February 22, 2023
How a Positive Candidate Experience Can Lead to Increased Profits and Referrals
According to FinancesOnline, 75% of professionals currently working in their companies were influenced to accept the job offer because of the positive candidate experiences they had throughout the hiring process. A positive candidate experience typically consists of a seamless interview process, a smooth transition from job applicant to new employee, and proper training for employee success. Providing an exceptional candidate experience can assist your company in finding, recruiting, and hiring top quality talent which, in turn, often results in long-term relationships that bring stability and success. Some benefits of a positive candidate experience for your business are:
- Higher candidate engagement and retention
- Better candidate alignment with company values and culture
- Improved employee productivity, morale, and job satisfaction
- Increased brand awareness and positive word-of-mouth
Higher candidate engagement and retention
The overall candidate experience, start to finish, is essential in creating a positive perception of a company. This can lead to increased engagement and retention, resulting in lower turnover rates and reduced recruitment costs. According to Trustcruit.com, organizations offering poor hiring and onboarding experiences are 50% more likely to experience high turnover rates. Companies experiencing high turnover rates negatively impact the company culture, which contributes to a disruptive workplace, reduced competitiveness and often spills over to negatively impact the customer/client experience. Also, high turnover can be expensive for a company because costs associated with recruiting, hiring, and training new employees add up quickly, not to mention the intangible effect of distributing workplace harmony. It is important for your business to strive to provide a consistently positive experience during the hiring and onboarding process to instill positivity, increase recruiting successes, reduce turnover, and improve the overall workplace satisfaction of your employees, new and existing.
In a “Statistical Reference Guide for Recruiters”, Glassdoor reports that organizations that invest in a strong candidate experience improve their quality of hires by 70%. Providing a positive candidate experience will more than likely attract top talent to your business, ultimately resulting in increased retention and job satisfaction.
Better alignment with company values and culture
Imagine walking into the office on the first day with an unclear picture of what the culture looks like. Now imagine that goes on for the entire first week of your onboarding at your new employer. Situations like this can start a new hire off on the wrong foot and result in rapid turnover, as they may never feel sure of what they are supposed to be doing, which can lead to a significant disconnect with their managers and peers. Workplace culture and company values have become an increasingly important consideration for both candidates and hiring managers. It also helps ensure everyone on the team is operating under a shared set of values as they work to achieve strategic goals. Companies and employees alike want to find a mutual, long-term fit and that starts with a positive candidate experience.
A Glassdoor survey that polled over 5,000 workers found that 77% would consider a company’s culture before seeking a job there. In addition, 73% of the respondents stated that they “would not apply to a company unless its values align with [their] own personal values.” A great candidate experience helps provide a deeper understanding of the company’s values, culture, and expectations, enabling candidates to determine whether they would be a good fit in a company from the outset. This type of experience sets a tone of transparency, trust, and inclusiveness, allowing the company to convey to candidates that they are committed to upholding its values and culture, and that it values candidates as individuals, not just as potential hires.
Improved employee productivity, morale, and job satisfaction
Providing an exceptional experience for candidates can have a positive impact on employee productivity and job satisfaction. According to talenthub.com, “if new employees can see that their bosses are passionate and value candidate experience, it will become a catalyst for their motivation”. Candidates who feel valued and respected during the hiring process are more likely to be invested in their new position and success at the company, which can often be seen by increased productivity in new hires to achieve organizational goals.
One of the most important aspects of the candidate experience is the transition from potential hire to new employee. Having a smooth transition including proper training and onboarding, greatly affects the morale and productivity of new employees, as well as existing employees who may have already seen too many prior candidates come and go in a short time. Showing the new employee that the company is organized and wants to provide them with the most support possible is the best way to onboard and will result in increased morale and productivity. In fact, organizations with strong onboarding processes increase new hire retention by 82% and improve productivity by 70%. This, in turn, can help boost the morale and productivity of existing employees by knowing the company hiring process results in long-term, positive and productive new co-workers.
Increased brand awareness and positive word-of-mouth
Lastly, the candidate experience that your company provides affects more than just your applicants; it affects your entire business. When companies provide an exceptional candidate experience, applicants tend to talk about their positive experience with others and post about it online. In fact, a survey of nearly 300 job seekers by Software Advice found that 88% say they’d be more likely to tell others to apply, while 71% would be more likely to buy the company’s products or services, based solely on a positive candidate experience, even if they were not ultimately hired. On the other hand, companies that provide a negative candidate experience results in 59% of candidates telling others not to apply—and 42% would go so far as not to buy the company’s products or services as a result.
Overall, an excellent candidate experience creates a positive impression of your company and results in a more favorable image in the marketplace. Satisfied candidates are more likely to recommend your company and refer other qualified candidates to your company, thus resulting in a more diverse talent base and increased recruitment of candidates. Ensuring your candidates feel valued throughout the hiring process will greatly impact the success of your company and help attract more applicants, as well as increase in brand awareness and positive word-of-mouth.
Providing a superior, positive, and seamless candidate experience can bring numerous benefits to your company and have a significant impact on your company’s ability to attract and retain top talent. It is important for companies to provide a candidate experience that is so positive that the candidate essentially becomes a recruiter helping to find more qualified candidates to bring to the wonderful workplace you have shown, which started on day one. In turn, this should not only increase retention rates, but should also positively impact the workplace and overall success of the company.
A superior candidate experience will help your business make a great first impression on top talent, increasing their desire to work for you, to make the company successful, and even find others to work for your company as well. Some of the best new hires come from referrals made by existing employees. There are numerous reasons and statistics to show why providing a great experience for candidates can benefit your business. To conclude, after having a positive candidate experience and strong onboarding processes:
- Businesses can improve their quality of new hires by 70%;
- Businesses can increase new hire retention by 82%;
- Businesses can improve productivity by 70%; and
- 88% of people say they’d be more likely to tell others to apply, while 71% would be more likely to buy the company’s products or services.
For more information on how to onboard, how to attract talent, and how to stay competitive, check out our blogs here:
How to onboard properly https://mrrecruiter.com/onboard-properly/
How to attract talent https://mrrecruiter.com/how-to-attract-talent-consistently-and-build-your-brand/
How to stay competitive https://mrrecruiter.com/how-to-stay-competitive-compensation/