After the first few weeks of the new year, companies are generally getting focused on what their hiring goals are and where they need to spend the most time to find the best candidates for their growing teams. Organizations that want to stand out from their competitors in their recruiting and hiring efforts pay close attention to the predictions that experts have shared about the changing shifts in the workforce. These include changes to candidate experience, better onboarding practices, more robust branding opportunities, among others.
Companies are arming themselves with industry data and changing outdated practices to stay ahead. Here are some key recruiting and hiring statistics to keep in mind as you create and meet your company’s goals to grow this year.
89% of passive candidates evaluate your brand before applying. (CareerArc)
Passive candidates are exactly what they sound like–candidates who are not actively looking for a job but who would consider a new opportunity. These candidates are often contacted by hiring teams who have determined that they might be the right match for the job. These candidates are more likely to spend significant time digging into your brand and workplace culture, so make sure your brand is well-managed.
49% of candidates declined a job offer because of a less-than-ideal recruitment experience. (PWC)
If your hiring process isn’t candidate-centric, you’re missing out on attracting top talent in your industry. Remember, especially as people are navigating out of the Great Resignation, applicants are interviewing your organization as much as you’re interviewing them. This is your opportunity to keep the best hires in your talent pool.
31% of new hires have left a job within the first six months. (BambooHR)
How’s your candidate onboarding experience? If you’re focusing on recruiting but ignoring your candidates once they join your teams, you risk losing candidates you worked so hard to get in the door. Employee turnover at this stage leads to low employee engagement and affects your budget in a big way. Make sure you’re paying attention to the onboarding process as much as recruiting.
Companies with reputable brands receive 50% more qualified applicants. (Finances Online)
In-the-know recruiting teams have already shifted from selling their organization’s benefits to focusing on values and reputation. If you’re not using employer branding strategies, you can considerably reduce your time to hire with career sites designed to build your brand and engage with top candidates.
Diversity matters to 76% of job seekers. (Glassdoor)
Diversity and inclusion are top-of-mind for candidates, and businesses need to be paying close attention to this trend. Many applicants are looking for evidence of diversity before engaging with hiring teams. These conversations are imperative, and implementation in your organization will help boost growth over other organizations.
The average time to hire across a range of job functions is 41 days. (LinkedIn)
Do you have similar data on your company’s time-to-hire? Being able to compare the average time it takes to hire a candidate across a variety of industries and job functions is essential so that you can adequately plan and scale. Having this data at every job level at your organization will allow you to prepare for the appropriate amount of time, no matter what role you’re looking to fill.
The average job posting gets 250 resumes. (Glassdoor)
Sorting through that many resumes per job is mentally draining–not to mention time-consuming–for your hiring teams. Applicant tracking and other recruitment technology are vital to helping your hiring managers make the best decisions possible.
A referral makes a candidate 85 times more likely to be hired. (CareerPlug)
Your current employees hold the key to your next great hire. Referrals often lead to organizations hiring the best talent possible with reduced overhead. An employee referral program that doesn’t feel like extra work can help boost engagement and participation from current employees while maximizing time from your hiring teams.
The median worker age is 42. (Bureau of Labor Statistics)
Right now, the oldest millennials and the median worker age make up the bulk of the talent pool. How are you ensuring that your organization is attracting the best candidates? Where are they spending their time? How do they like to communicate? All of these questions–and their answers–are important to know as the workforce continues to shift.
Perhaps one of the most notable statistics we found when compiling all of the above is this: 98% of Fortune 500 companies use recruitment software, according to Jobscan. What’s more, according to TalentLyft, 70% of recruiters recognize that the best way to boost hiring performance is by investing in new recruiting technology. If you’re ready to discover how to improve your recruiting and hiring, our team can help! Reach out to learn more about how our solutions can help your organization identify, recruit and retain top talent.