The labor market is slowly deteriorating as higher interest rates take their predictive toll on the market, and employers that are still hiring are finding increased competition for talent. So, what are employers doing at a tactical level to win this "battle for talent"?

One noteworthy trend has taken shape with employee benefits becoming a more prominent selling point in job advertisements. Recent analysis by Indeed.com reveals an impressive rise in mentions of perks, soaring by over 50%, on the employment platform. Back in early 2020, less than 40% of job announcements touted at least one employee benefit, but that figure has now shot up to 59%.

This upward trajectory points to a promising development for businesses eager to attract top-notch talent. The post-pandemic labor market's tightness seems to have nudged many companies to proudly spotlight their benefits in an effort to distinguish themselves from competitors. Allison Shrivastava, a knowledgeable economist at Indeed, observed that employers are scrambling to enhance their appeal by showcasing attractive compensation packages, a move driven by fierce competition to secure top talent.

Industries not traditionally associated with generous perks have caught onto this wave as well, demonstrating the most significant leaps in advertising these offerings. Sectors like low-wage industries and those with minimal remote working opportunities now lead the charge, despite collectively offering fewer perks than others. Meanwhile, fields such as veterinary services, dental practices, beauty and wellness, childcare, and home health are at the forefront of this benefits surge, vividly highlighting its importance in those realms.

Shrivastava posits that all sectors stand to gain from emphasizing benefits in job postings, with certain industries potentially reaping greater rewards than others.

Ultimately, the message is clear: advertising benefits is becoming an indispensable strategy for employers looking to differentiate themselves, especially in environments where traditional benefits aren't the norm. Those forward-thinking companies highlighting unique offerings are likely to gain the upper hand in attracting and retaining talent in today’s competitive job market.