With a 2.1% unemployment rate, the financial services and insurance industries face dire challenges in terms of recruiting now in late 2017. The industry as a whole is faced with significant regulation and compliance, wide supply and demand talent shortages, and a real revenue-impact related to the candidate-consumer experience.
Did you know that after a poor candidate experience ‘41% of candidates will take their allegiance, product purchases and brand relationships elsewhere because of it’? So you have the ability to impact not only your talent acquisition success, but also your company’s bottom line.
The candidate experience offered by an organization provides a unique opportunity to address these industry-wide challenges and really separate the market leaders from the followers.
Here are two specific ways that you can improve your candidate experience from the recruitment marketing lens.
Consumer Quality Content
Every candidate who views a job ad, responds to an email, clicks through a social job posting, speaks with a recruiter, or otherwise hears about an open opportunity, ends up on an organization's corporate career site.
It is important that the career site is able to quickly cater to your most important or sought after talent segments. This compelling experience should include relevant job and content recommendations, geo-personalization, and make it easy for the right talent to find the right available jobs.
Investing in providing better content and a consumer-candidate experience represents significant potential for increasing quality candidate flow. Increasing the visitor to applicant conversion rate by just one point from 3% to 4% results in 1/3 more applicants (trust us, the math works).
Additionally, large financial institutions have been able to document seven-figure impacts on bottom-line revenue as related to providing future and current customers with a more satisfying candidate experience.
Furthermore, in today's world of low unemployment and hard to hire specialized talent, dated and clumsy career sites and complicated applications destroy employer brands. Financial service companies looking for the best and brightest can and should have a slick website, compelling videos, and killer benefits. But if the first and only way for the candidate to engage with the company is an employment application that feels like a late 90s loan application, all brand goodwill disappears.
Your application process has to be compliant, but that doesn’t mean that it needs to put every applicant through an excruciating and painful process. Your application process should be an easy-to-use consumer quality candidate conversion process.
Some simple fixes include 1) Removing registration requirements 2) Cater to any person on any device (mobile, tablet, traditional) 3) Automatically capture remarketing opt-in without the need to ask for candidate information twice. Tips like these and more can be found in our Candidate Experience handbook.
Talemetry clients, including some of the world’s largest financial service organizations, who have implemented these smart fixes have seen a documented increase of quality applicants. One Talemetry client, a global financial institution, was able to increase applicant conversion rates by 87% by making the application process easier.
For more information about recruitment marketing technology challenges, strategies and initiatives for 2017, download our 2017 Recruitment Marketing Survey results here.