When it comes to recruitment, above anything else aligning candidates to your business values and culture is so important. This requires assessing someone’s own values, beliefs, and behaviours against your own values and culture to evaluate what constitutes a good ‘fit’ in a candidate.
In Mark Murphey’s 'Hire for Attitude Report', he states that of the 20,000 new hires 46% of them failed within 18 months and of these 89% left because their attitudes did not align to that of the company. Only 11% failed because of a lack of skills.
It is clear from this report, and so many of our own case studies, that finding a candidate with the same values and vision as your company is so much more important than simply acquiring the right skills. Skills can be taught, behaviour can’t.
So how do you find these candidates that are so aligned with your own values?
Firstly you must define your culture, your values, and your beliefs. This sounds obvious, but so many companies we see struggle to put into words what they are all about. And if you can’t put it into words, then how will your candidates know if you are the right fit for them?
Never forget that the recruitment process should work both ways.
While candidates are working hard to impress you, you need to be working just as hard to engage and excite them. Now that you’ve defined your values, you need to live them and help candidates understand who you are. There are two key areas to work on to do this: the overall recruitment process and the interview situation. We call this improving the candidate experience.
It can be good…
Whether candidates are appointed or not, maintaining a positive reputation can put you in a good light in the talent industry and ensure you have a pool of talent available for future hiring campaigns. CareerBuilder reported that 56% of candidates who felt they had a positive hiring process experience said they would seek employment with the company again in the future, 37% would tell others to apply there, and 23% would be more likely to purchase products or services from that company. So candidate experience not only affects your hiring but your business as a whole.
Or it can be very bad...
On the other end of the scale, a poor candidate experience can be extremely detrimental to your brand. Global brand PepsiCo have measured the impact candidate resentment can have. Their model estimates that if 100 applicants apply for 1 role and annually PepsiCo hire 5000 people, then each year 495,000 candidates will be rejected. If each one of the candidates had a negative experience, and most likely told 1 friend, then that makes 990,000 people with a negative view of PepsiCo. Assuming that around 8% of people who know of the poor experience would stop purchasing the brand’s products and an average customer is worth $20 per year to PepsiCo, then each year of poor candidate experience is responsible for $1,584,000 loss of revenue.
Let that number sink in for a moment. The negative candidate experience is most likely the cause of a lack of communication and positive experience. So, in reality, this loss of over $1 million is as a result of no effort at all.
In fact, as high as this number is, Russell Beck, an expert in talent management, innovation and recruitment thought leadership, presents his theory that the revenue loss should be much higher. Meaning poor employer branding and a bad candidate experience could be costing businesses millions every single year.
Start thinking about your own candidates, how do they view your brand? Here at Collingwood, we understand the importance of the candidate journey and have a robust process in place to ensure we nurture every candidate interaction. We've even put together a checklist to help companies who want to guarantee a positive outcome for their candidates, employer brand, and business. Download it here and don’t hesitate to get in touch with our team if you have any questions about improving your recruiting process.
REader's of this blog also read