In 2021 the war for talent is heating up once again. Employers are starting to hire again which means talent is becoming harder to find.
69% of corporations in the United States are struggling to find top talent, an increase from 14% in 2010, according to a Manpower Survey.
To solve this problem, it’s critical to learn some of the emerging trends in the recruitment space.
So, what do the hiring statistics say?
Recruitment statistics for attracting top talent show that 70% of job seekers passively look for new opportunities via online job boards and professional networks. Talented candidates also prioritize diversity, seek out familiar companies, and are more likely to leave a company with poor onboarding within the first 6 months.
To understand hiring statistics and how you can use them to improve your organization’s recruitment process to attract top talent, read on.
- Recruitment Process Statistics
- Recruitment Statistics You Need To Know
- A Corporate Job Opening Attracts 250 Applicants
- 70% of Candidates Are Passive Job Seekers
- The Top Channels Candidates Use During Job Hunting
- 75% of Hiring Managers Say Employer Brand Matters
- 93% of Millennials Prioritize Skill Development
- Recruiters Often Hire Top Talent Within 10 Days
- 67% of Candidates Consider Diversity Important
- 32% of Executives Had Poor Onboarding Experiences
Recruitment Process Statistics
- 94% of professionals want feedback after an interview, even if they have been rejected for the role.
- 66% of professionals want bad news by email, while 77% want good news by phone.
- According to SHRM’s research, a typical hiring process takes 36 days.
- On average, 250 resumes are submitted for each job posting. Four to six candidates will get an interview.
- 95% of recruiters use LinkedIn to find candidates to present to their clients looking for top talent.
Recruitment Statistics You Need To Know
Attracting and retaining skilled employees can be easy when you have the appropriate information to optimize your company’s talent acquisition.
With insights into hiring trends, it becomes more efficient to realign your recruitment process with skilled candidates’ expectations.
One study of 19,700 post-exit interviews found that 89% of employers think their employees leave for more money. The reality is employees that leave for more money is a mere 12%.
Here are the top hiring trends and recruitment statistics you should know:
A Corporate Job Opening Attracts 250 Applicants
A typical job offer attracts 250 resumes, according to Glassdoor.
Of those applicants, 4 – 6 will be called for an interview, and one will get a job offer. That means after sorting through lots of resumes, the HR team ends up picking a significantly smaller number of candidates to interview.
In such a case, what are the odds of leaving out better talent?
The chances are pretty high. Therefore, it would be better to state your requirements clearly to increase the possibility of getting the best applicants.
Also, consider conducting interviews in groups to get a feel of how candidates interact with other team members. After that, you can zero in on specific candidates, depending on their initial performance.
70% of Candidates Are Passive Job Seekers
According to LinkedIn, 70% of the global workforce is passive talent, with the remaining 30% actively seeking jobs.
Society for Human Resource Management (SHRM) defines a passive job seeker as an individual who is currently employed and isn’t actively searching for a job, but would accept a good opportunity if it came along.
Therefore, the recruitment statistics show you may be missing out on a massive talent pool if your recruitment only targets active job seekers.
As employers, you must focus on ways to attract passive talent. Your organization can engage them during conferences, industry forums, and through social media.
The Top Channels Candidates Use During Job Hunting
Suppose you prefer advertising jobs on your corporate website or through traditional media. In that case, you’re locking your company out of a larger candidate pool.
According to LinkedIn Recruitment statistics, 60% of candidates use online job boards, 56% professional networks, and 50% word of mouth.
48% of businesses say that their number one source for hiring quality candidates is referrals from current employees.
Of these referred candidates 55% are hired faster compared to candidates recruited by other means.
67% of recruiters and employers said their recruiting time to fill cycle was shortened and 51% percent said it lowered costs when recruiting via referrals.
This means you have to change your concept of HR. Traditionally, we think of HR as a department with specific functions, but what if we consider it as the organization’s workforce?
In doing so, your corporation can rely on employees to help in getting the best candidates from professional forums and their inner circles.
Another channel to consider is posting vacancies on online job boards, such as Indeed, Monster, ZipRecruiter, Glassdoor, AngelList, to mention but a few. Some of these platforms even allow you to send recruiting text messages to follow up with candidates.
Doing so allows you to reach out to a global candidate pool, increasing the chances of hiring the best talent for the open role.
75% of Hiring Managers Say Employer Brand Matters
Three quarters of hiring managers say it’s easier to attract a candidate who recognizes and is familiar with the organization beforehand.
Although most blogs leave this aspect at the mention of the statistic, it’s important to ask: What does the candidate know?
It’s a no-brainer that the cliché “your reputation precedes you” holds in this case.
To attract the best talent, however, your organization should also be known for its healthy work culture, appreciating and rewarding performance, and helping employees advance in their careers.
Furthermore, even if you’ve already hired the best, it doesn’t mean you won’t need new talent in the future, so it’s vital to remain in the limelight by sponsoring your employees to participate in conferences and professional forums.
93% of Millennials Prioritize Skill Development
Millennials are taking over the workforce from Generation X. The latest data from the Bureau of Labor Statistics indicates that the median age of the United States labor force was 41.9 in 2019.
Although the number is projected to increase in the next decade, it doesn’t discard the fact that millennials will have occupied more corporate leadership positions by then. You want your company to have the best leaders, right?
If so, you have to start by attracting the best talent from this pool. That means offering what most of them resonate with, such as skill development opportunities and professional training.
Recruiters Often Hire Top Talent Within 10 Days
There’s stiff competition for top talent. After all, organizations need employees with the right experience and skills to get the job done in the shortest time possible.
Therefore, you could get a leg up of the competition by speeding up the hiring process.
For instance, instead of using conventional recruitment methods, use technology, such as artificial intelligence, machine learning, and natural language processing to conduct due diligence and evaluate candidates at the initial recruitment stages, saving time on paperwork.
If you’re looking for a robust human resource management system, consider BizMerlinHR from Amazon.com. It allows you to onboard, manage, and allocate team members on the cloud.
You can also integrate it with over 100 applications, including QuickBooks, JIRA, and Salesforce, for seamless operations.
67% of Candidates Consider Diversity Important
Diversity comes with several benefits, such as improved creativity and innovation, increased productivity, and greater growth opportunity.
As a result, nearly two-thirds of candidates evaluate companies based on diversity. Who wouldn’t wish to work in an environment characterized by a healthy culture that encourages professional and personal development?
Therefore, if you don’t have diversity initiatives, your company may lose its appeal to top talent job seekers.
32% of Executives Had Poor Onboarding Experiences
According to Harvard Business Review, about one-third of corporate executives consider their onboarding experience as poor.
Undoubtedly, the onboarding process can become the most significant obstacle or asset when recruiting top talent, depending on how it’s conducted.
Recruitment statistics for attracting top talent change every year, however with the economy bouncing back after a rough 2020 things are looking up for many employers.
This means talent is going to be more difficult to find, attract and retain.