Securing key talent is one of the “constants” in the world of HR: it will always be a priority and it affects all industries, because a passionate and engaged workforce is what ultimately drives business outcomes. That doesn’t mean it isn’t evolving, however. Today, technological solutions have afforded us new opportunities for attracting new candidates and keeping existing employees focused and committed. One such solution is total reward software.
If you’re not yet using total reward software to help potential candidates see your employee value proposition – the offerings that make your organization an attractive option – you could be missing out on an important opportunity to secure talent and build a stronger workforce.
Using total reward statement software presents employees with a compelling picture of everything that you provide for them, which could include benefits, retirement and stock options, total compensation, opportunities for developing a better work/life balance, and much more. In doing so, you can create a total overview of employment value that’s much more effective for supporting your recruitment and retention efforts than presenting employees with base salary information alone.
Not only does it allow hiring managers to present candidates with a detailed overview of what the company could provide for them, but it’s also a game-changing tool for reducing turnover. Total reward software solutions like those provided by HRsoft have a walk away value estimator tool, which puts into perspective for existing employees the ways in which they’re making much more than a paycheck alone through your company.
While this solution can aid in securing talent for any industry, it’s particularly effective in the job markets where candidates can afford to be a bit choosier. Take, for instance, a specific market such as Maryland dental jobs: dentists are the 12th highest paid professionals in the state (Zippia.com), and the U.S. Bureau of Labor Statistics (BLS.gov) projects that employment will grow by 18% through the next decade (versus 7% for all occupations).
As you can imagine, a dentist in Maryland could become just about as picky as he or she likes when it comes to deciding where to work. If you owned a dental care practice or center and we relooking to expand your office by hiring a top-notch professional, you’d have to excel beyond your competitors to attract talent. Likewise, if you had a dental care professional on board whom all of your patients loved, you’d want to do whatever you could to keep that individual on board.
Total rewards allow you to leverage your assets as an employer to develop and retain the strongest possible workforce and outperform your competitors. It also allows you to present your company’s total rewards program in a way that positions you as a top employer in your area, enabling you to secure talent and be a company that top performers want to work for.