Should You Use Total Rewards as Part of Your Recruiting Strategy?

Should You Use Total Rewards as Part of Your Recruiting Strategy?

Employers know that there are many effective strategies for making their organizations more attractive for potential hires. Specifically, using Total Rewards as part of the recruiting and hiring process is an emerging area of interest for companies, and it can be extremely beneficial in helping candidates understand the many ways in which employees are rewarded within your organization.  The concept is the same as any Total Rewards program, only now you are sharing the full value of employment with a candidate, rather than an employee.

 

Why Communicate Total Rewards to Candidates?

When offering a job to a candidate, the prospective employer can share a Total Rewards summary, My Total Offer.  The idea is to clearly outline for a candidate the value of compensation, value of benefits, other elements provided by the employer for the position.    Understanding this will present a clear picture of the job opportunity and help the candidate decide about accepting the role.

 

The Benefits Of Total Rewards Recruiting

For the employer, Total Rewards Recruiting adds a number of advantages including:

  • Ability to attract and hire better candidates
  • Compete on total value of employment rather than just salary
  • Create a culture of engagement during the recruiting process
  • Maximize the utility of the Total Rewards program

 

For employers in competitive job markets, this can be an extremely valuable tool to differentiate your offer from your competitors and attract candidates that understand and appreciate the value the organization is offering.  Showing the total value of employment to a candidate not only makes your offer stronger, but also demonstrates your commitment as an organization from the beginning of the hiring process.

 

How to Provide Total Rewards Statements for Candidates 

Similar to Total Rewards for employees, you can produce a single employee benefits statement that can be printed or emailed to the candidate.  This provides a great follow up tool for recruiting as well as clarity and peace of mind for the candidate while making a substantial career decision.

 

Overall, emphasizing transparency when it comes to total rewards can be beneficial for candidates, employees, and employers. Hiring top talent with the help of total rewards communication is important, but maintaining employee engagement and retention through an effective ongoing total rewards communication strategy are equally critical. For busy HR departments and managers, the help of total reward statement software can make communication simpler and more effective.

HRsoft is a leading provider of strategic talent management software that improves manager effectiveness and business results. Our full suite of cloud-based HR software solutions includes applicant tracking software, compensation planning software, total rewards software, stay interview software, performance management software, and content management software. For more information on our Total Rewards Software, REWARDview, click the button below!

 

Learn More