The most common pain point amongst the companies we invest in is hiring great people. When talent is scarce, companies often default to luring talent by adding all kinds of job perks, from signing bonuses to in-office dry cleaning. The problem is you can never raise the stakes enough if this is your only way of attracting and retaining great talent. People will always want more and there will always be another company willing to pay more or offer better perks.
There is an alternative.
Talent moves when they see an opportunity to fulfill personal goals. Personal goals are more varied than money; they include having an impact, learning something new, feeling challenged and working with a mentor. Companies need to focus their recruiting efforts on learning employee goals and demonstrating how your job will help them achieve their goal. If you frame job offers from this perspective, you will attract new talent, with much less cost and they will remain loyal, for longer.