When is the last time you applied for a job? Did you hear back from the company or recruiter for that position? Recent and close-to-home experience says we’ve heard from a recruiter exactly 0% of the time. Candidates also experience poor experiences throughout the recruiting process, oftentimes in the rejection stage. My colleague Erin Peterson provided advice for overcoming these poor experiences earlier this year.
Fast forward to December 2019: the season of the lowest unemployment rates in more than 5 decades and Black Friday becoming the second-largest online shopping day in history (only second to 2018 Cyber Monday). Poor candidate experience can have a significant impact to the business.
Are your candidates also your customers? According to the Talent Board, approximately 12% of candidates will take their product purchases elsewhere thanks to a poor candidate experience. Consider this impact to your business, for example:
- You reject 100,000 applicants a year
- If the rejection is handled poorly, each person tells (at least) 1 person to take their business elsewhere. At this point, you have an audience of approximately 200,000 “rejected candidates”
- The value of each customer = $100
If 12% of this rejected candidate audience takes their business elsewhere, you have lost $2.4M.
So, if all our candidates (and organizations!) want for the holidays is a great candidate experience, is that on your priority list for 2020? Some of our savvy clients are taking the leap in 2020. Are you?
Read more about the Talent Board’s Resentment Calculator here.