By Saholy Rabetsitonta

Introduction

As a rule, salaries have always been the main lever for attracting top profiles. Today,
that equation has become more complex because of budgetary pressure combined with employees’ growing expectations in other areas of work, prompting CEOs to break with old patterns.

Many countries and continents bear this out: Switzerland, France, the United States and Asia. At a time when
talent is redefining its priorities, companies must reinvent themselves to appeal to the most qualified
profiles. Recruiting without offering a salary above market rate is therefore becoming a strategic art
rather than a constraint.

But how can employers attract talent through levers other than pay in the face of a less dynamic and
unstable global environment (inflationary pressures, an uncertain labour market confirmed by layoff
forecasts across all sectors in Switzerland in particular, and an unstable geopolitical context affecting
financial markets and, as a result, recruitment activity)?

I – Why are more CEOs adopting this salary strategy?

While economic decision-makers around the world keep a close eye on macroeconomic signals
(low inflation in Switzerland, moderate growth in the euro area, relative stability in the United States and
dynamism in Asia), it is becoming increasingly clear that overpaying is a poor calculation for employers
seeking long-term durability. Why?

Against a less dynamic global backdrop and moderate inflationary pressure, CEOs are rethinking their
approach to attract top talent without offering record salaries (KOF). Geopolitical upheaval, inflationary
tensions and the growth of digitalisation (Artificial Intelligence) are pushing companies to be more creative.

• Switzerland is posting very weak growth in 2026 (around 0.9%) with low inflation (Seco), although it is forecasting moderate GDP growth of 1.1% in 2026, below historical levels, before rising to 1.7% in 2027. Moderate growth does not justify excessive wage costs (IMF), combined with contained inflation that reduces the pressure to offset this through higher salaries (snb.ch). By contrast, the unemployment rate is edging up slightly (3.2% in January 2026).

• In France, GDP contracted to weaker growth in Q4 2025 (+0.2% quarter-on-quarter) after annual growth of around +1.2% in 2025. Inflation picked up moderately, and is expected to be around 1% in February 2026.

• The United States remains the world’s largest economy (nominal GDP estimated at around $31.8 billion in 2026). Growth is expected to remain positive and above that of many advanced economies, with inflation moving towards the Federal Reserve’s target by 2027, estimated at 2% (IMF). The US labour market is relatively solid, combined with strong productivity. Added to this are high deficits and rising public debt, which weigh on medium-term fiscal stability.

• China and other Asian economies remain major engines of global growth (Chinese growth of around 4.4% – 4.9% in 2026). As with India, where favourable demographics and ongoing industrialisation and technological investment policies continue to support momentum, economic dynamism is beyond doubt.

In practical terms, international competitiveness calls for prudent cost management. Asia shows that
growth and attractiveness can go hand in hand with wage policies aligned with productivity (adb.org). Tariff
and trade tensions persist: US duties remain high, creating uncertainty in Europe, Asia and North America,
which weighs on investment and international growth.

Nevertheless, Switzerland, the United States and Asia remain concrete examples of attractive factors that appeal to candidates beyond salary. Talent is redefining its priorities — but what are they?

II – What are the attractive factors that draw the best candidates beyond a high salary?

In the past, financial arguments could melt resistance like snow in the sun. Today,
a genuine range of professional appeals is essential for CEOs seeking to capture the attention of an exceptional candidate.

Companies are exploring several areas such as :

• The working atmosphere: a kingmaker criterion, not a free snack in the office.
• Flexibility and work-life balance: the art of being both sovereign and free.
• Skills development: when people want not only to work, but to progress.
• Candidates now look for clear career paths, with training and stimulating projects promising long-term professional growth
  
• Employer brand and reputation: a strategic asset and an essential lever. A company perceived as innovative, socially responsible or offering an attractive working environment can generate strong interest even if the salary is no longer competitive, while still remaining reasonable.
  
• Inclusion and meaning: the discreet but essential charm.
• Job security.

Depending on the continent and country, the factors that make employers attractive beyond salary are numerous at the macroeconomic level when it comes to attracting top talent:

• In Switzerland: high quality of life (public services, security, healthcare and environment), favourable taxation for companies and highly qualified talent, multilingualism and an excellent strategic geographic location in Europe.
  
• In France: the quality of infrastructure (healthcare, education and transport) – a decision factor for companies and skilled workers, social protection and quality of life (strong social coverage and attractive public-service systems). The French labour market is diverse but rigid: employment protection, active labour-market policies and integration measures, but difficulties for SMEs in recruiting easily.
  
• In the United States: technological innovation and the concentration of clusters (Silicon Valley, Boston, etc.), access to capital and ecosystems of leading companies, and the mobility and diversity of the labour market.
  
• In Asia (India, China and Asia-Pacific): lower production costs, robust economic infrastructure for the technology and manufacturing sectors, as well as a rapidly developing entrepreneurial climate, particularly in Southeast Asia.

In this world where growth is moving forward cautiously, overpaying is no longer a sign of strength but often a strategic weakness, to be distinguished from “underpaying”, which is a sign of malice and encourages candidates to choose another company that represents more ethics and goodwill.

Conclusion

In the knowledge economy and in a context of scarce candidates, highly qualified workers are looking for a coherent set of factors: a pleasant working environment, purpose, clear prospects, flexibility and an authentic corporate culture. In other words, if a company wants to attract the best, CEOs must offer more than a figure on a payslip with a salary in line with the market: they must provide a professional experience worth living and worth telling others about.
After all, as an unconvinced candidate might say: “You can always raise my salary… but who will raise my happiness?”

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