ForceBrands’ recently released its 2019 Talent Market Report, which surveyed more than 500 full-time decision makers and leaders across CPG. Some key findings reveal that competitive benefit and compensation packages are key for attracting and retaining talent. The report also highlights how the multigenerational workplace demands that employers continually rethink and restructure their compensation and benefits packages to keep up with the needs of the changing workplace.
Making benefits packages more customizable is one strategy for appealing more widely to employees across generations. Currently, more than half of the survey’s respondents (56 percent) offer customizable benefits packages. The packages allow individuals to make sure that the things that matter most, like paid leave, insurance coverage, and work-from-where-you-want flexibility, are covered over lower-valued things like gym memberships and summer hours.
However, there’s one sector of CPG that offers the most customizable benefits packages: the wine and spirits industry.
“Increasingly customizable benefits packages in the wine and spirits industry are a result of several factors: mainly the influx of a younger workforce and the fact that many of these roles are very far from typical 9-to-5 jobs,” ForceBrands’ Senior Client Strategist in Spirits, Wine, and Beer, Gary Schneidkraut, said. “In the wine and spirits industry, it’s incredibly important to have your ‘feet on the street’ and to be in front of your customers. Employees sometimes need to work remotely if they want to hit their goals — many of which entail client meetings that can involve extensive travel. And as more mature leaders retire, younger employees are entering the workforce with expectations of flexibility, rewards, and mentorship.”
As the dynamics of the working world continue to change, and as younger generations set the tone for what incentives of the future will look like, employers should consider offering customizable benefits like the wine and spirits industry. In a talent-driven market, attracting and keeping the best candidates will have to be a company’s primary focus if they want to see continual growth.
For more CPG hiring insights, download the report here.