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
Getting hiring wrong will cost you
Job seekers are looking at job boards and talking to friends
Passive candidates are waiting for you to reach out
Companies should be finding creative ways to reach potential candidates
Job seekers value benefits, but the paycheck is still the most important
Candidate experience will affect the rate you attract, close, and retain top candidates
Remote work has changed the hiring landscape
Employer brand is the hiring secret weapon of top companies
One of the best ways to find candidates is through employee referrals
Effective hiring often means spending more time on social media
Prioritizing DEI in hiring gives companies a competitive advantage
Technology is helping organizations hire faster
Talent retention is just as important as talent acquisition
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.
75% of companies struggle to recruit in today’s market
70% of HR professionals say that the current hiring market is competitive or highly competitive
For every 10 new jobs created, only 6 are getting filled
57% of HR professionals are seeing higher levels of voluntary turnover than they have in the past
61% of CEOs don’t think their companies are recruiting fast enough or effectively enough
60% of talent acquisition professionals say that finding candidates with the required skills and experience is one of the top challenges they face
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.
The average cost per new hire is almost $4,700
The total cost to hire (including hard and soft costs) can be 3 to 4 times the position’s salary
In 2020, voluntary turnover cost employers over $630 billion
On average, turnover costs $15,000 for each employee who leaves
19% of workers have turned down a job after signing an offer letter
33% of new hires fail to meet productivity expectations
27% of companies report that it can take a year or more for new hires to become fully productive
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.
54% of Americans have gone online to look for a job
60% of job seekers look for work using online job boards
About 20% of new hires worldwide are sourced from job boards
Around 50% of job applications around the world come through job boards
35% of job seekers learn about jobs on social media platforms, 37% use professional networks, and almost 50% hear about jobs by word of mouth
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.
70% of the global workforce is made up of people who aren’t actively job searching
90% of people are interested in hearing about job opportunities when recruiters reach out to them
87% of workers are open to new jobs—whether or not they’re actively job hunting
82% of recruiters say they primarily use social media to recruit passive talent
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.
26% of companies have a creative and human-centered recruiting model that uses bold and non-traditional practices and technology
Facebook job posts that include videos receive 36% more applications
64% of workers who received a text after applying for a job report that they prefer texts to emails or phone calls
71% percent of business leaders say their company doesn’t do a good job using gaming and simulations to attract and assess candidates (while just 6% say their company is strong in this area)
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.
58% of HR professionals say that compensation and benefits are the most important factors influencing the employee experience
The most important factors people consider when deciding whether to accept a job are compensation (49%), professional development (33%), and work/life balance (29%)
The 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%)
60% 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
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.
Top companies conduct structured interviews 14% more often than average companies
30% of job applicants say they’re very likely to refer others to apply to the company after having a positive candidate experience—even though 90% of them were rejected for the role
Only 15% of business leaders say their company is excellent at creating meaningful relationships with potential talent
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.
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
If given the chance to work flexibly (at least partly remote), 87% of workers would take it
The 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)
Almost 44% of remote employees feel isolated or disconnected
43% of remote employees feel like others don’t think they work hard enough while working remotely