50 Hiring Statistics to Help You Improve Your Process
By Eddy Team — October 22, 2024
Hiring is a complex process. It requires stellar communication skills, timely outreach, a clear strategy, and a host of other elements. This article brings together hiring statistics from reliable sources to cast some light on the best hiring practices and techniques.
Keep reading to learn what research tells us about where to find candidates, what candidates are looking for in their future employers, and how your company can adapt to today’s competitive hiring market.
Stats on Hiring Challenges
It’s no secret to those in charge of (or involved with) their company’s hiring process—hiring is hard. And in recent years, things have only gotten harder. The numbers show that most organizations are struggling to find and hire top talent in an increasingly competitive market. With high levels of turnover, few qualified candidates applying to positions, and more jobs than can be filled, recruiters must adapt quickly if they want to be successful.
75% of companies struggle to recruit in today’s market.
Josh Bersin70% of HR professionals say that the current hiring market is competitive or highly competitive.
GoCoFor every 10 new jobs created, only 6 are getting filled.
Josh Bersin57% of HR professionals are seeing higher levels of voluntary turnover than they have in the past.
GoCo60% of talent acquisition professionals say that finding candidates with the required skills and experience is one of the top challenges they face.
HR.comStats on Hiring & Turnover Costs
You start spending money on a new employee long before they receive their first paycheck. Between the direct and indirect costs associated with hiring, you’re making a huge investment in the person you eventually choose for the job. That investment has the potential to pay off in the end. If your new hire leaves before reaching their full productivity, then you’ve just spent lots of money for nothing. And the hiring process begins again. By focusing your efforts on hiring right the first time around, you ensure that the cost is worth it in the end.
The average cost per new hire is almost $4,700.
SHRMThe total cost to hire (including hard and soft costs) can be 3 to 4 times the position’s salary.
SHRMIn 2020, voluntary turnover cost employers over $630 billion.
Work InstitutesOn average, turnover costs $15,000 for each employee who leaves.
Work Institutes19% of workers have turned down a job after signing an offer letter.
JobviteStats on How Job Seekers Look for Jobs
The numbers make one thing certain: the days of paper job notices are long gone. The majority of job seekers are taking to the internet to find open positions, whether that’s job boards, social media, or simple Google searches. Of course, a fair amount of job hunters hear about jobs through friends, acquaintances, and people in their professional network, so recruiters should be aware of ways to strengthen the employer brand while utilizing online job boards and social platforms.
60% of job seekers look for work using online job boards.
LinkedInAbout 20% of new hires worldwide are sourced from job boards.
StatistaAround 50% of job applications around the world come through job boards.
Statista35% of job seekers learn about jobs on social media platforms, 37% use professional networks, and almost 50% hear about jobs by word of mouth.
JobviteStats on Passive Candidates
There are plenty of talented workers out there who are content in their current roles but could be persuaded to leave if a more promising career opportunity comes up. These are passive candidates, and they make up the majority of the workforce. As you hire, make sure you don’t neglect passive candidates—reaching out can’t hurt anything, and it might pay off.
70% of the global workforce is made up of people who aren’t actively job searching.
LinkedIn87% of workers are open to new jobs—whether or not they're actively job hunting.
LinkedInStats on Creative Recruitment Methods
As the hiring landscape shifts, candidates appreciate—and even look for—creative recruiting techniques. After all, there are only so many times you can go through the same online job application process before you start to get bored. Unfortunately, most companies haven’t invested time and attention into developing fun, creative recruiting methods. If you want a surefire way to get ahead of the competition, consider thinking outside the box when it comes to hiring.
26% of companies have a creative and human-centered recruiting model that uses bold and non-traditional practices and technology.
Josh BersinFacebook job posts that include videos receive 36% more applications.
Deloitte64% of workers who received a text after applying for a job report that they prefer texts to emails or phone calls.
JobviteStats on Job Seeker Values
Job seekers want more than just a paycheck—but they still want a paycheck. Statistics show that while employees definitely value “extra” benefits, they still cite compensation as the primary deciding factor when deciding whether or not to take a job. What does this mean for companies? First off, provide the benefits that employees want: good pay, insurance, work flexibility, professional development opportunities, and the list goes on. Next, highlight those benefits in your job posts and interviews.
58% of HR professionals say that compensation and benefits are the most important factors influencing the employee experience.
HR.comThe most important factors people consider when deciding whether to accept a job are compensation (49%), professional development (33%), and work/life balance (29%).
