Calculate the potential revenue you lose and can potentially save with Candidate Experience.
This exercise is for businesses where candidates are also (potential) customers.
First we need to understand how many rejected candidates we have on a yearly basis,
Next up we look at the candidates who have had a negative experience (detractors). You might know this from your own data, but our data shows on average 45% of rejected candidates are detractors.
Research shows that around 41% of candidates who had a negative experience will avoid doing business with the company.
If we multiply this by the average yearly spent per customer, we understand the potential revenue lost because of Candidate Experience. Either from candidates who are already a customer or candidates that will avoid becoming a customer in the future.
Don't know the average spent? Your colleagues in finance might know this number.
Now, if we take actions to improve the Candidate Experience and decrease the number of detractors, we can calculate its business impact. Starred customers, on average, decrease the number of detractors by 10% in the first year.
Of detractors said they would tell their friends about it. Multiplying the number of detractors by a lot.
would not apply again after a bad Candidate Experience, decreasing your talent pool.
times more likely are candidates to apply again if they had a good experience.