I would say that the 401(k) match really doesn’t get enough attention these days. So often it is easy to get stuck on the annual salary, but there is so much more to compensation than just the base salary. While an employer matching program is not required for the employer to provide, many employees and employers alike benefit from the program. Before getting into why a 401(k) match is a good idea, it important to understand what exactly a match rate is.
An employer will match up to a certain percentage of an employee’s contributions to their 401(k). For example, an employer may match 100% of the first 5% that an employee contributes. This means if you contribute 10%, they will match 5% and if you contribute 3%, they will only match 3%. In this case, if you only contributed 3%, you would be leaving 2% on the table. Of course, you’ll have to contribute more, but there goes the free money out the window if you don’t! If your employer offers a 401(k), be sure to research their vesting schedule and matching rate. A vesting schedule will determine the percentage of ownership you as an employee have over said matched funds based off years of employment.
Hiring the best candidates requires a welcoming recruiting environment. Is your process daunting, complicated, lengthy, and frustrating? Or have you implemented a smooth, responsive system?
Recruiting top talent depends heavily on your candidate experience – how the job seeker is treated throughout the hiring cycle. How an applicant perceives they are treated can impact their likelihood to accept the offer, stay on-the-job, and what they communicate to others about your organization. Word-of-mouth is a powerful recruitment tool and candidates WILL tell others!
Even if an applicant doesn’t receive an offer this time, it doesn’t mean that they won’t be the perfect fit for an alternative opening or a different position in the future after further training and/or experience.