The Secret to More Revenue? More Engaged Candidates
You probably know that technology has the power to drive down operating costs in your operations while also growing revenue in the process. Maybe you’re going to Engage Boston 2018 for new tips and methods of doing this. Maybe you’ve even seen the savings, and you’re seeking continuous improvement. By all means, keep up the good work!
But where do you go from here? You’ve digitized documentation, and maybe you’ve even optimized onboarding. If you feel like your momentum towards a more streamlined, profitable staffing business is slowing down, though, you’re not alone.
Believe it or not, it’s supposed to be that way.
The secret to a more successful, profitable staffing firm is this: Finding efficiency can only take you so far. To increase your revenue, you have to look beyond your operations to the people you serve—your job candidates—and find ways to make their experiences better. Cutting costs is important, but delivering an unbeatable candidate experience is the path to greater revenue to that many overlook.
Make the Emotional Rollercoaster More Fun
We’ve all been through the hiring process, and we all know it can be overwhelming. Job seekers may feel vulnerable, desperate, unsure or simply disconnected while searching for new employment. They struggle to align on expectations, anticipate next steps and feel anxious when they’re met with silence after interactions with staffing firms or potential employers. It’s a tough spot to be in, and too often, the emotional rollercoaster that is the hiring process is intimidating, not exciting.
It doesn’t have to be that way, though. Just as technology can help you build more efficient processes and strip costs out of your business, it can help you create a better candidate experience—from initial application through interview to assignment and beyond.
The right engagement platform allows you to provide messaging that’s automated where appropriate and personalized as needed to keep candidates informed and encouraged without adding to the workload of busy recruiters. Let candidates know what comes next, confirm appointments, send positive notes and ask for feedback without expending much extra effort. Everyone becomes less stressed, and positive outcomes follow.
Make More Money, Too
So, how does revenue enhancement come from better candidate experiences? It’s more than a “nice to have”. You’ll see it in the form of metrics revolving around three “R’s”:
Retention: When you find a great candidate, you don’t want to lose them to another firm. Proven candidates are easier to work with and provide better results to your clients, and when they have a great experience with your company, they’re more likely to keep coming back.
Redeployment: Having a high redeployment rate of your best candidates saves you time and money interviewing and onboarding. An engaging candidate experience boosts redeployment rates, and boosts your bottom line.
Referrals: Referrals make everyone’s lives easier. Referred candidates tend to onboard faster, stick around longer and produce better results. When good candidates are happy and are automatically solicited for feedback and referrals when you have the right software in place, you’ll quickly see the value grow exponentially over time.
Take the Next Step
If you think you’ve already benefited as much as you can from staffing technology, chances are good that focusing on improving the candidate experience will yield new opportunities to drive profitability event further.
That’s been our experience, and that’s what we’ll be discussing this year at Engage 2018.
Don’t miss our roundtable discussion entitled “The Secret to More Revenue? Getting the Candidate Experience Right” at this year’s Bullhorn conference. We look forward to talking through how to improve the profitability of your firm by first improving your candidate experience. We’ll see you there!
About the Author: Rob Sable is the Founder and CTO of EmployStream, a SaaS platform that is changing the way employers onboard and engage the talent that drives their business. He has 20 years of experience creating and supporting complex technology solutions for large companies.