What makes an employer truly great? Is it the benefits, the culture, the casual Fridays or something more intangible? While it differs from person to person, what is clear is that while competitive salaries and benefits are important, they are no longer the sole reason many candidates consider a job offer.

In today’s job market, people are increasingly seeking employers who offer more – whether it’s a sense of purpose, a commitment to work-life balance or opportunities for professional development and growth. So, what do the best employers have in common?

It’s a question that Nicole Gorton, director at recruitment firm Robert Half, says has a nuanced answer.

“It’s different for each person because it often depends on various factors, including the individual’s career stage, personal values, and long-term goals,” she explains.

“For some, professional development and mentorship may be the most important, while others prioritise flexibility or the fact the business is adopting cutting-edge tech. For somebody else, it might be how they’re recognised for the work they do,” she says.

But she also notes there are two reasons in the current race for talent that are pushing an employer from good to great.

“People want career growth and they want meaningful work,” she says. “Any workplace, regardless of size, can offer both. People join a company for the opportunities it provides but they leave because of the relationships – or lack thereof,” she says.

“Currently, 66% of the global workforce are millennials or younger – so if you want to futureproof your business, you need to really focus on the needs of millennial and gen Z talent, and they really want purpose-led work.”

What is meaningful work?

Meaningful work isn’t necessarily about driving societal change, but rather about finding personal value in day-to-day tasks. Research from the MIT Sloan Management Review shows it is more important to employees than any other aspect of work, including pay and rewards, opportunities for promotion and working conditions.

“It is about feeling connected to the purpose of your role,” says Gorton. “When people find meaning in their work, they’re more motivated to show up, perform better and contribute because they genuinely enjoy what they do.”

It is an approach New Zealand’s job platform Futureful has at its core. Aligning values between employees and employers is a new way of recruiting, says co-founder Izzy Fenwick, and it means understanding that often job satisfaction is not just about the role.

“The reason we created Futureful is because it was glaringly obvious that talent cares not just about the job itself, but also about the workplace and the environment they will be entering,” says Fenwick.

“Currently, 66% of the global workforce are millennials [aged between 29 and 44] or younger – so if you want to futureproof your business, if you want to make sure your business is enduring, you need to really focus on the needs of millennial and gen Z talent, and they really want purpose-led work,” she says.

Deloitte’s 2024 Gen Z and Millennial Report backs this up, showing 86% of gen Z (aged between 16 and 28) and 89% of millennials say having a sense of purpose is very or somewhat important to their overall job satisfaction and wellbeing. A further 44% and 40% respectively say they have turned down an employer based on their personal ethics or beliefs.

How do I prove my business is a great place to work?

It’s all very well having a recruitment strategy that identifies the skills people need for a job, but without also showing why a business is a great place to work, candidates will not bother applying, says Gorton.

Along with purpose-led work, career growth is a non-negotiable for many people, she says, and it is easy for employers of any size to provide staff with those opportunities.

“Employers should be proactive around supporting career growth for their employees by providing opportunities to cross-pollinate and learn about other areas of the organisation, so they can actually grow and expand,” she says.

Learning environments can extend beyond traditional finance and accounting methods; for example, mentorship offers valuable opportunities for professional growth that may be more impactful than formal education.

“Mentors can help develop critical competencies, such as problem solving, innovation, influence, conflict resolution and stakeholder relationship building – skills that are often not covered in traditional technical training,” says Gorton.

“Companies can also invest in frameworks and tools to foster these skills within their organisations. The return on investment typically outweighs the costs, as they significantly aid in attracting and retaining talent,” she says.

Getting third-party endorsement

Obtaining formal accreditation with recognised bodies such as Great Place to Work (GPTW) is another strategy that many employers adopt.

GPTW is a global research and consulting firm that focuses on workplace culture and employee experience. Each year it publishes a list of the best workplaces in various countries and industries, which are based on employee feedback and company practices.

Rebecca Moulynox, general manager, Australia and New Zealand at GPTW, says the definition of a great place to work is one where employees trust their leaders, take pride in their work and enjoy working with their colleagues.

GPTW data shows certified companies consistently achieve strong business performance, with 71% of millennial candidates and 72% of gen Zers more likely to apply for a job if it is at a certified business, she adds.

“Any business that has 10 or more employees can apply for certification and my advice is that it will not only help them stand out in a crowded market, they are more likely to get applications for advertised roles than a non-certified business.”

While the criteria for being an employer of choice can vary based on a range of factors, the report identifies four main trends that businesses are adopting to enhance employee satisfaction, says Moulynox.

According to Australia’s GPTW Trust Index report, businesses are placing an emphasis on diversity and inclusion policies, gender equity, pay parity, and environmental, social, and governance efforts.

“We also know that when organisations begin measuring these factors, they pay closer attention to them. Accountants will understand that – they know that what gets measured gets managed,” she says.

“One of the key services we provide is benchmark data, allowing organisations to see how their scores compare to similar-sized companies. We can identify where they stand and offer insights on how to improve.”