LinkedInThe top 6 benefits that employees value most are health care (90%), flexible work (83%), leave (83%), a family-friendly workplace (76%), wellness (72%), and retirement (75%).
SHRM60% of companies struggling to hire are increasing wages, 59% are adding benefits, 40% are offering retention bonuses, 31% are expanding culture and engagement initiatives, and 7% are doing nothing.
GoCoStats on Candidate Experience
The best organizations have a clean, streamlined hiring process. They keep interviews consistent, communicate with candidates in a timely manner, and go above and beyond to create a good candidate experience. And their efforts pay off—even candidates they end up rejecting go on to become powerful brand advocates.
The top reasons why candidates withdraw from hiring processes are poor communication, lack of feedback, lengthy process, or a salary offer below their expectations.
SHRM76% of employees said that a positive experience in the hiring process impacted their decision to accept an offer at their current company.
Career PlugStats on Hiring for Remote Positions
It depends on the industry, of course, but it’s safe to say that there are many job seekers who prioritize the ability to work remotely. With today’s technology making it easier than ever to work from home, remote work is an appealing option for those who need a flexible schedule. If a position is remote or hybrid, shine a spotlight on that in the job description to draw in interested candidates. After your new remote employee is hired, ensure a smooth onboarding process to help them stay on track and avoid feeling lonely or directionless.
58% of American workers are able to work from home at least one day a week, and 35% can work from home five days a week.
McKinseyIf given the chance to work flexibly (at least partly remote), 87% of workers would take it.
McKinseyThe option to work remotely is the third most popular reason people give for their decision to search for a new job (after pay and career opportunities).
McKinseyAlmost 44% of remote employees feel isolated or disconnected.
SHRMStats on Employer Brand
If a company has a bad brand, no amount of recruiting skill will be able to overcome the resulting negative effects. This is where the hiring team may need to collaborate with marketing or other departments. When you deliberately craft an appealing company image, you’ll increase candidate excitement and see more applicants rolling in.
82% of job seekers consider employer brand and reputation before applying to a job.
CareerArc62% of Glassdoor users are more likely to respond to messages from a recruiter if they recognize the company.
GlassdoorStats on Employee Referrals
Many employees have spent years building up large networks of social and professional connections. They’ve done the hard work of building a talent pool—this is where the hiring team can take over. The key? Motivating employees to share referrals. When they do, your company’s hiring success just might skyrocket.
Referral hires have an average retention rate of 46% while workers found through online job postings have a 33% retention rate.
Zippia88% of employers consider employee referral programs their best source of applicants.
ZippiaReferred candidates are 2.6% to 6.6% more likely to accept job offers.
ZippiaStats on Social Media Hiring
The numbers are clear on this one: people like social media. With a high percentage of people using social media to search for their next job, it’s no surprise that a majority of recruiters take advantage of social and professional platforms. The big winner if you want to reach the largest audience? Facebook.
72% of people use some type of social media.
Pew Research Center69% of adults use Facebook, 40% use Instagram, and 28% use LinkedIn.
Pew Research Center56% of job seekers look for jobs on social professional networks.
LinkedIn86% of employees use social media in their job search.
CareerArcStats on DEI in Hiring
Most job seekers highly value diversity, equity, and inclusion. If you want to hire top talent, cultivating a diverse and inclusive workforce isn’t an option—it’s a necessity. If you’re just in charge of hiring, DEI initiatives might seem beyond your scope. What you can do, however, is highlight the DEI efforts your company is making. Showcase those in the interview process, in job posts, and on your company careers page to show candidates that you’re committed to fostering a diverse workplace.
86% of candidates around the world say that diversity, equity, and inclusion is important to them.
Monster62% of people say they would turn down a job if the company culture didn’t support diversity and inclusion.
MonsterNearly 80% of people want to work at companies that value DEI.
CNBCDEI is among the top 3 things that millennials value in their workplace (after employee wellbeing and ethical practices).
Gallup58% percent of younger workers expect a company to showcase its diversity during the interview process, and 25% look for mentions of diversity on the company career site.
iCMSStats on Hiring Technology
If you’re not using technology to find and evaluate candidates, you’re at a competitive disadvantage. Most companies use an applicant tracking system (ATS) or similar technology in their hiring efforts. Remember that HR technology is constantly evolving. As businesses begin to adopt artificial intelligence-driven tools, the hiring process could change in drastic ways. Do your research to stay on top of the latest in HR tech.
