Even when an HR leader designs the world’s best compensation plan, they’re still dependent on recruiters and managers to correctly apply the program and make smart decisions whenever they create new offers. That’s virtually impossible, considering how many scattered documents and manual processes must work in tandem to get an offer out the door — much less be shared with candidates effectively. And that status quo compromises hiring and retention, while costing time and money in a season when cash conservation is top of mind.
Today, OpenComp is thrilled to announce the release of Intelligent Offers. By surfacing compensation insights at every step of the offer process, Intelligent Offers closes more candidates faster with offers that are on policy, on budget, and optimized for acceptance.
Companies that use OpenComp increase offer acceptance 83% — 17% above industry average! Sign up for a free 30-day trial today.
Built on OpenComp’s compensation software - the Compensation Intelligence Platform, Intelligent Offers gives critical information to recruiters and managers exactly when they need it, without requiring HR’s involvement during every step of offer letter creation. Common outcomes include 83% offer acceptance (17% above industry average), faster approvals, and increased alignment.
Continue reading to learn how Intelligent Offers can help you optimize your offers for acceptance with predictive insights, provide clarity at the point of every compensation decision, and accelerate offer approvals with smart workflows.
Optimize offers for acceptance with predictive insights in Intelligent Offers
Closing your top candidate requires answers to many questions:
- “Is this offer competitive without breaking my budget?”
- “How does this offer compare to previously accepted or rejected offers?”
- “How does this offer compare to other employees’ pay?”
- “Are our pay bands effective?”
- “How will this impact my team and org?”
But most orgs lack the comp data to answer most, or any, of those questions without tedious analysis. And whether you choose to get into the nitty gritty and drill down into the details, or instead make an offer based on intuition, you waste candidates’ time and can create pay inequities.
Intelligent Offers answers these questions for you by delivering predictive insights that inform the likelihood that candidates will say yes while keeping you on-policy and on-budget. Your recruiters and hiring managers will be able to view which historical offers have been accepted and rejected for all roles, and your entire hiring team will view the same information in an offer summary.
Any current, closed, or archived offer is housed within the Offer Tracker screen. Accepted and rejected offers display on your Predictive Insights view. As you make more offers, the insights become even more accurate.
To keep you on-policy and in-budget, the system alerts all stakeholders of offers outside of pay band compliance. Stakeholders can discuss such offers via comments directly inside the app, and exceptions cannot be made without documented and approved reasons.
OpenComp customers increase offer acceptance to 83%, 17% above industry average! Schedule a demo today.
Intelligent Offers empowers your team to build data-backed offers that are good for your candidate, good for your business, and more likely to be accepted.
Surface clarity at the point of every compensation decision via Intelligent Offers
No matter how great your compensation program or compensation software is, you can’t bring it to life on your own. You’re dependent on recruiters and managers to apply what you’ve built in the field, and on Finance managers to approve the proposed offers. But without an easy way to influence every single compensation decision in your organization, you can’t guarantee that what you’ve built will be applied correctly.
Intelligent Offers can guarantee that your world-class compensation program is followed, due to direct integrations with OpenComp Range Builder and Market Pulse. Whether you create professional-grade pay bands for your entire organization, or benchmark compensation to industry-leading market data, the policies that you create will be surfaced at the point of every decision in the offer process.
Intelligent Offers ensures that you never worry about your team accidentally referencing outdated compensation programs, that all decisions safeguard organization financials, and that every offer is equitable relative to your pay bands and benchmarking data.
Accelerate offer approvals with smart workflows built in Intelligent Offers
Even with the best compensation plan on the planet, you always risk losing a candidate if your team doesn’t move fast. Snail pace reviews and approvals can’t be a part of a world-class hiring process.
But speeding up your process is impossible when information and documentation lives in ad-hoc docs and emails. It’s too easy for feedback to get lost, approvals to be mismanaged, and for candidates to get frustrated while they wait.
Intelligent Offers creates the fastest path to sending approved offers via digitized workflows. Approvals begin in Approval Stream, where your recruiter or hiring manager can set up a chain of approvers. As an offer is viewed and approved, the next request for approval is automatically sent. Instead of managing multiple email chains or messages, your recruiter or hiring manager can simply set-and-forget approvals in a few minutes.
As stakeholders view a new offer, they can approve in one click, edit the offer and pass it back down the chain, or collaborate with peers in the in-app Activity Log. The Activity Log records every change or comment about a candidate’s offer, so your whole team is in the know about decisions.
Finally, when you’re ready to send your offer, one click generates an Intelligent Offer Letter. This auto-generated offer letter contains all offer information, including the science behind the offer’s creation, and what it means to be OpenComp Verified.
Are you ready to unify your data, people, and process — while celebrating as more candidates say yes?
Owen Bitas is Manager of Product Marketing at OpenComp and has held roles at Concentrix Catalyst, Honda, and Rover.com. Connect with him on LinkedIn here.