Recruitment is one of the most important things you will ever do as a founder. So, it goes without saying that you need to get it right once and for all.
The importance of proper recruitment has become especially prominent in the current business climate, which has become incredibly competitive and difficult to navigate. As a founder, you need to hire the right people who assure you that your business runs fine as you focus on more important things.
To help improve your hiring decisions, we’ve compiled several important recruitment statistics that you would want to keep an eye on.
Table of Contents
General Recruitment Statistics
To kick off our recruitment statistics for 2022, let’s consider some of the more general trends that are currently prevalent in the market.
Corporate job openings attract about 250 applicants on average (Glassdoor)
The corporate market continues to be one of the biggest drivers of employment across the world. Of the 250 applicants that present their resumes for these openings, about 4 to 6 will be called for interviews, and one will eventually get the job.
This gives a glimpse of how much work human resources teams have to do.
70% of job candidates are passive job seekers (LinkedIn)
A passive job seeker is someone who is essentially employed, but who would accept a good job opportunity if it came along.
So, if you’re only focusing on active job seekers to fill a position, you might be missing out on a massive talent pool.
Online job boards remain the top channel for candidates seeking jobs (LinkedIn)
60% of job seekers frequent online job boards to see the available opportunities. Professional networks (56%) and word of mouth (48%) are also popular channels in today’s job market.
Referrals are a huge driver of efficiency for recruiters (The Undercover Recruiter)
67% of recruiters and employers have reported that the time taken to recruit has been shortened due to the presence of referrals. 51% have also reported lowering recruitment costs due to referrals.
75% of employers confirm that they’ve made bad hires before (CareerBuilder)
The importance of making a good hiring decision can’t possibly be overstated. However, don’t be downcast if you find that a hire didn’t necessarily work out – if anything, you’re not alone.
This doesn’t mean that you should be lax about the process. Each bad hire can cost a business up to $15,000, so be sure you try to optimize your hiring as much as possible.
98% of Fortune 500 companies use recruitment software today (Jobscan)
Technology has helped to streamline the hiring process significantly over the past few years. And with over 75% of employers using tools like applicant tracking software to get the right candidates for the job, this can’t possibly be a mistake.
If software is good enough for the world’s biggest companies, why shouldn’t you use it?
73% of millennials got their current jobs through social media (The Aberdeen Group)
As far as new positions are concerned, millennials still prefer to check out social media platforms to conventional means.
Over 50% of all professionals still follow the social media profiles of other companies to stay abreast of possible employment opportunities. So, if you’re not using the available social media platforms at your disposal to share job posts, you probably should.
The Effects of COVID-19 On the Job Market
The coronavirus pandemic has been one of the most pivotal events of the 21st century. It affected just about every facet of our lives and essentially made sure that both work and personal life will never be the same.
Interestingly, several global recruitment statistics have also been skewed significantly as a result of the global pandemic. Below, we’ll look at some of the ways that this event changed the way work has been done.
COVID-19 led to a 135% jump in remote work offerings (Meetfrank)
The biggest shift in work culture due to the pandemic was remote work. To this day, several companies have adopted this standard. And thanks to advancements in collaboration and teleconferencing technology, it’s much easier to work remotely now than ever before.
78% of companies have changed their volume of hiring (TLNT)
Most companies also had to cut down on their hiring processes as a result of the pandemic. With shrinking budgets and financial resources, it became necessary for companies to manage their work.
The pandemic led to a 12.8% surge in near-term layoffs (University of Chicago)
Another financial effect of the pandemic was the fact that companies had to lay off workers in order to focus on fiscal responsibility in the near term. Of course, with things starting to return to normal, companies have been able to upscale once more.
69% of employers still find it difficult to fill roles (Manpower Group)
To date, there’s still a significant shortage of qualified roles, according to employers in the United States. It is also worth noting that most qualified candidates have raised their expectations, and companies might be finding it challenging to keep up.
If this trend continues, employers will need to find ways to attract top talent from a limited labor pool.
90% of hiring managers expect remote work to continue in some form (Gartner)
Remote work is here to stay. And as time has gone by, pretty much every professional in the hiring industry has come to understand this.
Companies can tap into this trend as well. Besides the fact that it can improve your applicant pool, offering flexibility to your employees can help you to attract higher-quality applicants.
