Survale clients benefit from candidate experience research every day as they automatically gather feedback from job seekers at each stage of the hiring process. We’ve aggregated some of that data (and much more) into a new whitepaper detailing how to calculate the ROI of actively managing the candidate experience.
Candidate experience research shows that improving candidate Net Promoter (cNPS) Score provides improvements in hiring outcomes. A Brandon Hall Group study found that organizations that prioritize candidate experience have a better quality of hire, with a 70% increase in the likelihood of hiring a top-quality candidate. IBM found that candidates who had a positive experience during the hiring process were 38% more likely to accept a job offer. And Job Seeker Nation reports that 56% of workers would share a positive experience applying for a job with an organization publicly or with their personal or professional network.
Each of these benefits would suggest a significant ROI for investing in improving candidate experience. Based on work with clients and prospective clients, Survale’s Candidate Experience Return On Investment whitepaper breaks the ROI for candidate experience management into three main areas where organizations can gain the most efficiency within their candidate experience improvement efforts. Then it walks through the process of quantifying those gains in dollars and cents. The three areas are:
- Employer brand optimization. The stronger your employer brand, the less resources it takes to attract and retain employees. And the less you have to “over pay” to fill key positions.
- Automation of candidate experience data collection. When feedback is gathered automatically, manual labor is virtually eliminated. And, in the case of Survale, the previously impossible task of getting real time feedback after each stage of the process is enabled.
- Decrease in year one attrition achieved through candidate experience management. Most year-one attrition occurs within 45 days of hire, so candidate experience is still very fresh in the candidate’s mind. And they combine that recent experience with their onboarding experiences, which are even more crucial to retention.
Candidate Experience Research Should Be Ongoing and Specific
When I say Survale clients benefit from candidate experience research every day, I mean that they are constantly receiving data about how their candidates are experiencing their hiring and onboarding processes. They are listening to candidates at scale and applying what they learn to improve the people, processes and technologies used to hire great employees.
Whether it is altering communications, reconfiguring technologies, changing strategies, retraining interviewers, or any number of other facets of recruiting, each of these optimizations are data driven and improve both candidate experience and hiring efficiency as a whole.
All those efficiencies add up to major improvements in things like better quality of hire, stronger employer brand and higher retention. While those things can be difficult to quantify, Candidate Experience Return on Investment provides a roadmap to follow to translate these important gains into monetary terms anchored in accepted candidate experience research. This approach can be used to justify investments in programs and/or technologies that improve the experience for candidates, as well as new hires and even recruiters.
Candidate Experience Return on Investment can be downloaded free here.