It’s a job seekers’ market, and employers are stepping up their benefits in a bid to attract and retain workers.
People are walking away from their jobs in droves, with a record number of workers quitting their jobs last year, according to the Labor Department. And with nearly 11 million job openings at the end of December, companies are having a hard time hiring — and keeping — employees.
“This is the most challenging environment I’ve ever encountered, both in terms of recruiting and retaining,” said Doug Brien, co-founder and CEO of real estate platform Mynd.
The tight labor market has forced some employers to sweeten their offerings in terms of benefits, pay and flexibility.
Here’s what some companies are doing to win the battle for workers right now:
Shortening the work week
The shift to remote work during the pandemic has allowed more employees to work for companies located outside their home city. For employers, that has made the competition for talent even more steep.
“We’ve had very large, very wealthy software companies come and offer our staff as much as three-times salary increases in lots of different locations,” said David Richards, CEO and co-founder of software firm WANdisco.
To help recruit and retain employees, the company, which has dual headquarters in California and the United Kingdom, switched to a four-day workweek, and did not reduce employees’ salaries.
“We can’t compete with companies that have trillion-dollar market caps,” said Richards. “Salary is just a small aspect, and we pay very well… we retain staff because we do things like this.”
The 32-hour workweek officially started earlier this month. Employees choose their extra day off, with the majority of staff opting for Fridays to take advantage of a three-day weekend.
So far, the incentive seems to be working. Richards said an employee recently declined a job offer from a competitor after the shorter workweek was introduced.
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A man carries a briefcase as he walks through the Financial District, January 4, 2019 in New York City.
$60,000 to become a real estate investor
Real estate investing platform Mynd is giving its employees a taste of what it offers its customers. In an effort to retain workers, the company introduced a program that will offer its workers $60,000 to help with the purchase their own investment property when they hit their five-year mark with the company.
That means anyone who worked at the company in 2021 will be eligible for the program in 2026.
“We want to make it that people are mentally, psychologically committed to at least four years, they want to learn and get this benefit,” said Brien. “We have a challenge and we are trying to come up with a way that creates a win-win.” The perk is only available during the worker’s fifth year of employment.
Employees will have to submit a proposal for the property, and the funds have to be used for a rental property through the company’s portal, explained Brien.
Paid time off before you start the job
At public relations agency MikeWorldWide (MWW), new employees get paid before they even start.
This year, the company started offering “pre-PTO” that offers new hires a week of paid time off before their first day of work.
“Many of the candidates we were talking to had multiple offers so we had to differentiate ourselves and demonstrate our employee value proposition to prospective talent,” said Gina Cherwin, executive vice president and chief people officer.
The company created a task force that spoke with recruiters, current employees and candidates who had turned down offers at the firm, to come up with innovative ways to solve the hiring challenges.
“Without a doubt, PTO-related new benefits were the most popular,” she said.
And for workers who decide to leave the company, if they give four weeks’ notice, they’ll get an additional week’s pay after their last day.
“Two weeks is not enough time hardly ever to really transition, particularly in a client service business,” said Cherwin.
The more time there is to create a new staffing plan, the easier it can be for the other employees, she said.
“Employees who stay, they feel the pain of people leaving and that taking on the work until we can make a new hire … anything that helps us bring in faster and better talent … is hugely beneficial to our staff.”
Signing bonuses and quick offers
In its search to find workers, North-Carolina based health care provider Atrium Health is offering sign-on bonuses from $3,000 to $10,000 for some of its clinical and patient-facing roles, like certified medical assistants or nurses.
“It’s a tight labor market now, especially in health care, so there is a lot of competition out there,” said Jim Dunn, executive vice president and enterprise chief people and culture officer at Atrium Health.
And for some positions in more rural areas, the bonuses can go as high as $17,500. “That is something we did not do before March 2020,” said Dunn.
The company also gave all its workers a 4% raise last year.
To help attract workers, the company also adopted a “fast hire approach” that aims to get offers to candidates quickly, and in some cases, on the same day they interview.
“For many of our roles that don’t require licensure or certification … you show up, get a same-day offer and begin work the following Monday, if possible,” said Dunn.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
Sean Pavone // Shutterstock
COVID-19 continues to change the work landscape for the world, and for health and safety purposes, many people are choosing to work remotely instead of commuting to an office. As a result, thousands of workers now have the flexibility to work from wherever they want. To take advantage of that, many towns across the U.S. are offering financial incentives for people to move to the area. This deal can be mutually beneficial, as movers are provided lump sums of cash while the city is able to build its workforce and economy.
