Finding top talent and connecting with candidates is more costly and more time consuming than ever before. It’s estimated that in the U.S. alone, organizations spend more than $160 billion annually in recruiting for open positions. SHRM reports the average cost per hire is now at more than $4,100. And in 2015, Deloitte put time-to-hire at an average of around 52 days—up from just 19 days in 2000.
Recruitment marketing has rapidly evolved and grown from being a nice to have to a core talent acquisition function, as well as a necessity to build proactive pipelines of well-qualified candidates.
The earliest adopters were pioneers in the industry, working with disparate systems and processes. These early adopters were critical to the evolution of now maturing functions. Early adopters may have had one product for social recruiting, another system for email marketing, painstakingly difficult databases of “bought” candidates with extremely limited and out-of-date data -- yet a desire to do it all better.
70-80% candidate drop off. That’s what many companies find in their application conversion process. Just think about it. All the investment your company has made into recruiting, and you’re losing 70-80% of your candidates once they get to your career site.