Affirm crushes offer acceptance rates
You don’t read these case studies every day, but this one is impressive (link below). There was a great article released by Lever that showed how Affirm more than doubled their engineering offer acceptance rate from 30% to 80%. The industry average is 69% to give you a sense of how big that shift is. And engineering is the hardest segment to hire for. Everything about this case study shines a light on best practices.
Offer acceptance is the most critical stage of the hiring funnel because every time you lose a candidate at this stage, you’re writing off more than $30,000 in sunk costs. Ouch.
Affirm, a fintech startup in San Francisco, is at the top of its game. On a mission to give shoppers more purchasing…www.lever.co
A lot of companies are struggling with their hiring goals and they’re not taking their jobs seriously. They don’t obsess over the data and how to improve — they get comfortable where they’re at. That’s the Zone of Death where companies go to slowly and painfully die. Stay out of that zone.
Here are some of the core takeaways and actionable items from what Affirm did:
- Track and measure everything. If you don’t know what your offer acceptance rate is right now, you’re on the path to becoming a case study for the Peter Principle. Get to know your data.
- Engage your entire team. Hiring is not just the CEO’s job or the hiring manager’s job.
- Actively and loudly hold teams accountable when they’re not leaving a strong impression on candidates. Lack of accountability is a symptom of a much larger trust dysfunction in your organization (suggested reading: Five Dysfunctions of a Team).
- Use newer tools like The Muse (specifically mentioned in this article), Goodtime, ZenSourcer, and Onsites, to deliver a strong impression of your company.
- Pay attention to your Glassdoor reviews. Stay below 20% negative reviews.
- Rebrand if your web site or logo is not selling your company. We did this at Tophatter and it impacted our top of funnel metrics significantly.
Affirm has achieved nothing short of an incredible transformation with their hiring processes. Hats off.