Webinar beyond talent what else are you losing during the recruiting process final
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The document summarizes a presentation about improving the job candidate experience. It discusses the annual Candidate Experience Awards competition run by The Talent Board which provides employers feedback on their candidate experience. Data from prior years of over 95,000 candidate survey responses is presented showing things like application times, interview feedback, and levels of candidate resentment after rejection. Five focus areas for improving the candidate experience are discussed: 1) streamlining applications, 2) preparing candidates for interviews, 3) personalizing rejection responses, 4) surveying withdrawn candidates, and 5) minimizing candidate resentment to reduce lost customer revenue. Employers are encouraged to evaluate their own processes in these areas.
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Webinar beyond talent what else are you losing during the recruiting process final
- 1. © TalentBoard 2015 Beyond Talent, What Else Are You Losing During the Recruiting Process? 5 Proven Actions to Improve the Job Candidate Experience March 25, 2015 11 a.m. PT/Noon MT/1 p.m. CT/ 2p.m.ET
- 2. © TalentBoard 2015 Speaker Elaine Orler Founder and Chairman, The Talent Board Founder and President of the Talent Function Group
- 3. © TalentBoard 2015 Agenda Introductions The CandE’s Focus Areas General Questions
- 4. © TalentBoard 2015 The mission of The Talent Board is to facilitate the evolution of the employment candidate experience principally through the annual production of The Candidate Experience Awards. The CandE Awards is a free, annual competition process where: ◦ Employers have the opportunity to benchmark their candidate experience against that of other companies ◦ Employers have the opportunity to participate in a 3rd party survey of their employment candidates to see what their candidates really think of their process The CandE Award process is a competition, but it is also designed to provide every organization that chooses to participate, confidential and specific feedback on how they can improve their candidate experience.
- 5. © TalentBoard 2015 95,000 Candidate Responses 200+ Registered 180+ Completed Round 1 148+ Completed Round 2 62 Winners 2014 CandE Results – By the Numbers
- 6. © TalentBoard 2015 2014 NAM Candidate Experience Award Winners
- 8. © TalentBoard 2015 2014 Candidate Experience Demographics # of resources in TA 0.7% Silent Generation 27.8% Baby Boomer 38.6% Generation X 28.6% Millennial 1.0% Generation Z 50.7% 46.8% Employers By Industry Candidates by Generation Candidates by Gender
- 9. © TalentBoard 2015 Candidate Engagement Experience - Communicated/Shared 2012: 59% 2012: 48% 2012:15% 2012: 23% Inner Circle Social Media 82.8% 65.8% 51% 34.1%
- 10. © TalentBoard 2015 95,684 36,525 5 Lessons from the Edges
- 12. © TalentBoard 2015 User Experience Defined by Users 0.00% 20.00% 40.00% 60.00% 80.00% 100.00% 120.00% 140.00% 160.00% 180.00% 200.00% Less than 5 minutes 5 - 15 minutes 16 - 30 minutes 31 - 60 minutes 61 - 90 minutes More than 90 minutes Application Process Generation Z (born in or after 1996) Millennial Generation (born between 1982 - 1995) Generation X (born between 1965 - 1981) Baby Boomer Generation (born between 1946 - 1964) The Silent Generation (born in or before 1945) Candidate Investment: 16 – 60 minutes Recruiter/Company Investment: 90 seconds Application time had NO impact on candidate experience alone. If a candidate felt they could adequately present their skills and abilities for the position, duration wasn’t an issue.
- 13. © TalentBoard 2015 N= 24,376
- 14. © TalentBoard 2015 1. Application Process • Apply to your own positions • Calculate the number of steps, and duration • Identify ways to ensure the candidate can express their skills • Open ended question: “Is there anything else we didn’t ask that you would like to share related to your work experience?”
- 16. © TalentBoard 2015 N= 19,935
- 17. © TalentBoard 2015 2. Interview and Screening • Set candidates up for success; information about the culture, office style, interview tips. • Provide a way for candidates to connect • Provide specific and relevant feedback
- 19. © TalentBoard 2015 N= 5,838
- 20. © TalentBoard 2015 N= 5,839
- 21. © TalentBoard 2015 3. Candidate Rejection • Update system generated response to feel more personal • Respond by email or phone • Encourage a next step or action from the candidate (apply again)
- 23. © TalentBoard 2015 N= 363
- 24. © TalentBoard 2015 4. Candidate Withdrawal • Define Regrettable and Non-Regrettable candidate withdrawal status • Survey withdrawal candidates for resentment
- 26. © TalentBoard 2015 n=27,083
- 27. © TalentBoard 2015 n=27,087
- 28. © TalentBoard 2015 1,000,000 Applicants per year 10,000 Hires per year 990,000 Rejections per year How you communicate: “You’re good enough to be a customer but not good enough to work here.” Has a serious impact on the bottom line.
- 29. © TalentBoard 2015 $1,584,000 $1,386,000 $1,188,000 $990,000 $792,000 $594,000 $396,000 8% 7% 6% 5% 4% 3% 2% Customer Revenue Impact Exercise: Minimizing Candidate Resentment Each % decrease yields $200,000 in annual benefit Candidate Resentment Rate = The Candidate’s experience as an applicant generated resentment which led them to stop buying products and they shared their experience with friends and family. Estimating the cost of candidate resentment Assumptions: 1. 100% of the people that apply are customers 2. Annual hires = 5000 3. Applicants per hire = 100 4. Rejected applicants per hire = 99 5. Annual rejected applicants = 99 x 5000 = 495,000 6. Negative resonance factor = candidate tells 1 person 7. Total rejected candidate audience = 495,000 x 2 = 990,000 8. Average value of a customer = $20 per year 9. @ 8% candidate resentment rate 10. Lost customers = 8% x 990,000 = 79,200 11. Lost revenue @8% = 79,200 x $20 = $1,584,000
- 30. © TalentBoard 2015 Your Turn: www.hireright.com/calculator Estimating the cost of candidate resentment 1. 100% of the people that apply are customers A. Annual hires = ___________________ B. Applicants per hire = ___________________ C. Rejected applicants per hire = (B – 1) __________________ D. Annual rejected applicants = (A X C) __________________ 2. Negative resonance factor = candidate tells 1 person E. Total rejected candidate audience = (D X 2) ________________ F. Average value of a customer = $__________________ 3. @ 8% candidate resentment rate G. Lost customers = (8% x E )= ___________________ H. Lost revenue @8% = (G x F) = ______________________ 4. What is the amount for 10%, 5 %, 3%?
- 32. © TalentBoard 2015 Elaine Orler E: elaineorler@thetalentboard.org D: 858-748-3136 Twitter | LinkedIn | Facebook | Skype | Google+ ““elaineorler” Hosted and Sponsored by: HireRight www.hireright.com 800-400-2761 Twitter | LinkedIn | Facebook | Google+ “HireRight” “HireRight, Inc.” Thank You