CandEx: Is it possible to calculate the cost?
As part of my series of Lives celebrating the launch of my new business book, Reboot Hiring: The Key to Managers and Leaders Saving Time, Money and Hassle when Hiring, I caught up with, Steve Gard.
Steve is the founder of The Circle Back Initiative, a free-to-join candidate care mission, and BenchmarCX which captures, analyses and benchmarks candidate experience and employee experience.
We had a great conversation – watch below – and I wanted to highlight a few things you’ll hear.
Does candex even matter?
About 9 minutes in we start addressing the big question of whether candidate experience matters or not, and why managers should care! Through building BenchmarCX and research, Steve has been able to show how poor candex impacts a lot more than just the ability to hire a great applicant.
Though we empathise with the treatment of talent acquisition through the 2020s (think rollercoaster and dumpster fire) and understand why candidate experience may have dropped off the radar, we know it’s critical so are doing our bit to get it on managers’ and leaders’ radars.
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Me through Reboot Hiring, which you can give them to read (first-hand because you don’t know what they do or don’t know) and makes a great case for why TA and candex matter!
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Steve through BenchmarCX, which calculates the cost of candex – especially brilliant for B2C – and gives you the data critical to having persuasive conversations with leaders.
TA speak “business” about candex!
Change leaders’ perceptions by speaking their language. Writing Reboot Hiring, I put myself in the managers’ shoes, regularly considering how to make the point matter to them, because unless it saves them time, money or hassle, they usually don’t care.
29 minutes into our chat, Steve dropped a great suggestion!
Work out how many people the company hired last year. Calculate the total salary. Then say to whomever you need some budget from, ‘Last year you asked this function to invest $x amount of revenue in salaries for new people. You entrusted us with that responsibility. Can I have $y amount for this (project/tech/workshop)?’
You could also add to that, ‘and we saved you $z amount by hiring directly.’
WOW! Punchy.
And that’s just what you’ll hear for starters…
Benchmarking the cost of candidate experience must work too!
The team that won the Excellence in Candidate Experience Award at last week’s Internal Talent Awards uses the tool. Nick Stubbbings, TA Lead at Jumbo Interactive thanked “BenchmarCX as without your platform enabling us to track cx this would not be possible.”
Besides your sanity, what is poor candidate experience costing your company?
🤔
