There’s no doubt that the competition to secure the best candidates in today’s job market is steep. US Workers are continuing to quit their jobs in droves in 2022, and nearly 4.3 million people quit in January alone.
With more options available to them than ever before, it’s crucial for HR and People teams to put their best foot forward to stand out and secure top talent during the offer process. Read on to discover 5 actionable tips for improving your offers to close more candidates faster.
Salary obviously plays a key role in compensation discussions – but it only makes up one part of the compensation puzzle. How well are you accurately conveying the role that equity, benefits, PTO, and perks play in a candidate’s overall compensation, and are candidates aware of their total compensation aside from their base salary alone?
For instance, at many tech companies, equity can garner huge returns in the long run, especially for employees who join early on in the company. Despite this, many teams fail to clearly communicate equity in the short term and long term. Does your company show candidates the true value of their equity, in addition to what it could potentially amount to in the future?
You may be surprised by how a large percentage of the total compensation is non-cash and how big of a role commonly overlooked benefits can play. Aside from the standard health, vision, and dental benefits, below are some additional benefits that could be worth looking into to set your company apart.
With all of the stressors that can take place in day-to-day life, and a renewed emphasis on mental health awareness throughout the pandemic, offering mental health benefits and wellness perks can be a gamechanger. This is especially true for employees in high-stress roles and industries, where mental health perks can prevent burnout and lead to greater retention rates. 42% of employees with access to mental health benefits say they’re more likely to stay at their job than if they didn’t have them!
From providing assistance with mental health services to reimbursing employees for gym memberships, there are plenty of options available to build a healthier workforce that can also attract top talent.
Today’s high education and student loan costs are no joke. For many candidates, paying off student loan debt and furthering their education is a top priority. Companies who can provide student loan assistance programs and education stipends can attract job seekers while also promoting an educated, highly skilled workforce.
Remote and hybrid work are the new normal, and many job seekers expect to be reimbursed for expenses to comfortably work from home. Providing work from home stipends to pay for out of pocket expenses like a new desk setup, technology, office supplies, etc. can be a great way to entice candidates and show them your company is committed to helping them work from home to the best of their ability.
Gone are the days of bland, impersonal job offers. Adding interactive elements to show candidates the full picture of their offer can provide the context they need to make their decision, while also making for a more enjoyable experience.
First and foremost, being offered a job should feel like a celebration. After several rounds of interviews and tests, candidates want to be congratulated for their hard work. Consider adding personal elements for both candidates and your company. How can you give them a better look into your company culture and values way before they start? How can you improve the experience so candidates are energized to accept and join your company?
Ultimately, no one wants to feel like just another number to a company they may or may not decide to work for. Making your job offer process as personalized as possible can show candidates that your team is invested and willing to go the extra mile to ensure a pleasant offer experience.
Today’s candidates are in the driver’s seat. Giving them a sense of control when it comes to making their acceptance decision can be an added deciding factor in their choice to accept or decline. If possible, consider ways to give them more choices and show that your company is willing to be accommodative. Here are some initial ideas to get the ball rolling:
These are just a few of the many ways your team can accommodate the needs of today’s selective candidates. Fostering a collaborative and flexible offer experience can signal the start of a positive working relationship and set the groundwork for excellent hires at your company.
In today’s competitive job market, the offer process is a pivotal moment for your company to secure the best talent. With so many moving pieces, it can understandably feel overwhelming for HR and People teams to manage. Fortunately, leveraging an integrated compensation management tool can eliminate the stress involved and provide an enhanced ROI from improved savings resulting from higher candidate acceptance rates.
On average, Digital Offers have helped Welcome customers increase their acceptance rates by 13% with an average savings of $17,000 per candidate. But don’t just take our word for it, check out our case study here to get an in depth look, or schedule a demo to learn more.
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