Your executive team looks to the HR and recruiting functions to provide organizational value, and the key method for achieving this is through data. Yet, according to the Lighthouse Research 2016 Talent Acquisition Measurement Practices study, nearly half of companies are either not measuring any data or are relying solely on anecdotal information when it comes to their candidate experience. At the same time, nearly 70% of companies say candidate experience is a critically important aspect of strategic talent acquisition performance.
Today, we’re going to explore seven key metrics for evaluating your company’s candidate experience. This is a valuable practice for supporting your CEO and other business leaders, because this set of tools offers a variety of options for tracking, reporting and evaluating the performance of your recruiting function.
Can you brag about your candidate experience?
Creating a candidate experience we can all be proud of is a worthy goal, and one of the linchpins in the process is the recruiter. The professionals that run your talent acquisition function can make or break your company’s perception in the marketplace as a great employer. From branding and offers to responsiveness and application design, there are many ways these leaders can influence the candidate experience in a positive way.
Mobile Readiness: This metric examines the career site and mobile application process. How easy is it to navigate jobs and apply via a mobile device? We know that most web traffic is mobile-based, so this is a key consideration for companies looking to attract candidates.
Pre-Candidate Experience: Applying for a job is no longer the first contact candidates have with your organization. In many cases, by that point they have already begun reading reviews and learning about your company online. In addition, this KPI can encompass campaign performance to measure the effectiveness of your candidate marketing efforts.
Offer Acceptance Rate: How often people accept your offers tells you how close you are to understanding and meeting their needs during the recruiting process. The more you make offers that are not based on previous conversations or not guided by intelligence gathered as the person moves through the recruiting funnel, the higher your rejection rate will be.
Candidate Readiness: Candidates that are properly primed for each stage of the application, interview and offer processes are going to perform better. Companies with talent communities and other social-based tools can use them to help candidates understand the process, the types of questions that will be asked, etc. so that the candidate is as ready as possible at each stage.
Candidate Satisfaction: This measures the relative satisfaction of candidates during or after the application process and can be handled with a simple 1-2 question survey. Like with many surveys, it is important to baseline the data initially and then measure from there over time to examine trends and fluctuations.
Recruiter Response Time: How quickly the recruiter responds to applicants and their requests is a key part of the candidate experience. If you have ever applied for a job, you know that the recruiter is your single point of human contact and having a bad experience there can flavor the entire experience.
Application Drop Off: When the application process is clunky and unrefined, job applicants do not want to waste their time with the entire process. Candidates do not want to re-enter data that is found on their resume, share irrelevant information or go through other hoops to simply be considered for a position.
Establishing and tracking key metrics will drive value
While these seem like a lot of metrics to start tracking, the important thing is to start with one or two that are highly relevant to your business. Once you have mastered those, you can move up the ladder in terms of maturity. Our research shows that in general, companies have three problems in this area:
- Low measurement maturity
- Lack of strategic focus with measurement
- Highly manual processes
We know that what gets measured gets done. Making measurement a key factor is going to help your organization create a more positive candidate experience, driving value for job seekers, hiring managers, and the business.
Written by: Ben Eubanks, Principal Analyst, Lighthouse Research & Advisory