Future of Recruitment survey shows that the preferred work location of 46% or nearly half of Filipino respondents is a hybrid model (a few days working from home, a few days in the office). Some 28% prefer a fully remote model, versus 11% globally. If current local conditions such as heavy traffic, high inflation, and cost and difficulty of finding transportation are factored in, it makes sense why Filipinos responded this way.
5. Give amenities and benefits. Unlike employees in SEA and the rest of the world, Filipinos care a lot about benefits such as retirement contributions, paid time off and holidays, family support solutions, and benefits such as free meals, sports and team-building activities, and the like. Give some thought about the little perks that can lift spirits and motivate great talent to join the company – and stay.
Are you ready to find your next star performer? Head to Talent Search. Then visit our Employer Insights page to get the latest on talent recruitment and retention. Register now on JobStreet, Asia’s No. 1 Trusted Talent Partner, and begin your journey with us.
For the latest trends on salaries and compensation, download the 2022-2023 Outlook | Hiring, Compensation & Benefits study by JobStreet for free here.
For more insights on what Filipino employees look for in their work, download the Decoding Global Talent reports, created by JobStreet along with the Boston Consulting Group and The Network. It’s your ultimate guide to work trends in the “new normal” plus actionable insights for employers.