Measuring ROI Candidate Experience

Every piece of your company’s recruiting process informs the candidate experience. A captivating encounter with your organization can inspire talented professionals to apply for your open positions.

A great candidate experience starts from the moment a job seeker comes across your brand–and encompasses everything up to the final job offer or rejection letter. It’s integral to the success of your recruiting program.

With so many moving pieces involved in the hiring process, candidate experience can be difficult to effectively measure. But given its importance in the success of your recruiting program, calculating its ROI is key.

ROI, though, isn’t always defined by hard dollars. The advantages of a great candidate experience often consist of cost savings and similar soft benefits such as improved brand reputation. Here’s how you can meaningfully assess your candidate experience:

1. Track application conversion

According to the Society for Human Resource Management, long application processes drive candidates away. Citing multiple studies, SHRM found that lengthy questionnaires and multiple requests for written answers are viewed negatively by all candidates.

Ironically, many companies with longer applications implement them purposefully, hoping that the time commitment will filter out unqualified candidates. In reality, a tedious application can turn off even the most enthusiastic job seeker.

Measurement: Track your conversion rates to see what affects your efforts to improve candidate experience have on the time candidates spend in the pipeline.

2. Read your reviews

Take the guesswork out of candidate and employer impressions. Using websites like Glassdoor, your current and past employees can voice their opinions about what it’s like to work at your company. Good and bad, it’s all available for the public to see.

Take the time to carefully read through your organization’s reviews, and try to spot trends. What are people saying about your recruiters and hiring managers? Did they find your application easy to follow? Could they access it from a mobile device?

Measurement: Glassdoor gives your company a star rating. Keep track of how it changes as you adjust your candidate experience.

3. Consider your profits

According to LinkedIn Talent Solutions, companies with a strong employer brand see a 28% reduction in turnover. Meanwhile, SHRM found that companies spend an average of $4,129 per new hire.

The connection is clear – a better candidate experience leads to higher retention rates, and thus lower recruitment costs. In the long run, an optimized recruitment program can save your company money and increase your profits.

Measurement: Monitor how much your organization spends on recruitment. Lowering your turnover rate can help you gain cost savings.

4. Consult your customers

Though often viewed as two distinct groups, your customers and your job applicants often cross over. People who have a negative experience with your brand may be less likely to buy from you in the future. Likewise, job seekers who have a negative experience may tell others about it, causing a cascading effect.

Measurement: Survey your customers about their opinions on your company. Try to find out if they’ve heard negative comments from people who have worked for (or attempted to work for) your organization.

To learn more about how JazzHR can help you deliver an amazing candidate experience, schedule a free demo today.