65% of organizations use paid recruiting tools or technologies.
HR.com62% of organizations utilize applicant tracking systems, and 60% use job posting tools.
HR.comCompanies that excel at talent acquisition are 4 times more likely to use software to manage their hiring pipeline.
HR.comThe three most popular types of technology for hiring are virtual interviews (62%), digital document submission (60%), and virtual training or onboarding (56%).
HR.comStats on Talent Retention
Once you’ve hired that perfect person, it’s important to make sure they’ll stick around. Turnover is common, but it’s often preventable. Leaders, listen to your people’s concerns. Take their feedback, then do what it takes to help them feel like they made the right choice when they signed their offer letter.
Over 75% of turnover is preventable.
Work InstitutesThose who quit their jobs in 2021 cited low pay (63%), lack of advancement opportunities (63%), and feeling disrespected (57%) as major reasons for leaving.
Pew Research Center75% of HR professionals believe that people are leaving their companies for a higher-paying job, while 54% say that employees are leaving in search of career growth opportunities.
HR.comKey Takeaways to Enhance Your Hiring Process
You’ve seen the numbers. Now, let’s take a look at the steps you can take to implement the findings from this article.
1. Use Technology to Streamline Hiring
The data makes it clear that the most successful recruiters use HR software (like an applicant tracking system) and utilize online job boards and social sites to increase their hiring efficiency. Eddy’s hiring software offers robust features that simplify the hiring process, from managing job postings to tracking candidates through each stage. By integrating Eddy into your process, you can improve your recruitment strategies and reduce hiring time.
2. Measure Candidate Experience
New hires and rejected applicants alike are more helpful to your company brand if they have a good candidate experience. Use a metric like the candidate net promoter score to see how you’re doing and learn what to improve.
3. Tell Applicants What Your Company Has to Offer
Candidates are looking for more than a paycheck, so be sure to highlight your commitment to remote work options, DEI, and competitive salaries and benefits in your job postings and interviews. This transparency will help you stand out in a competitive market.
By adopting these strategies, you can create a more effective hiring process that not only meets the demands of today’s job market but also positions your company as a top option. To see how Eddy can help you achieve these goals, schedule a demo today.
50 Hiring Statistics to Help You Improve Your Process
By Eddy Team — October 22, 2024
Hiring is a complex process. It requires stellar communication skills, timely outreach, a clear strategy, and a host of other elements. This article brings together hiring statistics from reliable sources to cast some light on the best hiring practices and techniques.
Keep reading to learn what research tells us about where to find candidates, what candidates are looking for in their future employers, and how your company can adapt to today’s competitive hiring market.
Stats on Hiring Challenges
It’s no secret to those in charge of (or involved with) their company’s hiring process—hiring is hard. And in recent years, things have only gotten harder. The numbers show that most organizations are struggling to find and hire top talent in an increasingly competitive market. With high levels of turnover, few qualified candidates applying to positions, and more jobs than can be filled, recruiters must adapt quickly if they want to be successful.
75% of companies struggle to recruit in today’s market.
Josh Bersin70% of HR professionals say that the current hiring market is competitive or highly competitive.
GoCoFor every 10 new jobs created, only 6 are getting filled.
Josh Bersin57% of HR professionals are seeing higher levels of voluntary turnover than they have in the past.
GoCo60% of talent acquisition professionals say that finding candidates with the required skills and experience is one of the top challenges they face.
HR.comStats on Hiring & Turnover Costs
You start spending money on a new employee long before they receive their first paycheck. Between the direct and indirect costs associated with hiring, you’re making a huge investment in the person you eventually choose for the job. That investment has the potential to pay off in the end. If your new hire leaves before reaching their full productivity, then you’ve just spent lots of money for nothing. And the hiring process begins again. By focusing your efforts on hiring right the first time around, you ensure that the cost is worth it in the end.
The average cost per new hire is almost $4,700.
SHRMThe total cost to hire (including hard and soft costs) can be 3 to 4 times the position’s salary.
SHRMIn 2020, voluntary turnover cost employers over $630 billion.
Work InstitutesOn average, turnover costs $15,000 for each employee who leaves.
Work Institutes19% of workers have turned down a job after signing an offer letter.
