How to reduce the number of costly candidate drop-outs
Our tips for improving recruitment, retention, and candidate engagement levels
Did you know that 44% of job candidates have walked away from a job offer that they have already accepted this year?
This is a key finding of research conducted by Gartner in June 2022 and comes at a time when many HR and recruitment professionals are struggling to fill vacancies in what remains the most competitive jobs market in UK history.
Rejecting a verbal or written job offer after it has been accepted is also known as reneging and all the signs are that it’s on the increase – a fact that is underlined by Gartner’s new research findings.
Drop-outs and the cost to businesses
Reneging is expensive in terms of wasted time and money. The average recruitment cost of filling a vacancy, using internal or external recruitment methods is estimated to be around £4,500.
Writing job specifications, advertising vacancies, reviewing applications, and CVs, and organising interviews are all important steps in the overall recruitment process and these take time – and this translates into money.
When a company uses external recruitment agencies to fill vacancies, the cost per hire can be somewhere between 10% and 30% of a candidate’s base annual salary.
It can take businesses weeks if not months to fill vacant positions and after this time-consuming and costly work. This is what makes reneging so painful for everyone involved in the process.
Check out our new ebook
We’ve recently published a new ebook for senior HR practitioners which examines Gartner’s key research findings, and the steps businesses can take to ensure that candidates are engaged, happy, and well-motivated from the moment they are recruited, minimising the risk of drop-outs. This is key to ensuring every pound spent on recruitment provides a strong return on investment.
In the ebook, we discuss:
- Gartner’s key insights into the current UK job market
- The cost of candidate drop-outs to businesses
- The reasons why drop-out rates are so high
- Proven tactics for reducing candidate drop-outs
- The importance of onboarding and preboarding
- How and why mentoring works
- Using tech to drive recruitment and retention
This ebook is a must for every HR and recruitment professional who is responsible for finding and retaining candidates in today’s ultra-competitive jobs market.
Reducing reneges with Connectr’s mentoring software
Effective mentoring programmes can play a critical role in ensuring new candidates are engaged from the very beginning – even before they have started a new role. Programmes can be complex – especially when those responsible are having to manually match mentors and mentees from a pool of employees that for large companies can number thousands of people.
Using dedicated mentoring software like Connectr for Candidates and Connectr for Employees makes it easy to set up and manage programmes quickly, easily, and securely.
Our software includes reporting functionality which is makes it easy to measure mentoring programme success and mentor and mentee engagement levels.
Check out our success studies and learn why Connectr for Candidates is the mentoring software of choice for enterprise businesses like British Airways, Thales, and Cisco.