Hiring has never been more competitive. We know that candidates (even your internal applicants) often apply simultaneously to multiple organisations— yours and your direct competitors. The importance of ensuring a standout candidate experience is therefore crucial.
So is setting the Candidate Experience KPI levels to make sure you are aiming for success. The only way to set the right level of KPI is through knowing what you competitors for talent are doing – this is where industry benchmarking comes in.
The Dual-Front Challenge.
When candidates apply to multiple organisations, they're not just evaluating job roles, but the entire candidate experience. If your competitor provides a more streamlined and engaging process, they naturally tilt in favour of that company. So setting KPIs based on internal metrics and what you believe good looks like can lead to a misguided target of success. The industry's dynamism and the evolving expectations of candidates demand a broader perspective.
Why Benchmarking is Non-Negotiable.
In this competitive scenario, understanding and then aim to exceed industry standards is vital. Consider a scenario where your organisation prides itself on a 48-hour response time. However, benchmarking might reveal that top-tier competitors are touching base with candidates within 24 hours. You are already a day behind the competition. However, you are celebrating success still. Benchmarking insights allow:
- Gap identification in your recruitment process.
- Actionable strategies to enhance the candidate experience.
- Assurance that your KPIs are not merely functional but are a competitive standard.
Garnering a Competitive Edge.
Informed KPIs, derived from meticulous benchmarking, mean you're proactively aligning with industry best practices. The benefits include:
- Touchpoints that resonate positively with candidates.
- A portrayal of efficiency and high standards in your recruitment process, reflecting broader organisational excellence.
- A clear message to candidates about the premium you place on their experience.
Reaping Long-Term Rewards.
Benchmarked recruitment processes don't just yield immediate results; they cement your reputation in the industry:
- Candidates, even if not selected, become ambassadors, recounting their positive experience. This is vital for talent pooling.
- Enhanced trust and rapport with potential employees.
- Distinction as an industry trendsetter, rather than just a follower.
Where candidates are often juggling multiple applications, (including your internal applicants – 62% of internal applicants apply externally at the same time) there's no room for complacency. Benchmarking your candidate experience and setting your KPIs against industry standards isn't a luxury; it's a necessity. Tools like Benchmarcx can be pivotal in providing these crucial insights.