How A Positive Candidate Experience Affects Company Revenue
January 15, 2019

How A Positive Candidate Experience Affects Company Revenue

Alex Csedrik

Job candidates hope their resume and cover letter separate them from other applicants you’re considering to hire. However, they aren’t the only ones who have to prove themselves throughout the interview process. Nowadays, companies also do.

This is the Age of the Consumer: People can access vast amounts of information in real-time, and it applies to careers, too. Increased transparency because of sites like Glassdoor allows potential employees to learn more about companies, from median salary range to company reviews.

Businesses have had to adjust by reevaluating the candidate experience they’re providing potential employees. Why? Largely because a poor candidate experience affects your company where it hurts the most—revenue.

What Is A Poor Candidate Experience?

Since your company isn’t the only one being courted during the interview process, you need to make sure you’re as ready as your candidates. That means you need to:

  • Be prepared.
  • Show up on time.
  • Speak honestly.

Poor candidate experiences happen when people involved in talent acquisition miss the mark on these tips. You may be late to the interview because you were pulled into a meeting. A poor candidate experience does more than turn off candidates—it also costs your company.

How A Poor Candidate Experience Affects Revenue

For starters, 41 percent of applicants who had a poor candidate experience with a company eschew brand loyalty and avoid buying that company’s products. Additionally, candidates share their negative experiences on social media 34 percent of the time. No one wants their company to lose customers or go viral for the wrong reasons.

Take, for example, Virgin Media, which set out to quantify how much candidate experience affected their bottom line. They found that six percent of candidates canceled their Virgin subscription as a direct result of the interview process, costing the company $5 million annually. The true number is likely larger, moreover, as it doesn’t take into account candidates’ family and friends following suit.

The Benefits Of A Positive Candidate Experience

Fortunately, there are several benefits of a positive candidate experience. Sixty-four percent of candidates with a five-star experience plan on increasing their relationship with a company, whether they get the job or not. Also, candidates tell their friends about a positive interview process more than 80 percent of the time, and post on social media about it 50 percent of the time. That means increased revenue and free advertising.   

How To Provide A Positive Candidate Experience

The good news is, delivering a positive candidate experience is simple. Just follow these two steps:

1. Respect The Candidate’s Time

candidate experience

Time is money, for both parties. Companies lose money on lost manpower because of a lengthy interview process, while potential employees miss out on paychecks. Keep in mind that the longer the process takes, the more likely a candidate will lose interest in the job.

2. Showcase Your Company’s Culture

candidate experience

You should treat interviews as an opportunity to increase brand awareness. Demonstrate to candidates that you value potential and current employees by showing respect throughout the process. While some candidates may not be a good fit, they can turn into a positive brand advocate because of a good experience.

Remember, before you post your company’s next job opening, know how you’ll make your company stand out so you can find cover letters and resumes that do the same.

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