A great candidate experience has today become the basic requirement for all organizations. Recruiters have to make sure that candidates who become a part of the hiring process do not go away disgruntled with the process. HR managers have to make sure that employees feel good about working in the company. It is essential to know why candidate experience matters so much and what are the benefits of providing a positive candidate experience?
What is Candidate Experience in Recruitment?
Candidate Experience can be defined as the way job applicants react to employers’ recruitment process that includes sourcing, interviewing, offer, and onboarding process. However, it is not limited to the recruitment process itself, as the interactions a candidate has with the company even before applying to a job there can also be classified as a part of candidate experience. Candidate experience has been found to directly impact the recruitment performance, which is why it has become a favorite topic of all talent acquisition leaders these days.
(Also Read: How to Measure Candidate Experience )
The Impact of Candidate Experience
About half of the 7000 job applicants who were surveyed as a part of an IBM research responded that they had some sort of interaction with the hiring company even before applying for the job there. The same research tells that job applicants who failed to receive an offer are 80 % more likely to apply again if they had a positive experience with the company. Here are some other points found in the research that tells us about why candidate experience matters:
Companies incur huge capital expenditure in the form of job advertising budgets and other recruitment costs just to get the best talent out there. With the growing competition, these costs are going to rise even further. However, if your candidate experience is sluggish, all these efforts and expenses are going to waste. As per the research, candidates who are satisfied with their hiring experience are 38% more inclined towards accepting the offer. Thus investing in positive candidate experience can not only increase your hiring rate and quality of hire, but also avoid wastage of time and money.
Candidate Experience matters because it is linked to advocacy
A hiring process has the ability to affect candidates in more ways than one. One of the important outcomes is advocacy. Just like satisfied customers would recommend the product to other people in their social circle, candidates who have had a great experience would be willing to recommend the organization to others. The IBM research tells us that candidates who were overall very satisfied with their experience are 34% more likely to recommend the organization to others also. Thus, positive candidate experience is linked to stronger advocacy.
Best in class Candidate Experience enhances Employer Brand
Candidate Experience is not only about the candidate-recruiter relationship. It extends much beyond as candidates most definitely talk about their experiences. Over 60 percent of the job applicants surveyed by IBM share their experiences with others irrespective of whether they had a positive or negative experience or whether they received an offer or not. This word of mouth publicity will have an impact on the employer brand. Needless to say, positive experience will result in positive publicity which will end up enhancing the employer brand.
Positive Candidate Experience is linked with Increased Sales
The impact of candidate experience is far-reaching and affects areas other than recruitment also. While these may not be the immediate consequences, we must consider them nevertheless. 53% of candidates who have had a positive experience are more likely to become a customer of that company against applicants who suffered a negative hiring experience (only 25% say they will be interested in being a customer). This is glaring evidence that candidate experience can directly impact the business metrics such as sales and since candidates will spread the word around, the results can be amplified.
Given the impact of candidate experience on so many areas, it is imperative for organizations to improve their candidate experience whenever and wherever possible.