Can you measure the ROI of a great candidate experience?

Published On: Sep 9, 2019
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In many instances, your job posting is a candidate's first interaction with your organization. The moment they read your job description, the candidate experience begins. It ends when an offer is put forward or the candidate is rejected.

Candidate experience can greatly affect not only how candidates form an opinion about your organization, but also how they decide whether or not to move through your recruitment pipeline.

According to LinkedIn, 83% of job seekers say a negative interview experience can change their mind about an organization or role they once liked. At the same time, 87% say a positive experience could change their mind about an organization they once doubted.

Making adjustments to your candidate experience can ultimately help you hire more qualified candidates. But how can you track the ROI of each change you make?


Track conversions


The Society for Human Resource development found that prolonged application processes drive candidates to abandon the recruitment pipeline. Many candidates just don't have the time to fill out complicated forms and write long cover letters.

Considering how busy working physicians can be, it's important for recruiters to respect their time. Making the application process as easy as possible can expand your candidate pool with qualified professionals. Counting the number of conversions per job posting is a great way to see if your methods are working.

Tracking conversion and attrition rates can provide insight into the candidate experience.Tracking conversion and attrition rates can provide insight into the candidate experience.




Monitor talent attrition rates


The candidate experience directly informs the relationship between new hires and their employer. If the relationship starts out on a bad note, it increases the likelihood that the candidate will leave the organization for another opportunity.

In fact, 40% of employees who quit their jobs do so within six months of their hire date. High levels of talent attrition can be very costly. Therefore, by increasing talent retention, recruiters can potentially improve the ROI of their hiring process.


Read patient reviews


Ultimately, hiring qualified physicians should increase the overall quality of care provided by the organization. In theory, that means patient satisfaction should likewise increase.

Medical recruiters can monitor patient review sites to watch for trends related to treatment satisfaction. Compared with other metrics, this is a longer-term process. However, it can provide insight into what patients want and expect from their healthcare providers.

A great candidate experience begins with an informative job posting. Clear details about the position's responsibilities, requirements and benefits help candidates decide if the job is a good fit.

Post your next open position on myHealthTalent.com to engage with an audience of qualified medical professionals in the Elsevier network. Making adjustments to your candidate experience can ultimately help you hire more qualified candidates.