The shocking price of poor candidate experience

Many companies are evaluating the experience of candidates to consider the impact on not only their talent management initiatives but the impact on their revenue and profit.  

"Tens of thousands of people apply for a position at the company every year. From the total number of applicants in 2014, our research showed that 18% were existing Virgin Media customers. What we gleaned next laid bare the shocking cost of poor candidate experience: of that 18%, more than 7,500 candidates cancelled their subscriptions and switched to competitors including Sky.

7,500 customers – at varying subscription levels – equated to roughly £4.4m in lost revenue, or nearly the entire sumof Virgin Media’s HR budget. Rejected applicants and those who felt the brand offered a negative experience had no problem switching to a competitor, proving that poor candidate experience can jeopardise customer loyalty and hurt a brand’s bottom line."

Ouch! Have you considered the cost associated to a bad "candidate experience?" It might be shocking.

"Power is shifting from employer to employee. It’s the job of today’s savvy company to create experiences that will not only attract candidates, but keep them excited and engaged along the entire candidate journey."