Today on The Weekly Dose I review the candidate experience technology Candidate Rewards. Candidate Rewards is a new solution from the folks at Total Rewards. Candidate Rewards is basically a platform that allows you to build personalized micro-sites for each candidate to present them their offer.
The offer letter virtually hasn’t changed in years. You have a template. You plug in the salary offer. You might attach a ‘one-pager’ of your benefits that you offer, but for 90%+ of organizations that is the process for decades! Oh wait, some of us use really nice quality paper and send some swag as well…
Quick Question – Is closing candidates important to your organization?
The reality is Generation Z by 2019 will actually make up 32% of the eligible workforce, Millennials will make up 31.5%. So over 63%+ of those, you’ll be making offers to will expect a digital experience, not an email with attachments. Candidate Rewards built a platform that easily allows Talent Acquisition or HR to plus in a few details and a full-blown personalized experience is sent to each candidate.
Candidates are no different than you or I, we all want to feel special. What would make you feel more special, an offer letter template, attached to an email, or an invitation to a full website that is tailored right to each candidate’s specific needs?
What I like about Candidate Rewards:
– The average offer letter probably takes 2-3 minutes for a candidate to consume. The data shows that a candidate on average will spend about 15 minutes on a Candidate Rewards personalized offer site, checking out the total compensation, figuring out what benefits make the most sense and value to them, watching video content, checking out the culture, etc.
– One thing I know is that candidates who have significant others love to know ‘exactly’ what benefits you’ll be having. It’s rare that an offer letter ever really digs into that level of information. Candidates Rewards works with you benefit’s providers to upload each plan and allow candidates to select what they want, while the site will automatically adjust the Total Rewards statement to reflect those choices.
– The ability to tailor video content to each candidate is super powerful! It can immediately connect the candidate with your company, with their co-workers, with their new boss, etc. The options are endless.
– I love that this is one of those technologies that you will know precisely the impact it’s having. Currently, you are at “X”% candidate acceptance of offers. Once you implement Candidate Rewards you’ll be at “X”%+/-. Simple and straightforward to determine ROI.
I think some people will look at this and see it as an extravagance they don’t need. We are already at 90% acceptance rate. We’re fine. This technology is for those organization where unaccepted offers are really painful, and closing offers are critical! Think CPA firms, Nursing, Law firms, Technology – both IT and Engineering, MBAs, etc. Where every single offer being accepted is a huge deal to your organization and your TA team!
So often, we lose out on candidates because you make a salary offer of like $85K with some PTO, etc. The candidate’s own company will come back and show how the total compensation for what they’re making is way more. Or if you’re heavy into making campus offers this kind of technology is even more persuasive because now you’re just going against traditional offers and your total comp offers with the site looks way more enticing.
Candidate Rewards is well worth a demo. It super simple to use to implementation and adoption are a non-issue. Go check them out!
The Weekly Dose – is a weekly series here at The Project to educate and inform everyone who stops by on a daily/weekly basis on some great recruiting and sourcing technologies that are on the market. None of the companies who I highlight are paying me for this promotion. There are so many really cool things going on in the tech space and I wanted to educate myself and share what I find. If you want to be on The Weekly Dose – just send me a note – email@example.com
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