Yes—this is not a buzzword. A real thesis. A full research study written by a Survale client that connects candidate experience to company revenue.
Antonio Arias-Lopez leads talent acquisition at Tipico, a global sports betting and casino business based in Malta. As part of his Master’s program at the Frankfurt School of Finance and Management, he wrote his thesis on a subject most recruiting teams only talk about: how recruitment candidate experience impacts money. Real money.
The paper, titled The P&L Impact of Candidate Experience, uses over ten years of research and live data from Tipico. It shows how a good or bad hiring experience changes how much money a business can make—or lose.
Not Just Theory—A Business Reality
Most hiring managers have heard about the Virgin Media case study. It’s often the go-to example of how a bad hiring process can hurt sales. But that story is now old. There’s been little new research to show clear numbers behind the ROI of candidate experience—until now.
Arias-Lopez fills that gap. His paper is not just a deep dive into theory. It builds a clear link between candidate feedback and P&L responsibility.
This is about real business impact. Not just satisfaction scores. Not just recruiter performance. But how the way you treat people during hiring affects whether they ever spend money with you—or walk away for good.
The Power of a Candidate Experience Score
At Tipico, Arias-Lopez used Survale to track experience feedback at every step. He gathered short, event-based responses from applicants. Then he matched those scores to actual business impact.
He also used benchmark data from the Talent Board’s CandE program, which Survale clients can access automatically. This gave him a full view—how Tipico compared to others, and how internal experience scores matched up to real-world revenue.
Even though Tipico had a strong candidate Net Promoter Score of +26, the research showed that bad experiences still had cost. In one year alone, the estimate was nearly €3 million in lost value from people who had poor interactions with Tipico’s hiring process.
That’s just one company.
And that doesn’t count Tipico’s network of over 1,000 franchise locations, which often don’t have strong recruiting systems. The damage there could be even bigger.
Why Candidate Experience Affects Revenue
So why does this happen? What does a job seeker’s experience have to do with company profit?
Here’s what the paper explains:
- Candidates are customers too: Many people who apply for jobs already know your brand. If they get treated badly, they may stop using your service or product.
- Bad experience spreads fast: Poor hiring feedback often gets shared—online or offline. That harms reputation. It can reduce future applicants and hurt trust in the company.
- Missed hires mean missed output: Bad hiring systems can turn off great candidates. That means missed talent. It also means higher turnover, lower productivity, and extra hiring costs.
This isn’t just theory. It’s what happens when hiring is not managed well. The best candidate experience leads to better hires and more loyal customers. The worst ones do the opposite.
Building a Plan to Measure It
The thesis outlines a step-by-step way to map candidate experience to business outcomes. It covers:
- Defining candidate experience clearly
- Measuring it at every stage using real-time feedback tools
- Comparing scores to benchmarks from trusted sources
- Connecting experience to revenue, retention, and brand trust
- Using this data to guide changes in people, process, and technology
This becomes a working model for teams with P&L management roles. It shows where to act, what to measure, and how to tell if hiring changes are paying off.
The Role of Hiring Managers
This is not just a job for HR. Hiring managers play a key role. They are part of the experience. The interview questions, the follow-up (or lack of it), and the timing all matter.
That’s why feedback isn’t just from the candidate. Survale also gathers insight from managers and recruiters. This gives a full view. The data shows where support is working and where it’s falling short.
Feedback = Growth
At the end of the day, this research is a guide. It takes data that many companies already collect and shows how to use it better. The paper shows that even with solid hiring systems, there is room to improve.
If candidate feedback leads to better processes, that will also lead to better hires. And over time, better hires lead to stronger teams, less churn, and better customer service. That’s a path to more revenue.
Too often, hiring is seen as a back-office task. This thesis proves it belongs in front-office planning. It affects cost. It affects brand. And yes—it affects profit.
Want to See the Thesis?
To read the full research paper The P&L Impact of Candidate Experience by Antonio Arias-Lopez, click here to download it.
FAQs
Why is the candidate experience so important?
It shapes how people see your company. Good experiences lead to stronger hires and brand loyalty. Bad ones lead to lost trust, sales, and future talent.
Which activity is considered part of the candidate experience?
Everything from the job post to the final offer. This includes the application, interviews, emails, and even rejection letters.
What is a good candidate experience score?
A strong candidate Net Promoter Score (NPS) is +20 or higher. Scores below zero often mean the process has key issues.
What is the overall experience of the candidate?
It’s the full path a job seeker takes—from first click to final decision. Every touchpoint matters. It shapes how they feel about your team and your brand.
