There are plenty of ways to improve the experience you offer your candidates: faster and more transparent recruiting processes, better communication between candidates, recruiters and managers, enhanced brand visibility and company value visibility, etc. Besides leaving a good impression on candidates, the recruiting experience also carries the potential to improve your offer acceptance rates – a particularly useful indicator of what your company is in a position to offer and what candidates expect.
Why keep a tab on offer acceptance rates?
Your offer acceptance rate is the ratio of the number of offers accepted by candidates against the number of offers extended by your company. It is a pivotal performance indicator in that it provides great insights into how aligned position requirements and candidate expectations are (in terms of responsibilities, compensation, values, benefits, work conditions, etc.).
What is a healthy offer acceptance rate?
We reckon a decent offer acceptance rate is one that makes it to at least 85%, which may seem relatively high. The reason for this is that for each rejected offer, the risk is that you’ll have to start the recruitment process again from scratch.
Below that figure, and especially if the rate drops beneath 40%, it’s safe to conclude that something in the recruitment process and/or the screening process isn’t working and needs improving.
Qonto, whose candidate experience is strategic, boasts an 86% offer acceptance rate
In 2021, the online bank tripled its workforce numbers by implementing a recruiting strategy built on teamwork, efficiency, continuous improvement and importantly, the best candidate experience possible.
The bank currently enjoys a highly respectable performance:
- 31 monthly hires on average 💨
- 23-day time-to-hire 🚀
- 86% offer acceptance rate 🔥
6 tips for nurturing candidate experience to increase your offer acceptance rate
During a joint webinar with Qonto, the company’s Talent Acquisition Team Lead, Aurélien Drieu, described the strong causal link between improving acceptance rates and offering a quality candidate experience. Candidate experience can increase offer acceptance rates by 28%! So which best practices should you keep in mind?
Foster transparency throughout the recruiting process
According to a survey, 60% of candidates said they would appreciate knowing more about the recruiting process and the status of their application.
- Provide information on the salary range your company is in a position to offer.
- Outline the steps and the length of the recruiting process.
- Brief candidates on the nature and length of the tests they will be asked to submit.
These insights will foster patience among candidates and increase chances of them accepting your offer.
Make the recruiting process swift
According to a survey conducted by Meteojob in January 2020, candidates said that recruiting processes that extend beyond 3 weeks are too long. For manager positions, the survey found that half of candidates said they had ended up dropping out of a hiring process that took too long (over a month).
How long candidates are willing to wait depends, of course, on the type of role they’re applying for. But generally speaking, it is highly recommended that the entire process not exceed 3 weeks.
At Qonto for instance, where the average time-to-hire sits between 15 to 20 days, the company has been successful in reaching offer acceptance rates on the 86% mark.
Choose candidate quality over quantity
By putting quality first, you’ll award greater attention to selected candidates throughout the whole process, using swift, personalised communication.
At the end of each recruitment stage, consider taking some time to gather the candidate’s impressions.
Facilitate interactions with future teams and managers
Involving employees with whom the candidate will be in contact with when they join the company is a great way to help build relationships.
✨ These interactions allow applicants to project themselves in their role – an experience that increases the likelihood of them accepting your offer.
Promote employer brand and company values
According to a recent Glassdoor study, 50% of candidates said they wouldn’t work for a company with a poor reputation, even with a pay increase. Conversely, 92% of respondents said they would be willing to change jobs if it meant joining a company with a strong corporate reputation.
This joint observation shows how important employer branding is and how it impacts offer acceptance rates.
Take advantage of your career site to showcase the work atmosphere in your company, or the career developments of some of your employees.
- Provide photos, videos, statements, virtual office tours, etc.
- Outline the key aspects of your employee value proposition.
Highlight all the benefits which your company is in a position to offer (discounts, office equipment, premiums, profit sharing, etc.). All these added bonuses will contribute to making candidates want to join your company.
Be agile and cater to candidate specificities
Consider asking the candidate if they are currently involved in another recruitment process. If they are, and if the other process is already quite advanced, offer shorter timeframes to avoid losing them! When they see how much effort you put in to recruiting them, the candidate can only be impressed, and will no doubt appreciate your company’s offer.
Don’t forget to keep all interested parties in the loop. Everyone will be eager to put your candidates first with a view to offering them a candidate experience they’ll want to turn into an employee experience!