If the way you rejected candidates was costing your business as much in lost revenue as the hiring process itself, wouldn’t you want to do something about it?
In order to save money, some companies will be pulling in the purse strings following the Brexit result, but it’s inevitable that recruitment will continue; whether through internal restructures, requirements for new projects, or replacement of staff due to retirement or staff churn.
But what if, whilst trying to cut back on ‘unnecessary’ spend or projects, you were actually costing your business more by leaving things the way they are?
I’m thinking back to a meme that seems to do the rounds on LinkedIn every so often that reminds me of this very situation;
“CFO: What happens if we train them and they leave? CEO: What happens if we don’t and they stay?”
Although a made-up scenario, this demonstrates and reinforces the point I have raised; that by not investing where necessary, you can actually do more bad to your business, than what good would come from stopping investment.
“A poor candidate experience is the silent killer for a business’s revenue stream; it can take revenue away without the business having any understanding as to why it is happening.”
I read a great article that talked about the damaging effects of a poor candidate experience on Virgin Media’s revenue. In a study called the ‘rejected candidate survey’, it was found that, as a result of not investing in an effective candidate experience, “roughly 7,500 of the total number of applicants to Virgin switched to a Virgin competitor as result of a poor recruitment experience”.
This cost Virgin around £4.4 million in lost revenue.
This solidifies and reinforces the message that we, as a recruitment solutions provider, have been driving forward to our customers for a long time. The recruitment software that we have developed and refined over a number of years has all of the necessary features to allow our customers to provide the best candidate experience, reducing or removing the risk of lost customers as a result of the recruitment process.
A poor candidate experience is the silent killer for a business’s revenue stream; it can take revenue away without the business having any understanding as to why it is happening. What’s more, that revenue isn’t just disappearing; it’s going to a competitor!
Now is definitely the time to consider whether or not your candidate journey is doing your business justice… or it is costing you customers?
See how this affected Virgin Media in more detail -