Candidate Experience Cost Calculator
Calculate the potential revenue you lose and can potentially save with Candidate Experience. This exercise is for businesses where candidates are also (potential) customers.
First we need to understand how many rejected candidates you have on a yearly basis.
Next, wee look at the candidates who have had a negative experience (the so-called "detractors"). Compare this with your own data if available, but our data shows that on average 45% of candidates are detractors.
Research shows that around 41% of candidates who had a negative experience will avoid doing business with the company in the future.
If we multiply this by the average yearly spend per customer, we understand the potential revenue lost because of Candidate Experience. Either from candidates who are already a customer or candidates that will avoid becoming a customer in the future.
Don't know the average spent by your customers per year? Your colleagues in finance might know the answer.
If we take actions to improve the Candidate Experience and decrease the number of detractors, we can calculate its business impact. Starred customers, on average, decrease the number of detractors by 10% in the first year.
But there's more...
78%
Of detractors said they would tell their friends about it. Multiplying the number of detractors by a lot.
69%
would not apply again after a bad Candidate Experience, decreasing your talent pool.
x4
times more likely are candidates to apply again if they had a good experience.