Human resources leaders understand the importance of offering candidates the best recruitment experience. Unfortunately, investing in HR technology is always a difficult sell to management. “Recruiting doesn’t bring us revenue, we need to stop spending money all the time,” you hear from the CFO. Just imagine what would happen if you could respond with, “If we don’t invest in the candidate experience, we will lose $1.5 million this year.” Suddenly, you have the CFOs full attention as he stares at you incredulously. “I used a candidate resentment calculator to estimate the loss. We can’t afford NOT to invest.”
Intrigued? Think about the potential cost of a bad candidate experience on your business:
Suppose you are a life-long customer at your favorite coffee shop. Imagine getting every one of your daily cups of coffee from the same store every morning. Despite independent taste tests proving that customers can’t differentiate between two coffee vendors, you’ve sworn eternal loyalty to this brand.
So it seems only natural that you’d be the ideal candidate to apply for a job opening there. You know the products, you love the brand, and likely you’ve been giving the store free word of mouth advertising for years.
You’d be the perfect candidate, right?
Or so you think.
Too bad the store manager disagrees.
Suddenly, that previously affable guy behind the counter turns into a power-tripping egomaniac, grilling you on every nuance of your application. At the end of the interview, it’s clear you’re not getting that job. The message here is quite clear: “You’re good enough to be our customer and give us your money, but you’re not good enough to work for us.”
Feeling resentful yet?
That resentment translates directly into lost revenue. And if that negative candidate experience is repeated many times at thousands of stores around the country, and then spread even further through negative referrals or social media, the potential impact can be tremendous. Conservative estimates for large retailers can easily reach into the millions of dollars in lost revenue stemming directly from a negative candidate experience.
Few things get your executive’s attention like quantifying the cost of lost customers. The Talent Board and HireRight have developed a Candidate Resentment Calculator. This tool will give you the information you need so you can make the case for strong investment in the technology and resources your organization needs to ensure a positive candidate experience throughout the recruiting process.
Can you really afford not to invest in the candidate experience? The data suggests, no.
Find out how much candidate resentment can cost your company now.