A couple of years ago, it was considered that instead of focusing on candidate experience, businesses have to hire quickly and at a low cost. And this was one of the trends for those days. Need to comprehend that this strategy is really beneficial for businesses the same as it sounds, or generate more problems. As a result, this strategy is influential for the short term while it will hurt the business’ bottom line in a long time. In research, it has proven that Candidate Experience not merely for marketing strategies it also provides better ROI to the business.
[Note:- What is ROI? ROI stands for Return on Investment. It is simply the ratio between the net profit and the cost of investment.]
IMPORTANCE OF CANDIDATE EXPERIENCE
Candidate Experience covers the overall association and involvement that the candidate will confront throughout all the stages of the recruiting approach of the company. From beginning to end, i.e., from application submission to employee onboarding, entire steps from which candidates go through are considered as Candidate Experience.
Following points can choose to measure the Candidate experience :
- Hiring time
- Feedback management
- Screening and shortlisting
Currently, many companies donate resources to serve a better Candidate Experience.
For Candidate who is willing to join the company, Candidate Experience is a magnificent image of the overall experience of being employed at that company. 68% of candidates believe that how the company treats during the hiring process is a reflection of the way they treat their employees. Hence, the image of the company in the market depends on Candidate Experience too; negative review leads business toward the down graph. In contrast, a positive review can help your business to boost customer aggregate.
As we got to know, why Candidate Experience is a critical aspect for the business and how a single review can make or break the business reputation. Improvement in Candidate Experience is across the marketing; it will also bring positive ROI
CANDIDATE EXPERIENCE AND RETURN ON INVESTMENT
Research shows that by providing an outstanding Candidate Experience, the business can collect better ROI at each hire. 98% of clients stated that “Improvement in candidate experience will improve the quality of Hire“. But how does it improve ROI? It is about the basic human emotion that is Happiness: happy employees are 12% more productive and creative compared to unhappy employees. The higher contribution of the employees ultimately leads businesses to gain maximum profit. It is also about the different areas that provide better ROI by investing in the improvement of Candidate Experience.
Let’s discuss three main areas that impact the bottom line of the business through the right Candidate Experience.
- Better Candidate Experience will Increase the Conversion
- Establish an excellent Employer Brand
- Candidate Experience means Growth in Revenue.
Better Candidate Experience will Increase the Conversion :
One of the crucial areas for Candidate Experience of ROI is known as Conversions. If the business is looking for the Candidate acquisition efforts, as a consequence, candidates visit a business website either for reviewing job positions, researching on your company, or applying for the job. Here the conversion takes place when visitors convert into the applicants, as per the recent data from iSmartRecruit that all 1.9% visitors convert into the Candidates who visited the career page. As much, the number of visitors will increase, maximizing the conversion rate. And overall it will amplify per cost of applicants. Hence, businesses can collect a massive amount by providing the right Candidate Experience.
Establish an excellent Employer Brand :
Bad review regarding candidate experience on your career site or social media through an ex-candidate can destroy the goodwill and reputation of your brand that you built. It has been admitted that the strong employer brand will help to get the best talent quickly. According to the survey done by LinkedIn about the cost per hire statistics, the cost per hire of influential brand companies is less than a half of moderate brand companies. So, by investing in the improvement of Candidate Experience to establish an excellent employer brand, businesses can save a large amount of cost per hire.
Candidate Experience mean Growth in Revenue :
Many companies treat candidates also as a customer. If the candidate experience is terrible, then it may cause a loss in sales. According to the conducted survey, 42% of candidates who go through a bad experience are preferred to buy that company’s service while the rest are not. Moreover, 34% of candidates convey their friends and family not to buy from that particular company. Better Candidate Experience derives business toward the revenue generation. Hence, if your business needs extraordinary revenue growth, invest in improving the Candidate Experience.
Above area will give Mind-Blowing ROI by Investing in the Candidate Experience.
HOW TO IMPROVE CANDIDATE EXPERIENCES
Businesses can improve Candidate Experience even without a significant investment of time, money, and resources. The following are the tips that businesses should follow for improving the Candidate Experience.
- Don’t waste the time of the Candidates.
- Determine the clear expectation
- Feedback process from both the side
- Every stage of the process must be clear
- Be responsive
- Mobile friendly process
- Provide Self-service portal
[Note: Self-Service Portal is where Candidates can perform several operations themselves such as self-registration, tracking application status, verify interview schedule, etc. that serve an excellent Candidate Experience.]
To build an excellent employer brand so the business can get Mind-Blowing ROI, the better Candidate Experience is the best way. It will give an immediate output. When the company invests in Candidate Experience, but in actuality, they are saving their money. Calculation of Candidate Experience ROI depends on the type of business, that requires complex analysis.
Unpleasant candidate experience will always harm the bottom line of the company. Therefore, you can explore an opportunity to start with Recruiting CRM Software and ATS that carries out all required features that improve the Candidate Experience and allow your business to get Mind-Blowing ROI.