A new report  has revealed that 40% of job applicants will lose interest if they don’t hear back from employers within 48 hours of applying. The data shows that hiring professionals can no longer afford to be complacent and must sharpen up their recruitment processes if they are to attract and recruit the best talent in the on-going skills shortage.

‘The Great Renegotiation’* report reveals that application, interview and follow-up processes have to become slicker if organisations are to win the war on talent. Based on an independently commissioned survey of over 1,000 employees who have been actively seeking employment over the past 12 months; the report provides insights into current candidate expectations around the application experience and found that many jobseekers have little patience for drawn-out processes and are dismissive of employers who are slow to respond.  Some of the report’s key highlights: –

• Recruiters who drag their feet over decision-making do so at their peril, as the survey shows 40% of job applicants will lose interest if they don’t hear back from employers within 48 hours of applying. Three in 10 applicants would only wait up to 7 days before losing interest and 98% of job applicants say they lose interest if they don’t hear back from employers within 2 weeks of applying.
• It’s crucial for businesses to get it right from the beginning of the process, making sure that job adverts are well written and attention-grabbing to stand out from the crowd, as almost one-quarter (23%) say they’d be put off applying by a boring job advert. Adverts must convey the right messages as simply and succinctly as possible and there is no room to be coy about money – more than half of jobseekers (55%) would be put off applying if no salary is stated up front.
• Candidates don’t have a lot of time to search for a new job and a shocking 41% of jobseekers apply for jobs when they’re supposed to be working for their current employer. This is trend is most common among Millennials, with almost half (49%) of 25-34 year-olds saying they have applied for a job when they are meant to be working.
• Recruiters must consider ways to make the application process quicker and easier so that lack of time doesn’t prevent top talent from applying. Three-quarters of jobseekers say they are happy to complete one-click applications and more than one-third, (34%) say they are put off by a long application form.
• Second, third and even occasionally fourth interviews used to be standard practice, but candidates are no longer prepared to hang around, and one in three (30%) say they multiple interview stages would put them off applying. The remote hiring methods required during the various lockdowns have emerged as common expectations, particularly by younger jobseekers. 54% of 16-24 year-olds are happy to record video answers in their own time and 65% would take part in a live video interview.

Janette Martin, CEO of Talos360 says: “The current cost-of-living crisis is inevitably driving people to look for better positions with higher salaries and increased benefits. Employers who stick to their tried and tested application processes and interviews risk missing out on the best talent now, as people just don’t have the time or patience. Organisations that refine their hiring practices are more likely to be able to attract and hold the attention of potential candidates, efficiently managing them through the recruitment process to hiring and onboarding.”

57% of jobseekers in the survey believe that the current cost-of-living crisis is the main reason for looking for a better position. Females in particular remain determined to seek a better deal, with almost three-quarters (74%) stating salary as the biggest attraction factor, followed by a good company reputation and benefits (both 42%).

30% of candidates say the worst thing a potential employer can do is ignore their application or ‘ghost’ them, while another 30% say to fail to provide feedback on the interview would be the worst thing.

Martin adds: “Leaving candidates with a poor follow-up experience is bad practice, reputationally damaging and a wasted opportunity to develop positive brand ambassadors. Even unsuccessful applicants should feel respected and impressed by their experience, willing to recommend a potential employer to others. Recruiters need to ensure that they are using technology to create automated responses and interview feedback as a matter of course, not leaving it to chance and to be overlooked as new priorities distract their attention.”

https://content.talos360.co.uk/great-renegotiation-report-fw

 * Talos360

Censuswide were commissioned to undertake a survey of employee candidates who had been looking for work over the past 12 months.