Trying to measure the business impact of candidate experience is like trying to nail Jell-O to a wall.
Or at least it used to be, until The Talent Board came up with this Candidate Experience Resentment Calculator.
The calculator assumes that the candidates who apply to your jobs are also potential customers and/or influencers (i.e., they influence other potential candidates’ decision to apply and work with your firm). Then, using your annual hires, average applicants per hire, and the average value of a client, the calculator estimates the revenue you stand to lose from disgruntled candidates who don’t get hired.
Personally, I would’ve liked to see a more positive spin on the tool. But at any rate, the calculator illustrates how important candidate experience is to your staffing or recruiting firm’s bottom line.
For years, our team has written extensively about the same topic. In fact, here are three earlier posts to help you measure – and improve – candidate experience to improve loyalty, build your employment brand, attract better talent and more:
You can’t place – or please – every candidate who applies with your agency. So, how can you gauge how well your business is liked – or resented? This post explains why knowing your Net Promoter Score is the first step in protecting your company’s reputation (and your bottom line!).
If your company is only measuring customer service by the number of complaints it receives, it could be in big trouble and not even know it. Remember, not every customer will take the time to send you feedback on their negative experiences! Learn the key metrics needed to measure how shareworthy your service truly is.
Note: While this post is geared toward measuring client satisfaction, it’s relevant for candidates, too. Remember, the candidates you don’t place today may wind up becoming future clients – so it’s important to view their experience through the same lens.
Treating your candidates like customers isn’t just “nice” or “the right thing to do.” It’s smart business! With as tight as talent markets have become, a consistently shareworthy candidate experience will set you head and shoulders above your competitors. This post explains three important business reasons to treat candidates like customers, and shares tips for preventing resentment – and maximizing candidate satisfaction.
How shareworthy is your candidate experience?
It’s a seemingly simple question, but the answer could have a massive impact on your staffing or recruiting firm’s success. So don’t leave your service experience to chance. Don’t guess at how satisfied your candidates are. Be intentional. Be proactive. Gather feedback. Measure. Benchmark. And then do everything you can to create experiences that amaze your most important asset – your people!