Reimbursing job candidates for interview expenses attracts more qualified candidates resulting in better hires
Since launching Reimbi we have focused on a specific type of reimbursement: job candidate reimbursements. On behalf of our customer (the hiring company), Reimbi pays out funds to candidates who have incurred expenses as part of the interview process.
Let’s pause there for a moment. Companies will reimburse a candidate for interview expenses? This is not a universal truth, but “yes” is the undeniable answer. Reimbi has issued over $1 million in reimbursements and that number is growing rapidly quarter over quarter. Let’s go back to the companies that choose to reimburse. Every Reimbi customer and prospect that reaches out to us share a belief.
Companies reimburse job candidates because doing so attracts more qualified candidates resulting in better hires.
The alternative to reimbursing is to not reimburse. It’s a binary decision. If a company chooses not to reimburse, that company is making a decision to limit their candidate pool. Your office may be in a thriving city where people are eager to move or that has exceptional universities. That leads to a great candidate pool. However even in cities like New York, Boston, London, or Tokyo the odds that your best candidate lives in your city are small. If you the office is in a smaller community, with all of the draws and benefits that come with that environment, it is nearly guaranteed that your best candidate is not local. That means to get your best candidates in for an interview they will need to travel. (Side note on video interviewing: how many successful marriages come from a 100% video dating experience?)
A candidate that travels is taking time away from a job, school, family and other parts of life. Not reimbursing candidates for their travel expenses only limits your candidate pool. It gives them a reason to turn down the interview. The goal is to reach and attract the best candidate for your company. Reimbi has issued reimbursements for a wide range of amounts with $205 as the average reimbursement.
Is it worth saving $205 only to lose out on the candidate that is going to best fill a critical role in your company’s success?