JobviteStats on How Job Seekers Look for Jobs
The numbers make one thing certain: the days of paper job notices are long gone. The majority of job seekers are taking to the internet to find open positions, whether that’s job boards, social media, or simple Google searches. Of course, a fair amount of job hunters hear about jobs through friends, acquaintances, and people in their professional network, so recruiters should be aware of ways to strengthen the employer brand while utilizing online job boards and social platforms.
60% of job seekers look for work using online job boards.
LinkedInAbout 20% of new hires worldwide are sourced from job boards.
StatistaAround 50% of job applications around the world come through job boards.
Statista35% of job seekers learn about jobs on social media platforms, 37% use professional networks, and almost 50% hear about jobs by word of mouth.
JobviteStats on Passive Candidates
There are plenty of talented workers out there who are content in their current roles but could be persuaded to leave if a more promising career opportunity comes up. These are passive candidates, and they make up the majority of the workforce. As you hire, make sure you don’t neglect passive candidates—reaching out can’t hurt anything, and it might pay off.
70% of the global workforce is made up of people who aren’t actively job searching.
LinkedIn87% of workers are open to new jobs—whether or not they're actively job hunting.
LinkedInStats on Creative Recruitment Methods
As the hiring landscape shifts, candidates appreciate—and even look for—creative recruiting techniques. After all, there are only so many times you can go through the same online job application process before you start to get bored. Unfortunately, most companies haven’t invested time and attention into developing fun, creative recruiting methods. If you want a surefire way to get ahead of the competition, consider thinking outside the box when it comes to hiring.
26% of companies have a creative and human-centered recruiting model that uses bold and non-traditional practices and technology.
Josh BersinFacebook job posts that include videos receive 36% more applications.
Deloitte64% of workers who received a text after applying for a job report that they prefer texts to emails or phone calls.
JobviteStats on Job Seeker Values
Job seekers want more than just a paycheck—but they still want a paycheck. Statistics show that while employees definitely value “extra” benefits, they still cite compensation as the primary deciding factor when deciding whether or not to take a job. What does this mean for companies? First off, provide the benefits that employees want: good pay, insurance, work flexibility, professional development opportunities, and the list goes on. Next, highlight those benefits in your job posts and interviews.
58% of HR professionals say that compensation and benefits are the most important factors influencing the employee experience.
HR.comThe most important factors people consider when deciding whether to accept a job are compensation (49%), professional development (33%), and work/life balance (29%).
LinkedInThe top 6 benefits that employees value most are health care (90%), flexible work (83%), leave (83%), a family-friendly workplace (76%), wellness (72%), and retirement (75%).
SHRM60% of companies struggling to hire are increasing wages, 59% are adding benefits, 40% are offering retention bonuses, 31% are expanding culture and engagement initiatives, and 7% are doing nothing.
GoCoStats on Candidate Experience
The best organizations have a clean, streamlined hiring process. They keep interviews consistent, communicate with candidates in a timely manner, and go above and beyond to create a good candidate experience. And their efforts pay off—even candidates they end up rejecting go on to become powerful brand advocates.
The top reasons why candidates withdraw from hiring processes are poor communication, lack of feedback, lengthy process, or a salary offer below their expectations.
SHRM76% of employees said that a positive experience in the hiring process impacted their decision to accept an offer at their current company.
Career PlugStats on Hiring for Remote Positions
It depends on the industry, of course, but it’s safe to say that there are many job seekers who prioritize the ability to work remotely. With today’s technology making it easier than ever to work from home, remote work is an appealing option for those who need a flexible schedule. If a position is remote or hybrid, shine a spotlight on that in the job description to draw in interested candidates. After your new remote employee is hired, ensure a smooth onboarding process to help them stay on track and avoid feeling lonely or directionless.
58% of American workers are able to work from home at least one day a week, and 35% can work from home five days a week.
McKinseyIf given the chance to work flexibly (at least partly remote), 87% of workers would take it.
McKinseyThe option to work remotely is the third most popular reason people give for their decision to search for a new job (after pay and career opportunities).
McKinseyAlmost 44% of remote employees feel isolated or disconnected.
SHRMStats on Employer Brand
If a company has a bad brand, no amount of recruiting skill will be able to overcome the resulting negative effects. This is where the hiring team may need to collaborate with marketing or other departments. When you deliberately craft an appealing company image, you’ll increase candidate excitement and see more applicants rolling in.
82% of job seekers consider employer brand and reputation before applying to a job.
CareerArc62% of Glassdoor users are more likely to respond to messages from a recruiter if they recognize the company.
