Are you confident that you are doing everything right when looking for great talent? You might not be measuring the right metrics. What it means to be a customer today has changed. Likewise, candidate experiences are radically different from what they used to be. The satisfaction of a staffing firm (specifically their clients and their candidates) matters in the new world of work. There is a direct correlation between customer satisfaction and revenue growth. New technologies are emerging in the staffing industry that actively enables staffing firms to measure better, track, and promote a positive customer experience in real-time. The firms that can act on that feedback are the ones who can recruit the top talent.
Here are 4 key indicators that you are creating a candidate experience that is driving positive outcomes.
1. Ghost Rates
Ghosting, a term coined from modern dating communication styles, refers to the sudden loss of contact with a candidate with whom you had been previously corresponding. It can happen at any stage of the recruitment process. But according to research from Randstad, a survey found that 43% of Gen Z candidates had accepted a job but reneged on their offer before their first day. In other words, they “ghosted” their future employer to accept a different job or pursue a different path.
While this might be a trend easily blamed on a strong labor market, this can also be accounted for by measuring candidate experience. If an applicant has a negative application experience, they are more likely to change their mind before investing in an employer who doesn’t respect their time or person. So if you notice your candidates “ghosting you,” that’s a strong indicator that their experience isn’t compelling enough for them to stick around to see what their employee experience is like.
2. Time to Hire
Similar, time to hire can be a clear indicator of your candidate experience. If it generally takes longer to find someone to fill a good role, that is a good sign that your candidates are looking around at other jobs as they aren’t 100% on board with the one they’ve applied for with your company. Of course, if your time to hire metrics shows very short application timelines, that might be a red flag as well. It shows desperation on both sides of the interview table, and you run the risk of hiring someone too quickly who may not stick around for the long term. Try to strike the right balance between the two timelines for long-term hiring success.
3. Successful New Hires
An obvious metric for measuring a great candidate experience is how many candidates you hire in a year. If the work rate is roughly the same, are you doing better or worse than the year before? What has changed? Are those hires strong? Looking at those indicators will help you re-focus your efforts in 2021.
4. Retention Rates
How many of your employees have chosen to stick with you as their employer last year? Retention rates, especially those of recent new hires, are another important metric to measure your candidate experience. The fact is that many professionals have lost their jobs recently in what was a tumultuous year. Many were looking for work, even if it wasn’t the work they wanted, or the experience they wanted, for the long term. How many of your hires are still with you? If your retention hasn’t been great, consider what happened within your control and consider making some adjustments.