However, these opportunities are not without their downsides, as some programs have strict eligibility requirements, such as purchasing a house or having to live in the area for at least a year before receiving the money. Still, for many people, these types of programs are enticing, with the perks far outweighing the drawbacks.
Extra Space Storage compiled a list of 10 U.S. cities that offer some kind of incentive to reside and work there. The incentives vary, from grants covering moving expenses to money put toward building or buying a new home in the city to free coworking spaces. This story features information on how to apply for these incentives and what requirements each city has for people interested in utilizing the incentives.
Sean Pavone // Shutterstock
COVID-19 continues to change the work landscape for the world, and for health and safety purposes, many people are choosing to work remotely instead of commuting to an office. As a result, thousands of workers now have the flexibility to work from wherever they want. To take advantage of that, many towns across the U.S. are offering financial incentives for people to move to the area. This deal can be mutually beneficial, as movers are provided lump sums of cash while the city is able to build its workforce and economy.
However, these opportunities are not without their downsides, as some programs have strict eligibility requirements, such as purchasing a house or having to live in the area for at least a year before receiving the money. Still, for many people, these types of programs are enticing, with the perks far outweighing the drawbacks.
Extra Space Storage compiled a list of 10 U.S. cities that offer some kind of incentive to reside and work there. The incentives vary, from grants covering moving expenses to money put toward building or buying a new home in the city to free coworking spaces. This story features information on how to apply for these incentives and what requirements each city has for people interested in utilizing the incentives.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
Edgar Lee Espe // Shutterstock
Located in North Central Minnesota, Bemidji is far away from, well, a lot. But that isn’t stopping Bemidji from becoming a “Zoom town” and doing its best to attract more residents. A town of nearly 15,000 residents, according to the 2020 U.S. Census Bureau, Bemidji offers the Greater Bemidji 218 Relocate Incentive Package to telecommuters who are looking for something new. Among the package includes up to $2,500 to cover moving expenses; a free one-year membership to a local coworking space; and free membership to community and networking programs. To be eligible, however, you’ll need to already be employed full-time as a telecommuter; live at least 60 miles from the town; become a full-time resident of Bemidji; and demonstrate experience as a telecommuter.
Edgar Lee Espe // Shutterstock
Located in North Central Minnesota, Bemidji is far away from, well, a lot. But that isn’t stopping Bemidji from becoming a “Zoom town” and doing its best to attract more residents. A town of nearly 15,000 residents, according to the 2020 U.S. Census Bureau, Bemidji offers the Greater Bemidji 218 Relocate Incentive Package to telecommuters who are looking for something new. Among the package includes up to $2,500 to cover moving expenses; a free one-year membership to a local coworking space; and free membership to community and networking programs. To be eligible, however, you’ll need to already be employed full-time as a telecommuter; live at least 60 miles from the town; become a full-time resident of Bemidji; and demonstrate experience as a telecommuter.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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With more than 10,000 open positions in Northwest Arkansas, which includes the cities of Bentonville, Fayetteville, Springdale, and Lowell, the area is ripe for professionals looking for new jobs. Bentonville, home of Walmart, is one of the fastest-growing areas in the state, and the Northwest Arkansas Council has invested $1 million into incentivizing people to move to the region. The council is also offering $10,000—which can be received via cash or cryptocurrency—to remote workers who choose to move to the area as part of the Finding NWA program. These professionals can also receive a free bike to enjoy the state’s beautiful outdoor recreation areas as well. However, to qualify, you must be 24 or older; be employed full time (even if self-employed); have worked for at least two years; be a resident outside of Arkansas; be willing to move to northwest Arkansas within six months of being accepted into a program; and be eligible to work in the U.S.
