Last week Talemetry hosted a webinar with Madeline Laurano of Aptitude Research Partners. Madeline shared her insights into what 2018 talent acquisition trends would matter and her recommendations for leading organizations to get the most value from those trends based on Aptitude’s primary industry research.
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.
Yesterday we had the great benefit of hearing from Jade Bourelle, CEO of Talemetry and recruitment marketing industry leader, and Kevin Grossman, President of the Talent Board, discuss the real return on investment (ROI) of the candidate experience and how companies can improve upon it.
Strategic recruiting organizations can work with a complex cadre of talent acquisition software vendors: employer branding and candidate experience platforms, resume databases, job ad distribution tools, job board posting integrations, recruiting agencies, candidate engagement and CRM tools, and the like.
We’ve just returned from the HR Technology Conference 2017 and it was great to see the innovation and focus on talent acquisition and more specifically recruitment marketing. We had so many talent acquisition leaders, marketing leaders, and HRIS operations leaders stop by our booth to talk about recruitment marketing and how they can make improvements.
Our research team has been studying application processes and have found that many organizations see as little as 10-30% application completion rates. Companies are making huge investments to attract and recruit candidates, typically $3,500 - $4,000 per candidate. So to make the investment to attract candidates to your career site, but then see only 10-30% of candidates actually complete applications isn’t exactly the ROI that CFOs are pleased with. Studying the process from when candidates reach your career site through completed application is an opportunity to make significant impact to the number of candidates and the ROI of your talent acquisition investment pretty quickly.
Meet Jim. Jim is your next great candidate who is going to fill that hard to find role. Jim has a middle manager level job as a business analyst in finance. He’s been at his company for 7 years. His job is okay, but not challenging him. He earned his MBA a couple of years ago, he’s itchy for new responsibilities. He knows he’s capable of making a much bigger and broader contribution to his company’s success. But he’s pigeonholed in his current job. His superiors are not going anywhere and there is no opportunity to move on or move up.
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.
As recruitment marketers, we tend to split our disciplines into artificial segments like employer branding, candidate experience, recruitment CRM, candidate attraction, etc. Of course this is necessary in order to understand the building blocks of successful recruitment marketing.
That said, these divisions don't really exist if you are practicing high level recruitment marketing.
Talemetry recently agreed to sponsor The Talent Board's Candidate Experience Awards for 2017. Talemetry's Silver Sponsorship showcases our commitment to helping employers understand the technologies and strategies that lead to a more positive, transparent, and insightful candidate experience from a candidate’s first interaction and throughout the application process, interview, disposition, and onboarding stages.
Topics: candidate experience