Latest recruitment statistics? Recruitment processes continue to evolve, empowering businesses to choose the best-fitting candidates for their respective vacancies with greater ease, convenience, and precision. New HR technologies continue to drive talent acquisition methods and candidate recruitment techniques.
Employers and decision-makers can use the latest recruitment statistics to revisit their hiring strategies to attract more high-quality and best-fit candidates to their respective organizations. The following are some of the figures HR professionals need to know this 2022.
Latest Recruitment Statistics
Human resource professionals must continuously revisit and redesign their respective recruitment and hiring processes, reflecting an in-depth understanding of current trends. The following statistics can help recruitment managers to develop a more comprehensive plan for attracting the best-fitting talents for their respective companies.
More than half of all recruitment professionals prioritize improving quality of hire
According to Human Resources Director, 52% of recruitment and hiring professionals consider improving the quality of hire their top priority moving into 2022 and beyond. Although organizations can have different priorities, the data underscores a growing concern about getting bad hires instead of the best-fitting candidates.
Bad hires can cost organizations millions of dollars from hiring and training expenses, remuneration and compensation packages, and sub-par performance-related economic losses. Recruiters might want to revisit and refine their recruitment strategies.
It takes an average of 41 days to hire the best candidate for a particular post
Some companies have a time-to-hire period of 49 days. This figure has serious implications for HR professionals. The burden is to hire the best-fitting candidate as fast as possible to avoid undermining the company’s operations. Hence, HR professionals must plan their hiring and recruitment strategies.
Although companies expect employees to give them a 14-day notice period when planning to resign, real-world scenarios might be different. Businesses must initiate the hiring process as soon as the notice goes into effect. Unfortunately, they might have to think of contingencies to fill the vacant role until they find a suitable replacement.
Each job post receives 250 applications on average
Assessing, screening, and evaluating 250 resumes and application credentials for a single job post are no easy task. It can be emotionally exhausting, time-consuming, and nerve-wracking. It is not unusual that this aspect of recruitment is one of the most stressful among recruiters.
An applicant tracking system can help HR professionals manage their recruitment and hiring processes. It empowers them to handle multiple job posts and applicants and improves their mental health. An ATS also enables hiring managers to choose the best possible fit for the job.
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Job candidates with verifiable referrals are 85 times more likely to land the job
An effective employee referral system is one of the best tools for hiring the best talents. Employees will never stake their reputation by referring individuals they believe are incapable of performing the job roles and responsibilities exceptionally.
Companies with a comprehensive employee referral system can expect faster turnaround times filling vacancies. It also reduces hiring costs while enabling the business to get the best-fitting employee for the position. Hence, it would be best to create an effective and efficient employee referral program to leverage this recruitment statistic.
More than a third of job applicants use social media to find job openings
Thirty-five out of 100 job seekers use Facebook, LinkedIn, and other social media platforms to look for employment. It underscores a recruitment trend, where an SHRM survey found that 84% of businesses post job openings on social media. These organizations source 82% percent of management positions and 45% of upper management and executive leadership posts from these digital platforms.
Nine percent of organizations without social media presence also plan to post job openings soon. It would be best for businesses to reshape their thinking of these digital platforms beyond building and engaging followers.
Close to two-thirds of hiring managers view competency testing as a must for all job candidates
Sixty-four percent of employers consider ramped-up competency testing a must when hiring new employees. It underscores a paradigm shift in looking at education and training as predictors of excellent work performance.
Recent studies show that these parameters are no longer crucial criteria for hiring – technical skills and cognitive abilities do.
Competency testing allows companies to weed out job applicants incapable of accomplishing real-life work activities. For example, an IT firm might want to test candidates’ programming and problem-solving skills before shortlisting them for further evaluation.
Eighty-seven out of 100 employers see or expect skill gaps in their respective companies
McKinsey & Company’s 2021 Global Survey revealed that 43% of business leaders see skill gaps in their respective organizations, while 44% expect competency deficiencies to develop within a few years. Corporate leaders cite data analytics (43%) as the single most pressing skill gap many companies face today. Mobile and web design management skills are a distant second (26%), with executive management skills a close third (25%).
