Calibre of job applicants boosted by highlighting ‘financial security’ job benefits
05 Apr 2017 - Estimated reading time: 2 minutes
Employers have a 12% higher chance of attracting the most talented candidates if they advertise the role’s ‘financial security’ benefits, such as employer pension contributions, according to our new research. There was also an 8% increase in quality applications if part of the financial remuneration was moved from salary to company pension contributions, according to the findings.
The behavioural science analysis, The Science of Attraction, was undertaken by the leading workplace savings and benefits consultancy in conjunction with the London School of Economics and Political Science (LSE). It looked at the challenge of attracting quality talent when recruiting, specifically when creating and wording job adverts.
When describing the benefits offered with a role, focusing on benefits that provide financial security made a role more attractive to applicants, leading to a 12% increase in the number of candidates with the right skills and attributes applying for the job when compared to describing the benefits package in terms of either providing career opportunity or promotion.
Small adjustments to how benefits are structured could also improve the calibre of applications, according to the research. An advert which featured a higher employer pension contribution received around 8% more applicants than those with lower contribution rates, even if this meant offering a lower salary, meaning no extra cost to the employer.
Explaining the research, Gill Tait, People Director said:
“Whether your recruitment process is managed in-house or externally it remains a sizable cost and effort for any organisation. This report shows that HR professionals will need to call upon more than just received wisdom and educated guesswork if they are to be confident in the effectiveness of their talent acquisition strategies.
“Our research findings have been remarkably clear. Recruitment professionals should be aware that a simple change in the wording or structure of a job advert, at no cost to the employer, can have a meaningful impact on, not only the quantity but also the quality of applications. All too often the structure and wording of an advert is left to the last minute, meaning it has become a rushed or overlooked process, despite broad consensus that an organisation’s biggest asset will always be a strong workforce.
“Understanding how people actually ‘tick’, through using behavioural science, gives us the ability to capitalise on the quirks of human decision-making to help the right people make positive decisions.”
These findings represent one part of Hymans Robertson’s broader HIRE-ME framework. A step-by-step guide of easy to implement changes to help a job advert attract the most valuable candidates.