Top 3 benefits that beauty professionals desire
Beauty Industry Recruiter
The beauty industry continues to become a highly competitive landscape as new brands emerge, mature brands evolve, and private equity and venture capitalist firms invest in and acquire companies. This creates new job opportunities for beauty professionals and different variables included in overall compensation plans that beauty companies have to offer. Large structured corporations offer lucrative and comprehensive benefits packages including high salaries and competitive bonus structures while indie brands rise and compete with unique perks including unlimited PTO or flexibility to work from home. The question is: are these compensation plans aligned with candidate’s expectations?
At Premier, we specialize in placing talented professionals in the beauty industry. We have collected data from beauty professionals ranging from mid- to C-level candidates that are passively exploring opportunities, as they are happily employed in their current roles but are open to conversations to discuss opportunities that would offer career growth. We have surveyed candidates nationwide to compile data on the most desired benefits to attract candidates with an overall benefits package. Here are the top benefits that beauty industry professionals value as top factors when considering a job opportunity:
Health – 70% of those surveyed had mentioned employer-provided healthcare coverage as one of their top three required benefits. 48% of respondents ranked healthcare as their #1 required benefit. Employers are expected to offer some form of healthcare coverage including medical, dental, and vision however candidates are dissatisfied with companies that offer limited health benefits offerings and are seeking 80-100% coverage for themselves as well as healthcare support for their dependents.
401k – 55% of respondents listed a 401k retirement plan in their top three attractive benefits and 23% listed a 401k plan as their #1 sought after benefit. It is important to note that candidates surveyed ranged in ages that cross multiple generations and Millennials (25-39) heavily emphasized their desire to build toward retirement. Millennials have been taught since grade school that Social Security will not be there for them when they retire and they are preparing early in anticipation of self-funding their retirement. Companies that offer a 401k match are seen as highly attractive or as a “must have” to GenX (40-54).
62% of respondents seek “balance”. In the age of technology, employees find it challenging to unplug. Gone are the days of 9-to-5 “clock-in, clock-out” schedules as employees often check emails at 10:00 pm, respond to work messages while on vacation, and frequently work more than the minimum required 40+ hours/week in the office. Participants spoke of their deep commitment to their jobs and their desire to be able to “unplug” with PTO or have flexibility as they give so much of themselves at work and seek the opportunity to start work a little later after a big project is completed or flexibility to work remotely as needed if they aren’t feeling well. While balance was defined differently, we have outlined a few specific areas that passive employees find highly attractive in a company’s culture that promotes wellness:
- Those surveyed seek 15-20+ days PTO and also mentioned smaller startup brands who offer unlimited PTO provide flexibility to take time off as needed
- Candidates desire the flexibility to work from home 1+ day/week or 2+ days/month to be able to “mix things up” as it relieves the pressure of the commute for a day and offers the opportunity to surround themselves in comfort supporting their mental health
- Candidates seek flexibility for start times. Reasons included personal life: kids, traffic, time to book health appointments, etc.
- “Life happens” culture. Candidates seek flexibility in companies that understand that “life happens” and you can’t always predict when a child might need to be picked up early from school or when a health matter arises and they might need to leave early. Employees mentioned they are accustomed to the uncomfortable pressures of being silently judged for being away from their desk even when they make up for the time lost. Candidates value leadership that sincerely means it when they say an employee can leave because they trust the work will get done.
Unique perks – It turns out that the in-office ping pong tables and gaming systems look great in articles promoting a fun office space but aren’t retaining talent. Unique perks candidates find attractive include:
- Monetary incentives: equity options, annual bonus incentives, tuition reimbursement to support continued education (degree, certification programs, or attend seminars)
- Life-balance perks: gym membership, maternity/paternity leave programs, dog-friendly workspace
- “Easier commute” perks: paid parking, reimbursement for public transit
- Team-building perks: team lunches, holiday gatherings, volunteer days to give back to the community
Offering comprehensive benefits including increased vacation time, retirement benefits, healthcare benefits for the employee and their family, and a company culture that allows employees to leave early for an appointment or family matter without a sense of guilt or judgment will increase a company’s ability to attract and retain talent.
At Premier, we specialize in partnering with beauty companies and professionals to identify opportunities for both parties to elevate growth and impact. If you’re looking to explore a new opportunity to expand your career, don’t hesitate to connect with us for a confidential exploratory conversation.
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