Hiring Process Statistics
Your recruitment process is one of the most important factors that can help you get the best talent available. And today, companies are working extra hard to refine their recruitment processes to be competitive enough.
To help guide your decisions, we’ve updated our recruitment statistics 2022 with some top insights into companies and their recruitment processes.
94% of professionals would like feedback after an interview (LinkedIn)
A good way to optimize your process is to provide feedback after an interview. Candidates want to know how they did even if they’ve been rejected for the role.
Speak to them about what they did right and where they could improve, and offer any help you think is necessary.
The typical hiring process can take up to a month (SHRM)
Hiring isn’t a process you take lightly. And as your business grows, you will find that getting the right people to join you can be more challenging as time goes on. So, try as much as possible not to rush things
95% of recruiters use LinkedIn to find candidates that they present to their clients (US News)
LinkedIn remains the top source for professional information and candidates. The network has seen its influence grow in recent years, and that trend doesn’t seem set to change.
49% of candidates didn’t respond to a job offer due to a poor recruitment experience (PwC)
Companies have become more aware of the need for proper recruitment processes. And today candidates have become more aware as well. Be clear with the job expectations, offer impressive perks, and do what you can to make a solid first impression.
37% of candidates have been screened via video by recruiters (Jobvite)
Another significant benefit of technological advancement has been its potential for streamlining the hiring process. Video interviews improve convenience and can save you a great deal of time. We expect this trend to be even more prominent in the future.
32% of current executives didn’t have good onboarding processes (Harvard Business Review)
You should know that the hiring process doesn’t stop when you actually do hire the best-performing candidate. You also need to have a good onboarding process, which gets employees integrated into the company properly.
69% of new hires would stay in a company if they have a great onboarding experience (SHRM)
Employee churn is a significant problem for most companies. And if you hope to reduce that for your company, onboarding is a significant task you need to handle. New hires can stay at your company for up to three years if they have good onboarding experiences.
Employee Expectation Statistics
If you hope to attract top talent, you need to understand what they’d like if they’re to get hired. Fortunately, our global recruitment statistics also include some insights into what candidates and employees might want.
60% of candidates consider additional benefits when looking for jobs (Glassdoor)
Candidates will undoubtedly consider the salary you offer when them looking at your offer. However, additional benefits also matter. In order of importance, these benefits include health insurance, paid vacation, performance-based bonuses, paid sick leave, pension and retirement plans, and flexible work schedules.
67% of candidates expect diversity in the workplace (Hult University)
Over the past few years, it has become more prominent for companies to embrace diversity in the workplace. Diversity creates an environment for optimal innovation and creativity, as well as better growth and productivity.
This is why candidates also evaluate companies based on diversity. It creates a healthy workplace culture, so try to incorporate it into your company.
93% of millennial candidates prioritize skill development (GoRemotely)
Already, millennials are forming a significant portion of the workforce. And with these people expected to take over significant management positions soon, more of them have become concerned with their career advancement and would prefer to develop their skills as they work.
If you’re looking to hire millennials, showing them a clear path toward skill development is a critical way to attract them.
Job seekers won’t mind forgoing up to 12% of their salaries for training (PwC)
There is no doubt that job seekers consider financial remunerations when they look for new jobs. However, this isn’t the only requirement for them.
As you hope to attract top talent, you need to show reasons why your company is a strong fit that can help them grow and become better at what they do.
89% of passive candidates will consider your brand before applying for jobs (CareerArc)
Passive candidates already have jobs, so there’s no pressing need for them to switch. However, if the opportunity does come along, one of the primary things they consider is the company’s brand itself.
If your brand isn’t being managed properly, the chances of attracting these candidates are slim.
70% of customers in the United States would not put up with poor workplace culture (LinkedIn)
Once again, workplace culture is a critical component of any office environment. You need to be able to build the right culture that will enable employees to be themselves and be free.
And to add to the global recruitment statistics that talk about this topic, note that 25% of staff already consider poor workplace culture to be the top reason why they would switch jobs.
Conclusion
There’s no doubt that hiring is one of the most important things you’ll do as a business owner. You need to ensure that the people who join your company are the right fit, and this will help you significantly in the long run as you hope to achieve optimal productivity and profitability.
The recruitment statistics – as well as hiring process statistics – above, should help you understand how best to go about your hiring in the 21st century. From where to place your ob ads to how to attract the best talent, we have everything you need to know.