It would be best for hiring managers to strengthen their recruitment processes, focusing on candidates’ work-specific competencies than other hiring parameters. Closing identified skills gaps will avoid overburdening existing employees, which can reduce motivation and cause job dissatisfaction.
Mobile Employees and Gig Economy Statistics
Although 2020 was a dark year globally, it was a robust period for the gig economy. For the first time since 2008, this market expanded by 33%, consisting of 1.1 billion on-demand contractors, artists, and freelancers worldwide.
More than two million people in the US found new remote work opportunities. Unsurprisingly, the mobile workforce and the gig economy will continue to flourish from 2022 onwards. The following statistics should help businesses develop better and more responsive work opportunities for remote workers.
Nearly three-quarters of remote workers enjoy better life-work equilibrium.
Enhanced work-life balance remains the driving force behind the increasing numbers of employees desiring a work-from-home arrangement. A FlexJobs survey showed that 73% of digital nomads have a better life-work balance, empowering them to spend more quality time with family and loved ones.
Companies do not need to adhere to a remote work-only model. Employers can still attract highly qualified candidates by offering flexible work options or a work environment that fosters positive mental health and work-life equilibrium. Job candidates and existing employees need supportive management to help them realize their full potentials.
Close to 57 percent of employees work from home at least part-time.
Although Upwork’s Current State of Remote Work survey revealed a 5.9% decrease from 2020 remote work statistics, 56.8% remains a significant figure. More than two in five employees (41.8%) work remotely five days a week, while only 15% observe a hybrid work arrangement.
It would be in a company’s best interest to consider adopting a hybrid work model for its employees. Such an action will also increase the organization’s attractiveness and appeal to top-quality talent, who consider remote work highly beneficial in promoting a healthy work-life balance.
Eighty-six in 100 employees want to continue working remotely, even part-time.
Contrary to popular opinion, the COVID19 pandemic did not produce work-from-home arrangements. The scheme originated in 1979 when IBM allowed five employees to work outside company premises. The pandemic only accelerated the remote work model, giving more people a different arrangement that fostered better work-life equilibrium.
Unsurprisingly, 86% of work-from-home employees expect to continue working with the same arrangement beyond COVID, even on a part-time basis. Companies do not need to abandon the traditional in-office model because most employees only ask for a few days of WFH duties. It is one of the best ways firms can ensure employee productivity, empowering them to achieve life-work balance.
Nine of ten executive and managers work remotely.
Remote work is not only for ordinary employees but also for managers and executives. Talent-Works’ US-wide survey revealed that 90% of hiring executives and managers expect to work remotely. The study also showed that more than three-quarters (76%) of firms no longer observe location-dependent hiring.
The figure supports other studies showing 90% of recruitment leaders will allow their employees to work remotely beyond COVID. Companies can provide employees flexible work options, enticing highly talented individuals to apply and reducing overhead. Corporate planners and decision-makers can redefine strategic objectives to accommodate flexible employment arrangements.
Three out of five recruiters see virtual interviews as the new normal.
JobVite’s latest Recruiter Nation survey reports that 61% of hiring managers consider virtual interviews the new norm.
LegalJobs also says that video interviews are more efficient than telephonic transactions. Recruiters can complete ten video interviews in the same period as interviewing a candidate over the phone.
Many HR professionals use only the top video interviewing platforms, such as Skype, Harver, ViaCruiter, SparkHire, HireVue, and AllyO. It would be best for companies to consider getting the best virtual interviewing software to ensure a smoother and more efficient hiring process.
Nearly three in four recruitment managers will increase hiring freelancers
A recent Upwork survey describes 73% of recruitment managers intend to increase the hiring of contractors and freelancers.
Economists predict the gig economy will form the world’s future economic backbone. In 2021, the contractor and freelancer workforce contributed $347 billion to the global economy, with tech and design freelancers comprising 59% of these digital nomads.