GlassdoorStats on Employee Referrals
Many employees have spent years building up large networks of social and professional connections. They’ve done the hard work of building a talent pool—this is where the hiring team can take over. The key? Motivating employees to share referrals. When they do, your company’s hiring success just might skyrocket.
Referral hires have an average retention rate of 46% while workers found through online job postings have a 33% retention rate.
Zippia88% of employers consider employee referral programs their best source of applicants.
ZippiaReferred candidates are 2.6% to 6.6% more likely to accept job offers.
ZippiaStats on Social Media Hiring
The numbers are clear on this one: people like social media. With a high percentage of people using social media to search for their next job, it’s no surprise that a majority of recruiters take advantage of social and professional platforms. The big winner if you want to reach the largest audience? Facebook.
72% of people use some type of social media.
Pew Research Center69% of adults use Facebook, 40% use Instagram, and 28% use LinkedIn.
Pew Research Center56% of job seekers look for jobs on social professional networks.
LinkedIn86% of employees use social media in their job search.
CareerArcStats on DEI in Hiring
Most job seekers highly value diversity, equity, and inclusion. If you want to hire top talent, cultivating a diverse and inclusive workforce isn’t an option—it’s a necessity. If you’re just in charge of hiring, DEI initiatives might seem beyond your scope. What you can do, however, is highlight the DEI efforts your company is making. Showcase those in the interview process, in job posts, and on your company careers page to show candidates that you’re committed to fostering a diverse workplace.
86% of candidates around the world say that diversity, equity, and inclusion is important to them.
Monster62% of people say they would turn down a job if the company culture didn’t support diversity and inclusion.
MonsterNearly 80% of people want to work at companies that value DEI.
CNBCDEI is among the top 3 things that millennials value in their workplace (after employee wellbeing and ethical practices).
Gallup58% percent of younger workers expect a company to showcase its diversity during the interview process, and 25% look for mentions of diversity on the company career site.
iCMSStats on Hiring Technology
If you’re not using technology to find and evaluate candidates, you’re at a competitive disadvantage. Most companies use an applicant tracking system (ATS) or similar technology in their hiring efforts. Remember that HR technology is constantly evolving. As businesses begin to adopt artificial intelligence-driven tools, the hiring process could change in drastic ways. Do your research to stay on top of the latest in HR tech.
65% of organizations use paid recruiting tools or technologies.
HR.com62% of organizations utilize applicant tracking systems, and 60% use job posting tools.
HR.comCompanies that excel at talent acquisition are 4 times more likely to use software to manage their hiring pipeline.
HR.comThe three most popular types of technology for hiring are virtual interviews (62%), digital document submission (60%), and virtual training or onboarding (56%).
HR.comStats on Talent Retention
Once you’ve hired that perfect person, it’s important to make sure they’ll stick around. Turnover is common, but it’s often preventable. Leaders, listen to your people’s concerns. Take their feedback, then do what it takes to help them feel like they made the right choice when they signed their offer letter.
Over 75% of turnover is preventable.
Work InstitutesThose who quit their jobs in 2021 cited low pay (63%), lack of advancement opportunities (63%), and feeling disrespected (57%) as major reasons for leaving.
Pew Research Center75% of HR professionals believe that people are leaving their companies for a higher-paying job, while 54% say that employees are leaving in search of career growth opportunities.
HR.comKey Takeaways to Enhance Your Hiring Process
You’ve seen the numbers. Now, let’s take a look at the steps you can take to implement the findings from this article.
1. Use Technology to Streamline Hiring
The data makes it clear that the most successful recruiters use HR software (like an applicant tracking system) and utilize online job boards and social sites to increase their hiring efficiency. Eddy’s hiring software offers robust features that simplify the hiring process, from managing job postings to tracking candidates through each stage. By integrating Eddy into your process, you can improve your recruitment strategies and reduce hiring time.
2. Measure Candidate Experience
New hires and rejected applicants alike are more helpful to your company brand if they have a good candidate experience. Use a metric like the candidate net promoter score to see how you’re doing and learn what to improve.
3. Tell Applicants What Your Company Has to Offer
Candidates are looking for more than a paycheck, so be sure to highlight your commitment to remote work options, DEI, and competitive salaries and benefits in your job postings and interviews. This transparency will help you stand out in a competitive market.
By adopting these strategies, you can create a more effective hiring process that not only meets the demands of today’s job market but also positions your company as a top option. To see how Eddy can help you achieve these goals, schedule a demo today.
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