Using PTO as Your Competitive Advantage

In today's hiring market, a generous benefits package is essential for attracting and retaining top talent.

A recent survey found that 80% of job seekers would choose a job with greater benefits than a job with a higher pay scale.

I've heard of many organizations that are pretty much known for their over-the-top perks... Three daily meals by a professional chef, bi-weekly massages, yoga classes, scholarship programs for children of employees, vacation reimbursements, and WAY more.

But I'm not here to tell you that you need to start feeding your employees filet mignon for lunch... Because not many companies have seemingly endless pockets to dig in like Google.

However, there are efficient and effective ways to attract and retain employees without breaking the bank.

Did you know that 37% of job seekers are more motivated by PTO and 32% are more motivated by sick leave than by a pay raise?

In this week's article, I'll share with you a few creative, cost-effective ways to use PTO as your secret weapon in the war for talent.

If you implement the same PTO benefits as everyone else... you're not different.

So remember my few suggestions that can make a powerful impact on your hiring process --

1. Sign-on bonus - When a candidate quits their old job to sign on with yours... they lose all of their accrued PTO and they go for a period of time without any PTO. Gifting them PTO days right at the point of hire, bridges the gap, and is something that doesn't affect your current employees.
2. Change or shorten the time period before you start accruing PTO - Doing this will increase the perceived value of your job... but only has to be offered to new hires and not any current employees.
3. Use PTO as a reward for doing a good job - Occasionally give PTO to those that refer the most job seekers to your company or those that hit a certain number throughout the month.
4. Target the PTO - Give PTO for a very specific use case... like an employee's birthday, or their significant other's birthday. Not only does this make for happy employees but it also is a special day to them and is shareable on social media! Therefore, it can generate more interest in your company and more potential referrals.

As you go through and think about how you can increase the perceived value of your job in comparison to your competitors... remember PTO is the easiest, most cost-effective, and greatest perk overlooked. Implementing PTO that is different than the rest allows you to stand out against your competitors.

If you're curious to discover more ways you can easily attract and retain job seekers by creating better job opportunities than the positions they're in today... Download my Job Comparison Worksheet and find ways you can STAND OUT above the rest.