While the Bureau of Labor Statistics recently shared the number of job openings has decreased over the past few months, it certainly doesn't feel that way to HR professionals trying to fill positions with qualified candidates. Not to mention employers who need, at the very least, a high-performing workforce to achieve business goals.
Not only do job seekers expect higher wages than in previous years, but the importance of healthcare and retirement benefits has reached a 10-year high. Employees say their organization's retirement programs (47%) and healthcare benefits (48%) were important reasons why they joined their employers, versus just 25% and 32% in 2010, respectively. Candidates prioritize total rewards options and consider those options as they evaluate job offers.
Combined with an examination of flexible work options, diversity, equity and inclusion (DEI) initiatives, and environmental, social and governance (ESG) policies, candidates are looking at much more than the number on the offer letter when deciding which opportunity to accept. My colleague, Lesli Jennings, North America leader, Work, Rewards and Careers, sums it up like this, "Employers are leaving no stones unturned in their battle to find talent. While making enhancements to pay programs can support employers' immediate recruitment and retention efforts, employers need to pull levers in addition to salary and reinforce a connection to the overall employee experience."
Employers are leaving no stones unturned in their battle to find talent. While making enhancements to pay programs can support employers' immediate recruitment and retention efforts, employers need to pull levers in addition to salary and reinforce a connection to the overall employee experience.”Lesli Jennings | North America leader, Work, Rewards and Careers
We know that organizations invest significant capital in total rewards programs to attract and retain the right talent, drive desired employee behaviors, and improve employee productivity. What if you could give candidates a peek at what total rewards you offer during the recruiting process? Many organizations do just this, giving candidates more insight into the full employment deal to increase the acceptance rate of job offers.
Imagine you're interviewing for a new job and have two job offers to consider. With one offer, they simply send you an offer letter outlining your pay and let you know that it will also come with benefits. With the second offer, you also get an offer letter, but it includes a link to an interactive, personalized total rewards website. On this website, you see the details of the pay programs, you can watch videos that highlight the culture and history of the organization, and dive deep into the benefit programs that will be available to you if you accept the position. The second experience is the "candidate view".
By using employee experience software solutions that extend total rewards messages to candidates, employers can highlight total rewards that the candidate most desires. Think of the total rewards candidate view as the next evolution of the career website. It provides personalized details on how the job offer will truly work for the candidate, speaking to the candidate directly with that personal touch that is not available on the career website.
A favorable view of the employment deal significantly impacts prospective employees' intentions. From a recruitment perspective, this personal touch gives employers an edge in enticing acceptance of a job offer by a prized recruit before a competitor jumps in.
How does it work? While evaluating the job offer, candidates are shown a snapshot of the total rewards options, including pay, health benefits and wellness plans, retirement benefits, learning and development opportunities and work/life benefits, plus the monetary value of these programs. Recruiters create these personalized experiences for each candidate to enhance a job offer and increase their acceptance rates.
Traditionally, job seekers had to wait until they started a job before being presented with the full suite of total rewards offerings. Technology has advanced the game, enabling HR professionals to attract prized candidates by giving them a peek into the full employee experience. If you've got an appealing total rewards package, why not shout it from the rooftops?