The job market is constantly in flux. It can feel like you’re searching in the dark—there’s something out there, you just aren’t sure where it is or what it’ll look like until you find it. As a hiring manager, you need all the help you can get finding a solid new hire. And you love your applicant tracking system, but there’s only so much it can do.
But at least you’re not going in blind—each year, new statistics give insights into the job market that you can use to come up with a strategy and game plan for your recruitment campaigns. Here are 15 vital recruiting stats for this year.
- On average, recruiters take 42 days to fill a new position. Hiring managers have to sort through pools of under-qualified candidates to find top talent, compete with other companies to attract them, and deal with mountains of administrative work (e.g., offer letters, background checks) before they can bring the right person on board. (Source: 2016 Human Capital Benchmarking Report.) <– Click to Tweet
- 63% of job openings are newly created positions. With so many new opportunities available for job seekers, employers need to stay competitive in order to attract quality candidates. (Source: MRINetwork.) <– Click to Tweet
- 60% of recruiters value how a potential employee might fit in with the culture of the company above all other prerequisites. This is likely not only to boost retention rates but also ensure that the interviewee will thrive in their new position. (Source: Jobvite.) <– Click to Tweet
- 80% of millennial new hires question how they will fit into the culture of the company recruiting them. Recruiters aren’t the only ones interested in promoting a positive workplace culture, and millennials value working for companies they feel good about. (Source: Undercover Recruiter.) <– Click to Tweet
- The cost-per-hire has risen to approximately $4,000 in 2017. This means it’s more important than ever for recruiters to make sure they’re filling roles with only the best candidates. (Source: Office Vibe.) <– Click to Tweet
- Two-thirds of millennial employees plan to leave their current position for a new job by 2020. Millennials focus heavily on a business’ ability to do good and how it treats people. They constantly evaluate their workplace to see if it meets these standards, and if it doesn’t, or fails to make progress, this may lead them to leave. (Source: Deloitte.) <– Click to Tweet
- 9/10 millennials believe that a company’s success should be measured by more than just their net profit. Millennials love companies that do good or give back to their communities and to the world as a whole. (Source: Deloitte.) <– Click to Tweet
- Companies with an ethnically diverse workforce outcompete other companies by 35% when it comes to earnings in their industry. Diversity in the workplace is a culture builder and ends up being in the company’s best interest for both workers, contemporaries, and managers. (Source: Hubspot.) <– Click to Tweet
- Recruiters say their greatest stresses are sourcing qualified candidates (35%) and clients being too slow to make an offer (30%). Recruiting is a lengthy and stressful process for employers and job seekers alike. Both parties can decrease the amount of stress by being highly intentional in the decision-making step of the hiring process. (Source: Top Echelon.) <– Click to Tweet
- 69% of job seekers claim that they would not accept a job at a company that holds a bad reputation—in fact, they would rather be jobless! Clearly, a company’s culture and reputation are paramount to workers, regardless of where they may fall on the corporate ladder. (Source: Glassdoor.) <– Click to Tweet
- A recruiting algorithm increases the chances of hiring productive, competent employees by 50%. This new technology could help lift the burden of hiring from many companies’ shoulders. (Source: LinkedIn.) <– Click to Tweet
- 16% of new hires dismiss a company after working there for only 2 years. Companies are struggling with retention… sure you can hire them, but can you keep them? (Source: OnRec.) <– Click to Tweet
- Job seekers spend on average 11 hours per week searching for the perfect job. Also, the majority of job seekers now only look online for new job openings. (Source: CareerBuilder.) <– Click to Tweet
- 47% of candidates for new jobs declined the offer because they accepted a job elsewhere. This is a reality recruiters must take into account when hiring—every candidate has more than one option in the recruitment game. (Source: Amanda Giacobassi.) <– Click to Tweet
- Bigger companies are hiring at almost twice the rate of small companies. And the speed is only increasing. Large companies have to act fast to fill their slots, while small companies may lack the necessary resources to make filling a slot the priority. That means that small businesses need a stellar recruiting system to keep pace with the Goliaths. (Source: CareerBuilder.) <– Click to Tweet
What recruiting fact stands out most to you?
Navigating the job market is challenging for young professionals and recruiters alike. Luckily, software like an applicant tracking system can assist in making the process a little smoother for everyone. What’s your biggest learning moment? What facts did you find the most relatable? Tell me about it in the comments below.
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