As we head into the last few months of 2019, businesses are becoming introspective as budget and planning work for the upcoming year begins. Talemetry strategically releases the Fortune 500 Conversion Audit Report in the last quarter to help inform TA leaders of industry trends and start to prioritize recruitment marketing efforts that will lead to increasing one of the most important business metrics of all — candidate conversion rates.
Here are some of the biggest findings we discovered after our in-depth look into the triumphs and obstacles Fortune 500 companies are facing during their candidate conversion processes.
Key Conversion Metrics Remain Steady or Increase Slightly
In last year’s audit, we examined a few of the metrics Fortune 500 companies use to gain visibility and understand the viability of their conversion processes, practices, and tools including registration requirements, social apply, and campus and event conversions.
Around 90% of Fortune 500 companies still require registration to begin their application process through their career sites, which is a discouraging statistic since long registration processes keep candidates from starting their application process, let alone converting to employees.
But the ability to attract candidates and lead them down the path of conversion using social rose a little bit from last year. 73% of people age 18-34 have found jobs via social channels with Facebook being the preferred social media platform for 83% of applicants, while LinkedIn is responsible for 89% of all hires.
ACTIONABLE RECOMMENDATION: Use the EVOLVE Maturity & Efficiency Framework to determine what metrics are most important for your company to track and how to prioritize and plan for the goals needed to increase conversion rates. Plus, it’s self-guided and free to use.
Focus Turns Towards Career Site and Conversion Optimization
60-70% of applicants abandon complex online applications and disengage from complicated recruiting processes. Couple that with the fact that companies have fewer candidates to make one hire due to the tight labor market, and you can begin to see why companies started turning their focus to tracking the candidate experience throughout the entire digital journey starting with the career site.
This refocus has led to the offers-to-hire conversion rate increasing 15% from just a couple of years ago, and many TA professionals credit candidate-centric, personalized career sites with this leap. The number of career site page views to applicants jumped from 8% in 2016 to 18% in the last year.
And the benefits of an improved candidate experience at the career site-level resulted in a slight increase to the top-to-bottom conversion as well.
Companies like SAIC, a premier technology integrator solving our nation's most complex modernization and readiness challenges, share how developing strong employer value propositions and communicating them clearly and often made a huge difference to attracting the right candidates and how forming cross-functional teams was essential to implementing the necessary changes to optimize their CRM and career site.
Finally, CDW, a leading multi-brand technology solutions provider, has been able to achieve application conversion rates of over 83% after developing personas, building targeted audiences, and showing personalized, relevant content to the right candidates at the right time.
ACTIONABLE RECOMMENDATION: Follow in the footsteps CDW and explore how your career site’s UX design and process flow could be affecting your conversion rates. Through small changes like re-arranging icons to help make application instructions clear and removing unnecessary clicks throughout the candidate journey, they were able to increase their conversion numbers.
Improve Candidate Experience with Text and AI
It’s becoming imperative to meet candidates where they are, and more often than not, they’re using their phones on-the-go.
Did you know that it takes 90 minutes for the average person to respond to an email, and it takes 90 seconds for the average person to respond to a text message? Data like this supports the practice of making text a foundational part of modern recruiting efforts. In organizations that used texting to field candidates, we observed a 12% conversion rate of applicants-to-hires, and one manufacturing company hired 60 candidates for every 500 candidates they texted.
And the magic of text goes beyond its function as a superior communication tool. Innovative companies are now using AI-powered bots as part of their screening and apply process to anticipate candidate questions, qualify the most capable candidates quickly, and personalize texts to include thoughtful reminders and deliver relevant employer branding materials to help prepare them for in-person interviews.
ACTIONABLE RECOMMENDATION: Use text and bots at college and career fairs! With Event Mode, you set up a phone or tablet to act as a kiosk, so you can capture attendee information quickly, and you can encourage candidates to snap a picture of their resume or upload it via text and send it along to a recruiter.
Learn more details about how SAIC took steps to improve their recruiting process in the competitive world of federal contractors by listening to our webinar, and don’t hesitate to reach out to us to start increasing your conversion rates in 2020.