Table of Contents
Table of Contents
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 employer, and how your company can adapt to today’s competitive hiring market.
Hiring is harder than ever
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.
Getting hiring wrong will cost you
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—or not. 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.
Job seekers are looking at job boards and talking to friends
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.
Passive candidates are waiting for you to reach out
There are plenty of talented workers out there who are content in their current role, 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.
Companies should be finding creative ways to reach potential candidates
As the hiring landscape shifts, candidates appreciate—and even look for—creative recruiting techniques. After all, there’s 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 put the right 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.
Job seekers value benefits, but the paycheck is still the most important
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.
Candidate experience will affect the rate you attract, close, and retain top candidates
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.
Remote work has changed the hiring landscape
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. And after your new remote employee is hired, ensure a smooth onboarding process to help them stay on track and avoid feeling lonely or directionless.
Employer brand is the hiring secret weapon of top companies
If a company has a bad brand, no amount of recruiting skill will be able to totally 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.
One of the best ways to find candidates is through 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.
Prioritizing DEI in hiring gives companies a competitive advantage
Most job seekers highly value diversity, equity, and inclusion. If you want to hire top talent, cultivating a diverse and inclusive workforce isn’t really 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.
Technology is helping organizations hire faster
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.
Talent retention is just as important as talent acquisition
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.
You’ve seen the numbers. Now, let’s take a look at the steps you can take to implement the findings from this article.
- Reevaluate how you use technology when hiring. The stats make it clear that the most successful recruiters use HR software (like an applicant tracking system) and utilize online job boards and social sites. If you’re not already doing so, make a plan to start.
- 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.
- Tell applicants what your company has to offer. We know that people are looking for remote work opportunities, companies that value DEI, and jobs with good salaries and benefits. Make these things selling points in both job posts and interviews.
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