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The offer/onboarding stage of talent acquisition is a mixed bag of good news and not-so-good news, as Talent Board’s 2020 North American research shows.
For instance, 57% of participating candidates waited less than a week between their final interview and receiving a job offer letter. That’s good news. The not-so-good news is this figure inched up only two percentage points from 2019. Plus, at just 57%, employers have plenty of room to improve.
Another example: the percentage of candidates who received an offer letter four weeks or more after their last interview didn’t escalate in 2020. It remained at 11%, the same as in 2019, which is good news. The not-so-good news is that so many final-stage candidates still wait a month or more for an offer letter, and employers failed to make any progress on this issue in 2020.
In many ways, offer/onboarding is the least arduous stage of talent acquisition, yet it’s the stage where employers tend to lose momentum.
Bridging the Candidate and Employee Experiences
By the time they reach the offer/onboarding stage, employers have already sifted through all of the applications, screenings, and assessments … analyzed the results … conducted interviews … weighed their options … and made their final selection. The heavy lifting is pretty much over. Now it’s just a matter of negotiating the offer and bringing the new hire onboard.
While that’s true enough, HR and hiring managers often forget that new hires are essentially still in the final phase of their candidate journey, meaning there’s still a bit of candidate experience work to be done such as asking new hires for important feedback about their experience. And this is where companies stumble. In fact, employers have told us in our benchmark research the past few weeks that their onboarding needs work.
Here are three key areas in the offer/onboarding stage where employers would be wise to raise their game, as reflected in our 2020 research:
The Perpetual Candidate Experience
The candidate experience doesn’t really end when a person is hired. It transitions into the employee experience. If you step back and look at the experience holistically, it’s all actually a single extended journey that begins the moment candidates first encounter your employment brand or check out one of your job openings … and it ends only after they’ve left your employment.
When the transition from candidate to new hire takes place and your onboarding experience is a positive one, individuals are more productive in their first few weeks and are more likely to stay with you beyond their first year. This has a direct positive impact on your company’s success and bottom line. Of course, all of these benefits are at risk when onboarding goes badly. Elevate your game in the three areas highlighted above and your risk will plummet.
In my next post, I’ll focus on perception gaps in the candidate experience. As always, if you’re interested learning more about how your company’s candidate experience stacks up, participate in our 2021 CandE benchmark research program. Click here for details.