RozenskiP // Shutterstock
With more than 10,000 open positions in Northwest Arkansas, which includes the cities of Bentonville, Fayetteville, Springdale, and Lowell, the area is ripe for professionals looking for new jobs. Bentonville, home of Walmart, is one of the fastest-growing areas in the state, and the Northwest Arkansas Council has invested $1 million into incentivizing people to move to the region. The council is also offering $10,000—which can be received via cash or cryptocurrency—to remote workers who choose to move to the area as part of the Finding NWA program. These professionals can also receive a free bike to enjoy the state’s beautiful outdoor recreation areas as well. However, to qualify, you must be 24 or older; be employed full time (even if self-employed); have worked for at least two years; be a resident outside of Arkansas; be willing to move to northwest Arkansas within six months of being accepted into a program; and be eligible to work in the U.S.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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Lincoln is one of the smallest towns on this list with a population of nearly 3,000 residents. The town’s low cost of living and low crime rate may sound like an appealing alternative to life in a big city for many. However, that’s not all Lincoln has in store: The town even offers free land to new residents, with lots ranging from 14,000 to 35,000 square feet. However, there are some limitations outlined by the county: No farm animals are allowed; no grants are available to help owners build on the lots; and no mobile homes are allowed, though you can have a modular or pre-manufactured house transported to the site.
max voran // Shutterstock
Lincoln is one of the smallest towns on this list with a population of nearly 3,000 residents. The town’s low cost of living and low crime rate may sound like an appealing alternative to life in a big city for many. However, that’s not all Lincoln has in store: The town even offers free land to new residents, with lots ranging from 14,000 to 35,000 square feet. However, there are some limitations outlined by the county: No farm animals are allowed; no grants are available to help owners build on the lots; and no mobile homes are allowed, though you can have a modular or pre-manufactured house transported to the site.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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Would you move to West Virginia for $12,000? With a population of more than 30,000, Morgantown is one of the larger cities on this list, and the state is looking to incentivize people to move there. Known as Ascend West Virginia, the $12,000 reward for moving to Morgantown comes in two installments. You’ll receive $10,000 via monthly payments when you first move to the area, then another $2,000 once you reach your second year. In Morgantown, you’ll also have admittance to a free coworking space as well as access to free outdoor activities. To qualify, you’ll need to be a resident outside of West Virginia, be willing to move within six months of being accepted into the Ascend program, and prove you are a full-time remote employee.
Real Window Creative // Shutterstock
Would you move to West Virginia for $12,000? With a population of more than 30,000, Morgantown is one of the larger cities on this list, and the state is looking to incentivize people to move there. Known as Ascend West Virginia, the $12,000 reward for moving to Morgantown comes in two installments. You’ll receive $10,000 via monthly payments when you first move to the area, then another $2,000 once you reach your second year. In Morgantown, you’ll also have admittance to a free coworking space as well as access to free outdoor activities. To qualify, you’ll need to be a resident outside of West Virginia, be willing to move within six months of being accepted into the Ascend program, and prove you are a full-time remote employee.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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If you’re dreaming of owning your own home but don’t have the funds to do so, New Haven, Connecticut, may interest you. Boasting 134,000 residents, the city is willing to provide up to $10,000 to first-time homeowners to be used toward a down payment or closing costs. But the deal doesn't end there: The city is also willing to provide a 0% interest loan that will be forgiven at a 20% rate each year, to be completely absolved after five years. However, if you sell your home within that time frame, you’ll need to either repay the balance to the city or have the new buyer take on the remaining amount.
Paul Brady Photography // Shutterstock
If you’re dreaming of owning your own home but don’t have the funds to do so, New Haven, Connecticut, may interest you. Boasting 134,000 residents, the city is willing to provide up to $10,000 to first-time homeowners to be used toward a down payment or closing costs. But the deal doesn't end there: The city is also willing to provide a 0% interest loan that will be forgiven at a 20% rate each year, to be completely absolved after five years. However, if you sell your home within that time frame, you’ll need to either repay the balance to the city or have the new buyer take on the remaining amount.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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Should you buy a home in Newton, Iowa, you may be eligible for $10,000, courtesy of the “Get to Know Newton” welcome package. You can qualify for this deal if you purchase a home at a value of $190,000 or more. However, if you purchase a home below that value, you may still receive tax abatements. This deal is only available for homes being constructed through 2023 and will be given during closing. To receive the $10,000, you must prove the home’s value via an appraisal or assessment, and the house cannot be a rental.
Michael S. Williamson/The Washington Post via Getty Images
Should you buy a home in Newton, Iowa, you may be eligible for $10,000, courtesy of the “Get to Know Newton” welcome package. You can qualify for this deal if you purchase a home at a value of $190,000 or more. However, if you purchase a home below that value, you may still receive tax abatements. This deal is only available for homes being constructed through 2023 and will be given during closing. To receive the $10,000, you must prove the home’s value via an appraisal or assessment, and the house cannot be a rental.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
Jacob Boomsma // Shutterstock
The Midwest abounds with cities looking to inspire a new local workforce. In order to build a larger labor pool and local economy, the city of North Platte, Nebraska, is offering signing bonuses for up to $5,000 if you take a job there. Located in western Nebraska, North Platte is a city of more than 23,000 residents with a low cost of living. In fact, the median value of homes in North Platte is $118,900, according to the 2020 U.S. Census Bureau. The signing bonus program is available through the city’s WorkNP program.
