Success Story

1.5x faster “in offer” stage

Since partnering with Welcome, the time spent in the “in offer” stage at Mercury dropped from an average of 6 days to 4.

The People

Veronica Pohls, VP of People

Veronica has been with Mercury for over three years, first as Head of Recruiting and now as VP of People. She’s spent her career in recruiting, and knows firsthand what candidates and employees expect from their experiences — and how companies can best support them.

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Products and Features Highlighted

• Digital Offer Experience
• Total Rewards

About Mercury

Mercury is a digital banking company providing banking services and growth-accelerating products for startups, ecommerce stores, angel investors, and others. Mercury strives to power the next generation of companies that will shape the American industry.

Background

Mercury places great value on the power of relationship building through the recruiting process, yet they were concerned that their compensation conversations seemed disingenuous.

The recruiting team used manual methods and spreadsheets to create offers and communicate them to candidates. They knew there was an increased risk of errors with this method, and more back and forth with a candidate to manually update and shift offers when negotiating. Candidates were also receiving offers as a PDF or through DocuSign, which doesn’t allow for updates to offers and created a fragmented offer experience.

On top of it all, the recruiting team’s process became inefficient and manual. Recruiters were constantly putting numbers together, playing with compensation formulas, and researching the best ways to communicate nuances of an offer.

Mercury needed their hiring process to stand out in this highly competitive hiring market by:

• Increasing structure around communicating total compensation for candidates and employees;
• Helping candidates and employees better understood the value of their total compensation, especially their equity;
• Improving the candidate experience during the recruiting process; and
• Enhancing the employee experience after hire.

Welcome’s Impact

With Welcome, Mercury has been able to:

• Speed up time “in offer” by 1.5x (going from an average of 6 days to 4).
• Provide candidates a seamless, interactive offer experience
• Increase retention rates by improving employee understanding of total compensation
• Increase confidence that Mercury’s values are accurately reflected in the tools they use

Digital Offers

Mercury partnered with Welcome first to use our Digital Offer Experience.

They wanted a seamless, interactive experience for candidates. Rather than a PDF or DocuSign of a static offer letter, Mercury wanted candidates to see their offer in one place and with total compensation visualized.

“It’s important to convey our culture and values to our candidates as early as possible,” said Veronica. “Welcome’s interactive digital offer experience not only stands out for candidates, but has helped encapsulate who we are as a company from the start.”

Overall, Veronica and her team now feel more prepared to engage in compensation conversations. They can test different scenarios, including what offers could look like based on the cash and equity involved, prior to having a discussion with a candidate. With Welcome, Mercury made the process of calculating compensation error proof.

Now, it takes Mercury HR administrators an average of only six minutes to generate a complete and comprehensive offer. Saving their time, as well as their candidates’ time.

And the results speak for themselves…

“Our offer acceptance rate has been phenomenal since we started using Welcome.”

Total Rewards

Eventually, Mercury began using Welcome to communicate employees’ total compensation with Total Rewards as well.

“We love the total compensation visualizations. Employees can click through and play around with it to better understand their total comp. And I can use it to determine different offer scenarios — cash, equity, etc. — when negotiating with employees.”

With Total Rewards, they were not only able to retain an employee, but do so in a way that the employee became even more invested in the company. This employee had received another offer, but Veronica was able to use his Total Rewards profile to begin a discussion. Once he had a clear picture of his total compensation, his equity’s value, and his growth potential, the employee agreed to stay.

Now, with Welcome’s Digital Offers and Total Rewards, the Mercury team can make offers to candidates and communicate compensation to employees with ease. In today’s hiring market, this change has made all the difference in better attracting — and retaining — their team.

Welcome’s Digital Offers is error proof. As a people leader, I no longer have to put total compensation numbers together in a spreadsheet and expect the candidates to understand the full package or their growth potential. With Welcome, it’s as easy for me and for candidates as hitting a button.