Job seekers look at a wide variety of factors when determining whether to apply for jobs and ultimately accept a job offer. Even if your company is unable to offer the highest wages, your values, policies and practices can help you attract top talent. Here are eight suggestions to help attract top talent.

#1: Flexible work arrangements.

Many job seekers value flexibility and work-life balance. Employees who have some work flexibility also tend to be more satisfied with their jobs, are more likely to be productive, and have higher attendance rates than those lacking a work-life balance. Flexible work arrangements may include telecommuting (work from home), compressed workweeks (such as four 10-hour work days per week), and flextime (early arrival or departure).

During the summer months, some companies allow employees to work an abbreviated day on Fridays or give employees the day off entirely, often referred to as "Summer Fridays." Employees may still be expected to work 40 hours, but they do so Monday through Thursday so they can take a half or full day off on Fridays. This is a type of compressed workweek and has grown in popularity as employers try to offer flexible schedules.

Keep in mind that some states (and certain industries), including Alaska, California, Colorado, and Nevada, require overtime pay when non-exempt employees work more than a certain number of hours in a workday. However, some states may allow employers to adopt alternative schedules (eliminating the daily overtime requirement) if certain conditions are met. Check your specific law to ensure compliance.

#2: Inclusive workplace.

Many job seekers are looking for a diverse and inclusive work environment that is comprised of employees of different backgrounds and where all employees are valued for their contributions. Review your policies and practices to assess diversity and inclusion at your company. Ensure that employees are paid fairly when compared with other employees in your company and verify that your pay practices don't discriminate on the basis of any protected characteristic, such as sex or race.

#3: Health benefits.

Health benefits can be a significant expense for employers, but there are cost-effective options. For example, consumer-driven health plans (CDHPs), which are typically high-deductible health plans tied to a health savings account, generally have less expensive premiums than traditional health plans. If a group health plan isn't an option for your company, small employers who meet certain requirements now have the ability to offer stand-alone health reimbursement arrangements (HRAs) to employees that have purchased a health plan in the individual market, as long as certain conditions are met. Employees can use funds from these accounts to pay for medical expenses and health insurance premiums, provided certain conditions are met.

#4: Vacation.

Offering paid vacations and adopting a company culture that encourages employees to use their time off can attract job seekers. Since vacations aren't a required benefit, employers have a lot of flexibility in what they offer.

A small but growing number of employers offer unlimited vacation time, trusting that employees will use their professional judgment when deciding when and how much time off to take. Unlimited vacation policies can decrease the administrative burden of tracking vacation accruals and increase employee flexibility and autonomy. If you are considering an unlimited vacation policy, keep these guidelines in mind:

• Require approval. Even though employees can take time off when needed, establish a process for employees to request time off in advance and ensure you have proper coverage while the employee is out.
• Performance issues. Remind employees that they are still expected to meet deadlines and performance expectations. If an employee is not meeting required targets, address the issue by focusing on their performance instead of reprimanding the employee for how many vacation days they have taken.
• State considerations. If you are transitioning from an accrual structure to an unlimited vacation program, the transition may be more complicated in states that require payout for unused time. These states may require the employer to pay out any accrued, unused vacation prior to switching to an unlimited policy. Check your state law to ensure compliance.

#5: Paid sick leave.

According to the Bureau of Labor Statistics, the average cost to small employers for offering paid sick leave in 2017 was 18 cents per hour worked (or 0.7 percent of total compensation). The benefits of a paid sick leave program, such as reduced absenteeism and improved employee retention, may outweigh the costs. Note: Several states and local jurisdictions require employers to provide paid sick leave.

#6: Professional development.

Providing employees with development opportunities is a low-cost benefit and can be an effective recruitment and retention tool. Consider offering mentoring, job shadowing, and professional development classes to show that your company is serious about investing in employees' futures. In addition, assigning new responsibilities to help stretch an employee's skills or capabilities can help develop talent and increase engagement. Make sure you are meeting with each employee and discussing their short-term and long-term career goals. Create a development plan accordingly and follow-up regularly to check on progress.

#7: Recognition.

Recognition is a simple way for employers to motivate and retain employees by showing appreciation for a job well done. For example, you can recognize employees through an "Employee of the Month" program, an announcement in company communications, or a note from a supervisor or head of the company.

#8: Social responsibility.

Many applicants and employees look to see how companies are engaging in social responsibility. With an increased emphasis on corporate social responsibility, many employers are adopting policies and practices that help improve their community and/or reduce their company's impact on the environment. If you haven't already, consider implementing group volunteer projects or offering paid leave for employees to perform volunteer work.

Conclusion:

Develop policies, practices, and benefits that make sense for your business, reflect your company's values, and are effective in attracting and retaining employees. During the recruiting and hiring process, clearly and consistently communicate what makes your company a great place to work.