TotalRewards Software to Help Businesses Attract New Hires With a Free Version

Online Platform Showcases Full Value of an Employment Offer to Give Businesses the Upper Hand Amid Talent Shortage

ROCKLIN, Calif.  – Dec. 1, 2021 – TotalRewards Software, the first online total rewards marketing platform, is providing their digital offer experience feature set, CandidateRewards Xpress (CRX), at no cost to users for their hardest-to-fill position.

CandidateRewards Xpress allows companies to customize an interactive candidate portal that goes beyond a traditional offer letter to present a comprehensive picture of cash and non-cash rewards, benefits, company values, and more. On the backend, real-time data and behavior analytics accessed through the employer dashboard provide actionable insight that can help close candidates faster.

According to a recent article, 54% of companies globally report talent shortages—the highest in over a decade. This shortage is also causing a shift in the relationship between employee and employer. Employees are now in a position of control, leaving companies with a greater need to understand changing priorities of their job candidates to be competitive.

With the “Great Resignation” seeing nearly 4 million people leaving their jobs each month, companies must do more to showcase the breadth of compensation, perks, and benefits they offer to stand out.

“There are many factors at play in the talent shortage, including generational shifts, skills gaps, the post-pandemic workforce awakening,” said Ray O’Donnell, president of TotalRewards Software. “In the aftermath of this unprecedented gap between job openings and available talent, companies are favoring a digital offer experience over the bland, static offer letter to win top talent.”

To aid in the quest to demonstrate the importance of digital offer experiences, companies are now able to get a free trial of Total Rewards’ digital offer experience platform at no cost for their hardest-to-fill role. Through the process of creating a digital offer with CRX, companies can prove the value of the platform before making the full investment of time and resources away from manual offers.

Learn more at https://totalrewardssoftware.com/candidate/

About Total Rewards: Total Rewards has been communicating total rewards using their web-based platform since 2007. Their principals, however, have been communicating total compensation since 1991. Though the terminology has changed over the years – from hidden paychecks, employee benefit statements, and total compensation statements to the more recent total rewards statements – their goal remains the same. Provide fanatical customer support with a product that communicates an organization’s financial value proposition to their employees, new hires, candidates and executives.

Press Contact: Joy Milkowski, joy@accessmarketingcompany.com

The Power of Marketing Technology

 

After 2020 shook business models, disrupted plans and reorganized priorities, everyone was looking forward to 2021 as a year of stability, a chance to get back to “normal.” But it turns out that this year has been more of the same with the workforce in a state of massive flux amid “the Great Resignation.”  

What worked in past years isn’t going to cut it now and HR teams need to reevaluate their approach. In the battle for employee engagement, retention and recruiting, one thing has become clear: technology is no longer a nice-to-have, it’s a need-to-have. 

All through 2020 and well into this year, HR teams worked feverishly to update, upgrade and deploy systems to support the newly remote workforce. They designed (or redesigned) now-critical mental health check-ins, help desks and case management applications. But even with these improvements, the U.S. Bureau of Labor Statistics is reporting nearly 4 million workers are leaving their jobs each month 

To further complicate the matter, one of the main reasons for this mass exodus is that employees don’t feel like their company understands or empathizes with them 

So companies provided additional benefits to support their employees, but employees are leaving because they don’t feel supported. There’s a major disconnect here, and we believe it boils down to one of two scenarios. 

Scenario 1: Your employees are aware of the benefits you offer and use them to some degree.  

This is great! You’re already over the biggest hurdle which often is just making employees aware of any programs and benefits you’ve carefully curated for them. In this scenario, we would use technology to improve retention and engagement by maximizing how we show our employees what’s important. 

For instance, using our TotalRewards Builder, you might automate an email campaign informing employees about exciting changes to their health and wellness benefits. Using the analytics, you’d be able to view open and clickthrough rates to gauge interest and tailor your future messages to boost engagement.  

Scenario 2: Your employees and/or prospective employees are not aware of the benefits and therefore don’t use or consider them.  

