There are many relationships that today's corporate recruiter needs to build and manage. The corporate recruiter really is a ‘friend to all'… just like my Labrador Murray!
Reward, Compensation and Benefits (C&B), Total Reward (TR) – the team who manages the full suite of internal salary bands, external salary benchmarking and corporate benefits is a key relationship to nurture.
Understanding the full benefits package and salary target for the role you are hiring for is vital, it undoubtedly affects candidate experience and acceptance of an offer. Being armed with this detail, like Murray with his tennis ball (!), provides the candidate with a full understanding of the financial offer as well as an indication of the corporate culture.
Being able to clearly convey the benefits package to a candidate assists in ‘selling' the opportunity and the company. Many reward packages are incredibly creative, and they can provide the ‘edge' in what is currently a competitive and complex market.
Spend time with your Reward Partner
Spending time with your reward partner is a key investment in fully understanding the ethos around a company's compensation packages, their understanding of the employment market – this will help you to initially position offers.
It is also important to understand the yearly reward calendar: when salaries are reviewed, promotion cycles (which can often be twice a year), and timings of bonus payments.
Non-salaried benefits are just as important as standard salary packages (bonus, pension, etc.). These benefits are unique from company to company and can make a real difference.
Details of such benefits can provide the candidate with an insight to the company's corporate culture – these could be anything from an early finish on a Friday, to free gym membership or perhaps a subsidised restaurant or on-the-spot bonus.
Having your reward partner to hand during the offer process is important – particularly for senior-level hires where negotiation is more likely to take place, i.e. share buyout, sign-on bonus etc.
Power of a Branded Reward Statement
It is also important to mention the power of a ‘Compensation Statement', ‘New Hire Statement', or ‘Summary of Offer' – these are powerful tools provided by the reward team. A document that summarises the full details of the offer before receiving the contract and provides a detailed valuation of the benefits.
These should be company unique and branded to share with your candidate following the delivery of a verbal offer.
The Reward Statement makes a real difference to the candidate's experience and adds to the excitement of potentially joining the company. It is not legally binding but does support the success of an acceptance.
In summary, the numbers count, as well as the detail behind the numbers and beyond the numbers in terms of non-salaried benefits – your Reward tag is a valuable relationship to build during the hiring process. All whilst providing a better candidate experience along the way… because just like Murray, we humans thrive when there is a chance of an enticing reward!
AND NOW… Five Facts about my Labrador Murray:
- He's Fast: Labradors are known for their ability to sprint. They can hit 12 miles an hour in just three seconds.
- He had black and yellow brothers and sisters – Regardless of the parents' colour, a single litter can include black, yellow, and chocolate puppies.
- He loves to swim – Fishermen used the dogs to bring in nets, pull ropes between boats, and recover escaped fish.
- His ancestors actually come from Newfoundland, not Labrador.
- He has a great sense of smell, particularly at BBQ time! A dog' sense of smell is 10,000 to 100,000 times better than ours, mostly because they have over 300 million olfactory receptors in their noses, compared to about six million in us.
Jo has provided corporate recruitment services to clients on an interim basis since 2008. Her focus is international recruitment & direct sourcing, where key skill sets are scarce and in high demand.
To discuss your next corporate recruitment requirement Contact Us here or telephone +44 (0) 345 053 1964