One in three Australians who move to a new job get a dose of candidate’s regret — they wish they hadn’t taken the plunge.
According to research by Gartner, 35% of new hires say they wouldn’t make the same decision again, an 11% increase from 10 years ago.
And those who catch a bad dose of candidate’s regret then plan to leave their job within 12 months.
Digitalisation has made the process of actually hunting and applying for a job easier, with online forms, better information on the market and employers, and networking via social forums.
Most companies have responded to these changes by trying to court these newly empowered candidates.
But the result, says Gartner, is that candidates feel more overwhelmed than empowered.
Gartner’s Decisive Candidate research shows Australian organisations need to design recruitment processes to help candidates make better informed employment decisions or risk losing thousands of dollars recruiting new staff who later regret what they’ve done.
“There’s a real disconnect among candidates of the perception of jobs they’re putting themselves forward for, versus the reality of the day-to-day role,” says Robin Boomer, a Director in Gartner’s HR practice.
“The recruitment environment is changing and as a result, candidates are struggling to make good employment decisions.”
Gartner’s research shows the balance of power in the hiring process is shifting away from employers and toward candidates.
“While it may sound like a golden era to be a candidate, there are downsides to the growing number of options available to jobseekers,” says Boomer.
Gartner says here are three key factors transforming the candidate journey.
Information overload. Most companies believe that more information equals greater transparency but Gartner says it results in information overload that often leads to gut-based decision making.
Lower transaction costs. Improved technology has led to effortless application processes allowing people to apply for a high volume of jobs with ease. Some believe this encourages applications but Gartner says it also leads to a 70% increase in the time spent between posting a job and the first interview.
Higher demand. Candidates tend to compare every opportunity against a hypothetical perfect because they have more job opportunities to choose from.
Boomer says organisations need to be on the front foot when it comes to redesigning their recruitment strategies to drive candidate decisions.
To help candidates make better informed choices, companies should:
Create value. Gartner says to invest in messages that provide value to their target audiences and tailor messaging to focus on the features of an opportunity rather than using company branding.
Track candidate commitment. Instead of investing in improving the application experience for candidates, track signals of interest that candidates generate through their own actions within the application and job search process.
Guide decisions. Gartner says don’t push preferred candidates to accept offers. Instead guide decision making and steer them to evaluate the information they have to make informed decisions that they won’t regret.
“By designing recruitment processes that allow candidates to demonstrate commitment and quality earlier, organisations can see up to 75% reduction in decision regret and a 59% reduction in employee turnover,” says Boomer.
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