The old adage, information is power, has perhaps never rang more true than in today’s digital, hyper-connected era where everyone from consumers to job seekers rely heavily on unbiased, online reviews when making big and small decisions – whether it be about which smartphone to buy or which company to work for. And of course, the more informed a person is, the more likely they are to make the right choice and sidestep the dreaded buyer’s remorse.
That’s why informed candidates – those who spend 2.5X longer researching potential employers on Glassdoor compared to candidates from other sites – are twice as likely to be hired, thereby reducing the cost of sourcing and recruiting by 30%, according to new Glassdoor research.
The new data, which analysed millions of CVs from job seekers on Glassdoor, was revealed to a group of leaders at Glassdoor’s breakfast event on 25th October at London’s Shoreditch House.
What’s more, research found that not only do informed candidates significantly reduce the time and money spent on recruiting the right fit, but they also turn out to be your most productive, engaged and loyal employees who boost employee retention because they stay longer.
That’s because after doing their homework, they’ve actively chosen your company, which means they aren’t wasting their time or yours on organisations that just don’t suit them, which is often the case with passive candidates, who, let’s face it, can be a tough sell. In fact, 3 in 4 recruiters report experiencing challenges or concerns with this talent pool.
Research also proved that interviewing informed candidates has clear benefits as well. It improves candidate experience by 38%, reduces the number of interviews per candidate by 32%, reduces the time to hire, and improves hiring manager satisfaction.
Capital One Case Study
Attendees also heard from Nick Brown, Lead Talent Acquisition at Capital One, who started off by admitting that when job hunting, he used Glassdoor himself. In fact, the positive Capital One employee reviews he found on the site swayed him to join the organisation, which has been voted one of the Top 5 Great Places to Work in the UK, five years running.
Keenly aware of Glassdoor’s influence on candidates, Brown decided that Capital One would embrace, rather than ignore Glassdoor. He believes the site is part of a wider market trend in which people really are looking for a job they love, at a company that aligns with their values. At Capital One, 90% of their employees believe in the company’s mission.
Glassdoor’s latest research found this to be especially true with millennials; 82% of young employees (18-24 year olds) want their employer to have a clear mission and values. And 84% of them believe it’s important for their employer to improve diversity and inclusion.
Capital One, which prides itself on innovation and reinventing the rulebook, decided to leverage Glassdoor to shine a light on what it’s really like to work at their organisation with branded content, such as company photo and video uploads.
Recently, they led a Glassdoor awareness campaign for employees, which helped generate 5.1K reviews on the UK site and earn the status of Open Company, awarded to companies that have truly embraced transparency and taken extra steps to engage with employees.
Brown says that Glassdoor has impacted every stage of their candidates’ journey. The honest feedback from candidates has been a ‘massive gift’, which has been used as a guide to improve their overall candidate experience. Glassdoor has also become a vital part of their employee engagement strategy; employees take great pride in sharing their experience at Capital One and now feel as though they are contributing to recruiting the very best new team members.
If you attended Glassdoor’s Breakfast Event or are keen to learn more, please use #gdchat on Twitter to share your experience.