Shrinking the Application Black Hole
What to do about the disappearing candidate?
Low application conversion rates are a persistent problem for most recruiters, with an incredibly high number of applicants starting an application but dropping off somewhere along the way. This is a problem perfectly suited for analytics to solve. And one progressive company in Silicon Valley has done just that. Say hello to Informatica.
There may be no more competitive and cut-throat place in the world for hiring than Silicon Valley. It is Ground Zero in the War for Talent.
Informatica knows that in order to survive – and thrive – in such a competitive market, it had to invest in leading edge recruitment marketing. Informatica also knew that meant going beyond simply upgrading its career site and strategically deploying its job descriptions. They knew that no matter how successful they were in attracting candidates to open positions, those candidates would flee if they were forced through a clunky, cumbersome application process. Enter analytics.
By employing advanced analytics, Informatica was able to generate the data required to give them unprecedented visibility into every step in their application process. This helped them understand, for the first time, how to measure, manage and optimize their candidate flow and conversion rate.
As a result, Informatica was able to improve its application completion rate from 44% to 84% in a matter of months. Let me say that again, but louder:
Previous Application Completion Rate: 44%
Completion Rate After Optimizing via Analytics: 84%
This is how data-driven recruiting works. These are the types of improvements that can be made. This is the type of bottom-line impact analytics can have on hiring. These are the types of results that make the business case for data-driven hiring. The numbers simply don’t lie.
To learn more about how Informatica is turning analytics into applicants, check out this case study on SlideShare.