Ever heard that line ‘what goes around comes around’? We live in a transactional world where increasing customer value and satisfaction leads to more loyalty. Improved work culture results in better productivity and lower attrition rates. And better candidate experiences lead to … Hold on. You do keep track of your ‘candidate experiences’, right? No? Well, in that case, it’s high time you begin.
Candidate experience is a commonly shopped term, particularly in the HR domain. In short, it refers to the encounters prospective candidates experience with an organization, primarily during the sourcing, recruiting, and interviewing phases. And in just a minute, you’ll see why ensuring a positive ‘candidate experience’ is extremely important.
A survey conducted by Talent Board found that 61% candidates who had a positive experience would encourage their colleagues to apply to the organization. And 27% of individuals who reported a negative experience would actively spread the word and discourage others from applying. Glassdoor is a well-known employer review site where employees & candidates voice their experiences with various organizations and according to research by The Talent Board, 76% candidates researched an organization before they applied. In fact, most of them read an average of six reviews before their first association.
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As an organization looking for top talent, you aren’t just losing good prospects from applying in the future, but you’re also losing out on what could’ve been or already are, loyal customers. About 40% candidates who have had a bad experience with an organization are less likely to buy their products or services. In 2014, Virgin Media surveyed candidates who had been turned down for employment in the past. The results were astounding. They learned that about 18% of the candidates were previously their customers, 6% of whom turned to their competitors after a poor candidate experience. This translated to roughly £4.4 million in lost revenues.
The costs of a bad candidate experience have evaded many companies in the past. But as with everything else, there comes a breaking point and then a tectonic shift. With increasing job opportunities and growing transparency, employers need efficient and dedicated employees just as much as they need loyal customers. And oftentimes, the journey to that stage begins at the top – right from the recruitment process.
If you haven’t already begun, now’s a good time to take stock of your current Candidate Experience. What are previous candidates saying about you? Have they expressed any thoughtful criticism or appreciation on the sourcing and interviewing process? Sending out a follow-up survey or email is a good way to start the process.
And while you’re at it, keep your eyes peeled for our next post, where we’ll be talking about different ways to improve your candidate experience.