How companies are helping employees with the rising cost of living

What do you get when you mix the highest rate of inflation in 40 years with the lowest levels of unemployment in two years? A hot labor market where companies are cutting on average 3.9% of costs to put towards salary increases in 2023.

It is a strategy that’s all the more important when you consider recent research from The Conference Board, which shows new hires are enjoying a 30% salary increase compared to those who choose to remain. The result? A HR crisis which requires new and innovative strategies to retain key talent among a worsening labor shortage.

Work perks

Smart companies are looking at benefits and compensation as a holistic package and instead of simply throwing money at the problem, they are offering creative perks which impact an employee’s work/life balance, as well as their pocket.

Earlier this year KPMG looked at what was needed to increase staff retention rates, and while examining its benefits package looked at how much healthcare was costing its workers — tackling it directly. The result? A 10% reduction in healthcare premiums with no impact on benefits for all staff. Other companies are also adding to health benefits ensuring all aspects of family growth, such as fertility treatments, adoption and surrogacy, are covered. 

Other non-financial HR strategies include subsidies for travel, fuel and food; as well as the more lifestyle-focused option to offer workers a four-day week with no reduction in salary, the four-week sabbatical afforded to employees by companies such as HubSpot; and yearly travel allowance offered by AirBnB.

Similarly, the increased number of positions becoming fully remote now enables workers to travel while working or relocate to a city with a lower cost of living. In fact, this particular perk has resulted in a new trend called “workcations”, a situation that was previously only available to digital nomads.

Another trend appearing across all industries is the increased investment in education and training opportunities provided for staff. It is an approach that is proving key in terms of attracting and retaining skilled workers who want to push their career forward — especially if those new opportunities come from the same employer.

We’ve found three roles below that offer room for progression as well as great benefits, but there are plenty more opportunities available on the VentureBeat Job Board.

The Role: The Senior QA Automation Engineer role is completely remote and is a genuine opportunity to work as part of a continuous improvement-focused team focusing on products which will be deployed every few weeks to end users.

The Responsibilities: As a member of the research and development team, you will collaborate with cross-functional product squads developing manual and automated test cases and executing test scenarios.

The Requirements: You’ll have over five years’ experience working with automated testing of front-end and back-end services for web-based solutions.

Apply for the Senior QA Automation Engineer role or browse other remote roles at Personify.

Enterprise Technology — Implementation Specialist, Bloomberg

The Role: The Implementation Specialist will manage projects from inception to completion and provide production support for existing clients.

The Responsibilities: You will be responsible for building and certifying new connections and trading workflows, configuring applications for these services, completing post-production testing and managing go-live.

The Requirements: You will have previous experience working with fixed income, FX and/or equities trading workflows as well as MiFID and SFTR regulations concerning trade and transaction reporting.

Apply for the Enterprise Technology — Implementation Specialist role or explore other vacancies at Bloomberg.

Recruiting Team Lead — Sales Recruitment, HubSpot

The Role: A fully remote role, the Recruiting Team Lead will develop innovative, scalable solutions to drive HubSpot’s hiring demand across all funnels to ensure organizational objectives are met.

The Responsibilities: You will be responsible for developing and executing best-in-class strategies to identify, attract and engage the best talent across key markets while collaborating directly with senior leadership on recruiting strategy.

The Requirements: You will have previous experience in a corporate recruiting role with an extensive focus on stakeholder management and partnership in addition to demonstrable experience leading projects and initiatives.

Apply for the Recruiting Team Lead role or explore other remote opportunities at HubSpot.

Kickstart a career move by browsing thousands of other opportunities on the VentureBeat Job Board