Five Creative ways to add value to your offer outside of compensation.
After several grueling weeks of being understaffed, working overtime, and conducting countless mediocre interviews, you have finally found the candidate of your dreams. The only thing left is to seal the deal with an amazing offer. But consider this… if you want them, chances are another hiring managers do too.
So, as you’re preparing the offer that will crush the competition, remember how important it is to share the company “big picture” with your candidate, outside of just salary. To help you write that offer with extra added fire power, check out these 5 additional influencers that could make or break an accepted offer.
- Quantify your Benefits.
In today’s healthcare climate, you can’t assume all benefit plans are created equal. Even if yours isn’t the best of the best, assigning a dollar value is something no one else is doing and will pack some serious punch. Check out this Total Compensation Calculator to start quantifying now. There are even more things you can add on to this that you may take for granted including: free coffee (Starbucks is nearing $5/cup which could be $100/month for coffee fanatics), free parking, or free food/snacks. The options are endless!
- Sign on Bonus.
If internal equity is important to your organization, you’ve probably been in a situation where you can’t offer a new person a higher salary than your top performer. Let’s face it, even when employees aren’t supposed to talk salary, let’s just go ahead and assume they will. One way around this is to offer a sign on bonus to bridge the gap between what you’re offering and what they are countering. This gives them peace of mind that in year one, they will be squared up to the number in their head without the expense of paying for it down the line when your top performer comes into your office asking for a raise.
Note: if you don’t want to give away the kitchen sink on day one, reserve the sign on bonus for 6 months into employment. Make sure the parameters and amount are made very clear to give your newbie piece of mind that money is on the way.
- Paid time off.
In 2019 time away from the office is an expectation and not a luxury. If your company isn’t able to offer the ultra-trendy “unlimited PTO,” an easy way for you to compete is to offer all of their vacation for the year up front versus having a waiting period or accrual. Just because they can take vacation starting day one, doesn’t mean they will. Especially if you used the Head, Heart, and Briefcase method to hire them.
- A clear career path.
There is a reason this person invested so much time in your interview process – something with their current company is just not clicking anymore. One disadvantage you have versus their current employer is fear of the unknown. Even if there is no room for growth in their current role, at least they know, which is comforting. With you, they don’t know what the future has in store. So why not take the unknown out of the equation and tell them? What is the next step in their career path with your company? What do they need to do to make sure they are set up for that raise, bonus, or promotion? This will get them excited about day 1, year 1, and beyond.
- Share your experts.
What if you were told during the offer process that you’d get to work side by side with a Lean Six Sigma Black Belt? According to Udemy, 80% of employees said learning and development opportunities would help them feel more engaged on the job. Overhauling a training and development program seems daunting when all you need is one expert to make a difference in a new employee’s experience.
So, there you have it…five creative ways to add some bling to your offer without breaking the bank. Keep these incentives in your back pocket for the next time you have an amazing candidate from your Titus Talent Consultant. These five extra added features will definitely pay off and increase your rate of getting an excepted offer the first time around.
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