This is a much trickier scenario because now the task is twofold. Do you continue to try and generate awareness around the unknown benefits, or do you cut them and reallocate offerings to what employees actually want? 

To nip disinterest in the bud, you might use our CandidateRewards Builder to measure how potential employees interact with certain benefits and programs and tailor offerings that more closely mirror what you learned from the analytics in the employer dashboard.  

Whichever scenario your company falls under, technology remains the key to stopping – if not reversing – the outflow of talent. We must think differently about the importance of employee benefits, and the way to gather intelligence around this is with a comprehensive total rewards marketing solution like TotalRewards Software.  

Both of our technology-driven platforms (TotalRewards and CandidateRewards) empower you to stop guessing at what might resonate with current and future employees and gain invaluable insight into what they’re interacting with through real-time analytics. See what pages they’re staying on longest, what they’re reading, and which benefits they’re engaging with – and the ones they’re not – so you can continually adjust your offerings.  

Sign up for a free demo of TotalRewards or CandidateRewards and experience the power that marketing and technology have to transform your recruitment, engagement and – ultimately – retention efforts.

 

Digital Offer Experiences: The Sudden Shift of Focus

 

It would be a major understatement to say that nearly every aspect of hiring has changed in the past two years. In-person roles are now fully remote or hybrid, benefits packages are expected to contain provisions for professional development and coaching, and even the way new candidates are discovered has become increasingly more about your network than on who a recruiter can headhunt.

But there’s one aspect that hasn’t changed: offer letters.

Even amid so much advancement in other areas of the hiring process, the offer letter remains static, stagnant and wholly uninspiring. In fact, it’s almost become a hindrance to the hiring process for a variety of reasons:

  • Outdated company brand or values: By the time the offer letter template is downloaded, filled in with the candidate’s information and sent, the company brand, values, structure, etc. may have undergone updates
  • Limited by the print-scan-sign process: Traditional offer letters often require an actual signature, meaning candidates have to print the letter, sign it, scan it and attach it to an email response
  • Versioning becomes a nightmare: When negotiations begin and the offer letter is changed, you might have several versions attached to emails circulating all at once
  • Higher chance for human error: More manual edits to the letter mean more chances for typos or other mistakes that could be detrimental to the hiring process

Combined, these things factor into what ends up being a terrible candidate experience, often causing prospective new hires to jump ship altogether and move on to the next offer.

With a sophisticated and shrinking talent pool, it’s time to pull out all the stops and deliver an offer letter experience that’s far superior to a static PDF. Even the digitized offer letter with its once-revolutionary e-signature upgrade can’t compare to a live, interactive web platform where candidates can view every facet of the employment offer.

A true digital offer experience would be a dynamic one that had real value – not only for the candidate but for the company that extended the offer in the first place. It would be a hub, tailored to each candidate, with detailed information on everything from the true value of their salary to health and wellness benefits to their projected career trajectory with the company.

On the back end, HR teams would gain real-time insights on the candidate’s browsing history, which tab of the offer did they stay on the longest, with which benefit did they interact with the most, and when did they leave their site so that a follow-up email could be perfectly timed down to the second.

Web-based digital offer experiences, like the kind companies can expect with CandidateRewards Xpress, are a boon to the hiring process because they:

  • Ensure consistent and up-to-date company branding: With a web-based hub, you can easily swap out any updated company branding and changes are incorporated globally
  • Eliminate versioning and chance for manual errors: No more emailed PDFs that need to be manually amended, edited or “saved as,” eliminating the opportunity for errors
  • Cut down negotiations: When candidates can see the full value of their employment offer spelled out in benefits, career milestones and salary, there is less need for back-and-forth negotiating
  • Speed up time-to-hire: Real-time analytics enable HR teams to follow up and close the loop faster on prime talent

Have a candidate in mind for a hard-to-fill role? Try CandidateRewards Xpress free right now and see how a digital offer experience can help you seal the deal.