Correlation between Interview Show Rate and Increased Offer Rate using 360 Talent Avenue for Recruitment Process Outsourcing

Summary:

Tracking, analyzing, and acting on key metrics is critical to the success of a recruiting operation. Some of the most basic metrics are the interview-to-offer and offer-to-acceptance rates. These analytics can help you identify problems—and successes—in your recruiting operations.

This case study discusses the relationship between the interview show rate and the subsequent increase in the offer rate within a company when partnering with an RPO. The study analyzes data collected from 360 Talent Avenue over a specific period to provide insight into the potential benefits of working with a talent acquisition company to improve the interview show rate and offer rate.

Highlights 

Prior to the recruitment process redesign, the organization had an average interview show rate of 66.8% and an offer rate of 43.6%. After implementing changes to the recruitment process, the average interview show rate increased to 83.7%, leading to a subsequent offer rate increase to 54.7%.

Introduction:

According to the U.S. Bureau of Labor Statistics, job seekers who are currently unemployed submit an average of 13.67 job applications. Which means, you’re potentially competing with many other companies for those employees. Striking quickly with fast interview scheduling and a streamlined hiring process can help you attract preferred candidates.

In today’s competitive job market, attracting qualified candidates is crucial for organizations. One key metric that plays a significant role in the recruitment process is the interview show rate, which represents the percentage of candidates who attend scheduled interviews. 

Applicants skip interviews for a variety of reasons. They might get another job offer and forget to let you know. Others feel awkward about canceling if they decide the job isn’t a good fit. Some candidates get cold feet and simply don’t show. An interview no-show wastes your time since you’ve set aside that time to spend with the candidate.It also cuts down on your options for hiring. Say you schedule five interviews, but only two candidates show. If neither of those candidates seems like a good fit, you’re stuck scheduling more interviews or having fewer options.

Changing the way you handle job interviews can reduce the chances of job ghosting from your top candidates. Getting to candidates quickly, good communication and making your company as appealing as possible can help.

Hiring and recruitment statistics for 2023 according to Forbes: 

• 46% of HR leaders report recruiting is their top priority in 2023
• 36% of HR leaders say they don’t have the resources to recruit top talent
• Making a job application mobile-friendly increases applicants by more than 11%
• 86% of employees look at company reviews and ratings before applying to a job
• 50% of employees won’t apply to a company with a bad reputation

Other key recruitment statistics: 

• On average, it takes between one and three interviews to get a job offer.
• Top job candidates are hired by recruiters within 10 days.
• Glassdoor revealed that each posted corporate job opening draws 250 resumes.
• The average number of job seekers who apply for jobs is 118.
• The most-used excuse for missing a job interview is for a family emergency.  

The purpose of this case study is to demonstrate how a higher interview show rate has a positive influence on the offer rate, indicating a potential correlation between the two metrics.

HR professionals often juggle the staffing function with many other duties: employee relations, compensation, benefits, and training and development to name a few. To best meet their staffing needs, effective HR professionals seek out additional resources that can help them recruit candidates such as partnering with a talent acquisition company. 

Process: 

This case study involved analyzing historical data from 360 Talent Avenue partnering with a client that underwent a recruitment process redesign. The data covered a period of six months before and after the implementation of changes. The following metrics were tracked and compared:

1. Interview Show Rate: The percentage of candidates who attended scheduled interviews.
2. Offer Rate: The percentage of candidates who received job offers after the interview.

Results:

The results of the study revealed a clear correlation between the interview show rate and the increased offer rate when partnering with an RPO. 

Prior to working with 360 Talent Avenue the organization had an average interview show rate of 66.8% and an offer rate of 43.6%. After implementing changes to the recruitment process, the average interview show rate increased to 83.7%, leading to a subsequent offer rate increase to 54.7%.

Discussion:

The data analysis suggests that a higher interview show rate positively affects the offer rate within the organization. Several factors contribute to this correlation:

1. Improved Candidate Experience: By implementing changes to enhance the interview show rate, the organization created a more engaging and efficient candidate experience. This increased the likelihood of candidates attending interviews and improved their perception of the organization, making them more inclined to accept job offers.
2. Interview Confirmations: 360 Talent Avenue recruiters put in place a multiple confirmation process whereas the recruiter confirmed not only the date and time of each upcoming interview 3 times in a variety of ways but also connected with the candidate to confirm the expectations of the interview and any helpful preparation tips. This showed candidates that 360 was serious about the interview and that they were a valuable candidate.
3. Enhanced Screening Process: The improved interview show rate indicates that the redesigned recruitment process effectively screened out candidates who were less committed or less interested. This refinement resulted in a higher quality pool of candidates attending interviews, increasing the likelihood of extending offers to qualified individuals.
4. Employer Branding: The positive impact on the interview show rate can be attributed to the organization’s strengthened employer brand. Through strategic employer branding efforts, the organization communicates its values, culture, and opportunities, attracting candidates who were genuinely interested in the company. This alignment between candidate expectations and organizational values likely contributed to the increased interview show rate.

The show rate increased due to 360 Talent Avenue recruiters being more diligent about confirming interviews and slowing down and taking a more intentional approach. The recruiters were intentional about digging into the candidate’s motivation and why they are a good fit for the role, instilling more confidence in the interview process and their candidacy. 360 also provided a clearer overview of the interview process and let the candidates know what to expect throughout the process. The offer rate increased primarily due to the improved relationships with the Hiring Managers and the candidates making them more receptive and trusting of the Recruiters. 

Conclusion:

This study demonstrates a clear correlation between the interview show rate and the increased offer rate within the organization when partnering with 360 Talent Avenue using their RPO services. By implementing changes to improve the interview show rate, the company experienced a substantial rise in the percentage of candidates who accepted job offers. These findings emphasize the importance of prioritizing candidate engagement and optimizing the recruitment process to attract and retain top talent.

Client Feedback: 

Limitations and Future Research:

This case study is limited to a single organization when partnering with an RPO, and may not be universally applicable. Further research is needed to validate these findings across different industries, organizational sizes, and geographical locations. Additionally, a more in-depth analysis could explore the specific changes implemented to improve the interview show rate and their individual impacts on the offer rate.

Contact us to learn more about how 360 Talent Avenue can help you with your recruiting needs. We offer Innovative, efficient and effective recruiting solutions that will transform how you’ll hire. 360 delivers results. Recruit better.™

Download the Case Study Lite below