When you’re recruiting top talent, indirect compensation isn’t a nice-to-have. It’s essential. Not only can it give you an advantage over your competitors, but it's also a great way to show your appreciation for your your employees. Here’s how to use indirect compensation to recruit and retain the best possible talent.

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What is indirect compensation?

Indirect compensation is anything beyond an employee’s base salary or wage. Some of the most common forms are health insurance, retirement plans, and PTO. Most of these benefits are provided through a third party.

Types of indirect compensation

Offering indirect compensation beyond the typical, and often expected types like healthcare benefits, can give your company a competitive edge. Compensation in the form of flexible work schedules and hybrid/remote working environments is becoming increasingly valuable. As many companies return their workforces to the office, offering this form of indirect compensation can help your company stand out.
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Some other types of indirect compensation include:

• Childcare stipends
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• Wellness stipends
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• Gym memberships
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•  Company cars
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• Cell phone plan reimbursement

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Recruiting top candidates

The best candidates have many options when choosing their next role. Most of the candidates I place weren’t searching for a new role before my outreach. When I pitch opportunities to them, salary matters, but it’s just one piece of capturing their interest. Company culture, reputation, and indirect compensation play huge parts in getting candidates excited about a position.

Retaining employees

Great indirect compensation can ensure your employees feel appreciated and cared for, both at work and in their lives in general. In turn, they will be more likely to stay with your company, even if they receive other offers.

How Recruiters Can Help

The more comprehensive and unique your indirect compensation package is, the more you stand out from other companies in your industry. Recruiters like our team at Journey Search Partners can help advise you on putting together an effective compensation package while working to fill roles at your company. Let’s talk about how we can elevate your hiring search together.