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Negative Hiring Experiences Cost Companies Millions

Posted by Damon Ankers on 20-Apr-2017 10:00:00

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Are you putting candidate experience at the heart of your recruitment process? Employers who refuse to prioritise their candidate journey could be irreversibly damaging their brand and hampering business profitability. 

 

A bad hiring experience can have more repercussions than you may initially think. High workflow drop off rates and dwindling levels of repeat applications are just the start.  

With the continues rise of social media candidates have the perfect medium to amplify their voice and share their experiences with the world. In fact, 33% of candidates who've had a bad hiring experience plan to share their frustrations online

All it takes is one viral review to create thousands of negative preconceptions of a brand. Brand matters in business with a recent PWC report finding that 35% of people ranked 'trust in a brand' amongst their top influences when purchasing from an organisation. 

The truth is poor candidate experience could be effecting your bottom line. Having to fix brand perception is an expensive and difficult rescue mission making candidate experience critical to business performance. 

In a candidate driven market attracting and recruiting top talent can be difficult. Unfortunately not every job advert that's placed will attract a pool of perfect applicants. However, no matter the quality of response the approach and candidate experience should remain consistent. Whether its a vacancy for a cleaner or a C-suite executive it's imperative to provide a positive, consistent candidate experience.  

With post Brexit consumer confidence still low, brand perception remains key to consumer buying decisions in which employer branding plays a crucial role.

A study conducted by PH Attraction revealed that one in four British jobseekers have either entirely stopped purchasing (12%) or purchased less (11.5%) from a brand because of a negative candidate experience. The effect on the bottom line was made clear with a study conducted on Virgin Media, poor candidate experience cost them 4.4 million in revenue in 2014.

In a survey of 826 job seekers and 374 HR professionals conducted by Career Arc, 72% of candidates who have had a poor application experience have shared the negative experience with someone directly or online.

Adding further weight to the argument a study conducted by job board Monster found that 65% of candidates who had a positive experience would go on to tell friends and family about their experiences and 51% would be more likely to use a company’s products or services.

As the working demographic changes (Accountancy firm Deloitte predicts that by 2025, Millennials will make up 75% of the workplace) the need to hire and train young talent increases. 

As our future workforce, it's important that the employer brand appeals to them. We must master attracting, training and ultimately retaining young talent within our businesses for the future.


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Topics: Recruitment, Sponsored advertising