How to Avoid Candidate Exit Rate?
This article aims to provide HR managers in Oracle HCM a synopsis on why their candidate database is missing resumes from prospective candidates. By underlining the critical aspects of increasing candidate exit rate, we’ve shared how our AI-driven technology caters to the persistent industry problem for recruiters who want to hire the crème de la crème of the industry.
One of the most critical yet ignored facts in the talent acquisition industry is: that the recruiters believe they’re the only ones assessing and having the right to collect information. The reality, however, is that a candidate is judging the company too, the role offered, and whether the company culture matches their work ethic. Even though being the interviewer is less stressful than the candidate, it’s still important that you put your best foot forward.
All it takes is a negative candidate experience to lose a potential employee to a competitor. Credit it to the fact that talented candidates are in demand, and you aren’t the only prospective company out there. Underestimating the candidates is how you can rub them the wrong way. You must make every effort to avoid the mistakes, or else you’ll lose a brilliant candidate.
A Competitive Industry
The recruitment industry is very competitive, especially when competing for talented candidates. Chances are that the best ones are already employed, increasing the likelihood of hiring the perfect candidate. In other instances, there would be some who already have great job offers, along with counter offers from the existing employers. All this sums up the extensive competition in the industry to onboard a potential candidate.
While it’s challenging for companies to hire outstanding talent, the good news is that you can turn the tables and improve the candidate exit rate with a few measures.
Why Should Candidate Exit Rate Worry You?
A candidate exit rate relates to the number of applicants who start the job application process but leave it mid-way. Because most of the candidates don’t complete the application process, recruiters lose access to the data that could be a part of the recruitment funnel. When ERP-level companies conduct high-volume hiring, a high candidate exit rate reflects failed recruitment metrics.
Source: SHRM, Zety
Discover What’s Wrong with Your Process
If you believe a high volume of candidates drops out of your hiring process in the beginning stage, there must be a discrepancy in the first step itself. In fact, you’re not even letting the candidate drop in to your website.
For a recruitment process to be successful, it’s significant that each aspect is worked upon. Minor tweaks from an employer’s side towards the job application process can make a lot of difference.
Talented candidates these days have lucrative job offers in hand. This equates to the number of jobs one applies to. While applying, candidates become frustrated and disinterested if the process takes a long time. This is when they exit the job application process and leave mid-way.
A candidate can easily judge a company through the ease of the job application process. In case they find the process complicated and have to spend 25-30 minutes re-writing the details of their resumes, they’ll move on to the competitor.
How to Avoid Candidate Exit Rate Using RChilli Resume Parser?
Candidate experience, by far, is deemed to be the most significant challenge HR managers of Oracle HCM face. While establishing a positive employer brand image is important, a positive CX also covers the company’s first impression on the best-in-class candidates who evaluate the job application process. If the first impression is challenging, they’re less likely to apply.
Saving potential candidates from all the pain is possible only if the recruitment process, from the beginning to the end, is automated. RChilli resume parser in Oracle HCM helps streamline the approach from the start with the one-click functionality.
Contrary to the conventional job application process, which requires a candidate to invest time, the one-click application process helps them apply to the job in seconds. The parser automatically fetches the data and saves the information in Oracle HCM Cloud. Applying to a job after uploading the resume in a click helps enhance a brilliant candidate experience and decrease the exit rate. This process not only saves candidate’s time but also improves candidate experience by up to 85%.
Check why a positive candidate experience is essential for your company.
As a recruiter, your reach to talented candidates increases because of the increase in the number of job applications in your database.
To Sum It Up
Having limited access to talented candidates stagnates the company’s growth. One of the reasons can be that they’re not even applying to your job postings because of the exhaustive job application process. Automating the process with RChilli resume parser in Oracle HCM gives candidates an impression that their time is valued and saves them from the hassle and frustration of repeatedly filling the information.