Jacob Boomsma // Shutterstock
The Midwest abounds with cities looking to inspire a new local workforce. In order to build a larger labor pool and local economy, the city of North Platte, Nebraska, is offering signing bonuses for up to $5,000 if you take a job there. Located in western Nebraska, North Platte is a city of more than 23,000 residents with a low cost of living. In fact, the median value of homes in North Platte is $118,900, according to the 2020 U.S. Census Bureau. The signing bonus program is available through the city’s WorkNP program.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
Jacob Boomsma // Shutterstock
Topeka, Kansas, is offering one of the largest sums on this list to entice people to move there. As part of Choose Topeka, the state capital is attracting professionals to move there to work on-site for $15,000 if you purchase a home and $10,000 if you rent. If you work remotely, you could earn up to $5,000 if you rent and $10,000 if you buy a home. To be eligible, you’ll need to move and then rent or buy a home in Topeka within a year of the offer. To find out whether you can qualify for the incentive, you’ll need to check with your employer.
Jacob Boomsma // Shutterstock
Topeka, Kansas, is offering one of the largest sums on this list to entice people to move there. As part of Choose Topeka, the state capital is attracting professionals to move there to work on-site for $15,000 if you purchase a home and $10,000 if you rent. If you work remotely, you could earn up to $5,000 if you rent and $10,000 if you buy a home. To be eligible, you’ll need to move and then rent or buy a home in Topeka within a year of the offer. To find out whether you can qualify for the incentive, you’ll need to check with your employer.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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If you choose to work remotely and purchase a home in Tulsa, Oklahoma, you may be given $10,000, thanks to Tulsa Remote. Tulsa is one of the few major cities on this list, with a population of nearly 670,000 residents. This program will offer you money to cover moving expenses, provide you with a monthly stipend, and give you the rest after you’ve lived in Tulsa for an entire year. If you purchase a home in Tulsa, you’ll be provided the $10,000 as a lump sum. To receive the money, you’ll need to move to Tulsa within 12 months of being accepted to the program; be a full-time remote employee or be self-employed outside of Oklahoma; be 18 or older; and be a U.S. permanent resident.
Vineyard Perspective // Shutterstock
If you choose to work remotely and purchase a home in Tulsa, Oklahoma, you may be given $10,000, thanks to Tulsa Remote. Tulsa is one of the few major cities on this list, with a population of nearly 670,000 residents. This program will offer you money to cover moving expenses, provide you with a monthly stipend, and give you the rest after you’ve lived in Tulsa for an entire year. If you purchase a home in Tulsa, you’ll be provided the $10,000 as a lump sum. To receive the money, you’ll need to move to Tulsa within 12 months of being accepted to the program; be a full-time remote employee or be self-employed outside of Oklahoma; be 18 or older; and be a U.S. permanent resident.
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A shorter work week, cash to invest: Companies add even more perks to attract workers
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West Lafayette, Indiana, is home to Purdue University, and the school wants you to make the city your new home, too. Through its Work From Purdue program, Purdue offers professionals the opportunity to work remotely and live in the Discovery Park District. By relocating here through the program, movers can earn stipends from $1,000 to $5,000. To qualify, you’ll need to move to West Lafayette within six months of being accepted into the program. However, applicants will also need to live in the city for at least one year and will be responsible for finding their own housing.
This story originally appeared on Extra Space Storage and was produced and distributed in partnership with Stacker Studio.
Aeypix // Shutterstock
West Lafayette, Indiana, is home to Purdue University, and the school wants you to make the city your new home, too. Through its Work From Purdue program, Purdue offers professionals the opportunity to work remotely and live in the Discovery Park District. By relocating here through the program, movers can earn stipends from $1,000 to $5,000. To qualify, you’ll need to move to West Lafayette within six months of being accepted into the program. However, applicants will also need to live in the city for at least one year and will be responsible for finding their own housing.
This story originally appeared on Extra Space Storage and was produced and distributed in partnership with Stacker Studio.
