The candidate experience—every interaction between company and candidate that happens during the hiring process—is growing in impact. From the number of applicants your company receives, to cost savings and revenue generation, key performance metrics are directly influenced by your candidate experience.
Here are six data-driven justifications for obsessing over candidate experience and making it a key part of your recruiting strategy.
1. Poor Candidate Experience Causes Customer Churn
Forty-nine percent of job candidates have had a past relationship with an employer. In practice, a portion of applicants often come from a company's existing customer base, with positive product and service experiences driving applicants' motivation to work for the company. The same principle works in reverse: poor candidate experiences cause customers to churn.
In 2015, Virgin Media received approximately 150,000 job applications, translating into 3,500 new hires. The company estimated that 27,000 (18%) of those applicants were also customers—and that poor candidate experiences led 7,416 those applicant customers to churn from Virgin Media.
Poor candidate experience ended up costing the company approximately $6 million in lost revenue in a single year.