Experts agree that the gig economy’s exceptional growth is due to COVID-related business measures, giving workers the freedom to choose to work anywhere they want.
The phenomenon created a large pool of highly-skilled individuals unwilling to give up their newfound liberties. Hence, it would be best to consider hiring freelancers and contractors for projects and other business activities.
Job Seeker Experience Recruitment Statistics
Attracting the best talents for the job has always been at the core of recruitment activities. That is why HR professionals love to study the perceptions and experiences of job applicants to create more comprehensive and effective recruitment and hiring strategies.
The following statistics should enable recruitment managers to develop a more engaging and positive hiring experience for job candidates.
Work-life balance is a deciding factor for 72% of job applicants
A Statista survey revealed that 72% of employees consider work-life equilibrium very important when applying for a new job. Although the results were from 2018 data, experts agree that work-life balance remains a crucial factor in a candidate’s decision to look for a new job.
Even without a remote or hybrid work model, businesses can help employees improve work-life balance.
Building a culture of care, flexibility, trust, recognition, and health can promote better employee relationships as they tend to their life’s commitments while staying productive at work.
Recruiters can communicate these salient points to highly-qualified candidates, increasing the chances of getting the best talents for the organization.
About half of all job applicants are willing to receive lower pay in exchange for new skills, personal flexibility, and strong diversity and inclusion initiatives
PricewaterhouseCoopers reported that 37% of job applicants would accept lower pay for an opportunity to learn and develop new skills. Moreover, 51% of job seekers prefer greater flexibility over high salaries, while 62% of candidates will apply to a company with a robust DEI initiative.
HR managers can work with their respective top executives to create a more comprehensive compensation and remuneration package. Aspiring workers only ask for continuous professional development, flexible working arrangements, and a diverse and inclusive work environment.
More than 50% of highly qualified job candidates prefer applying with reputable brands.
Successful branding strategies set a business apart from the competition, making it a trustworthy name that people admire and love to be a part of. Finances Online supports this observation by saying that reputable brands generate up to 50% more talented and highly-qualified candidates than companies with a shady reputation.
Business leaders say 75% of a company’s corporate value is intangible, making brand reputation irreplaceable. Unsurprisingly, many HR professionals highlight their respective companies’ corporate values, philosophies, and reputation as selling points for attracting the best talents on the planet. Hence, it would be best to adhere to proven employer branding strategies to get high-quality hires.
Almost nine in ten passive candidates evaluate a company’s brand before applying
Studies show 70% of employees worldwide is passive candidates. They perform their work roles and responsibilities diligently day in and day out. However, they also do not discount the possibility of a career change given an opportunity.
Career Arc’s 2021 Future of Recruiting Study reports that 90% of passive candidates want to become a part of more recognized brands or companies with a more positive reputation, alongside remote work possibilities and diversity across the organization.
Employers can consider these figures as a motivation for improving brand reputation. After all, many of these passive candidates are high-performing, high-quality talents in their current work.
More than three-quarters of job applicants seek a company with robust diversity and inclusion initiatives
Recruitment statistics: Diversity, equity, and inclusion (DEI) programs have never been more crucial to employers and job seekers than now. Glassdoor’s Diversity and Inclusion Workplace Survey reveals that 76% of job applicants want a company with a diverse workforce. The study also showed that more than half of currently employed people require their respective companies to do more to improve diversity and inclusion in the workplace.
In the Elevating Equity: The Real Story of Diversity and Inclusion report, only one in five companies are serious about reshaping their policies to accommodate the clamor for stronger DEI initiatives. It would be best for businesses to revisit and redefine their organizational foundations to include more robust diversity and inclusion goals.
A positive and engaging recruitment experience matters to almost 50% of job candidates.
Job candidates can cite various reasons for declining a job offer. However, employers might be surprised to learn that 49% of shortlisted candidates would prefer to look for another job because of a poor or negative recruitment experience.
Most people think of job interviews as a one-sided transaction, with the interviewer taking full control. However, candidates also evaluate the interviewer, taking mental notes of inappropriate interview questions and other irrelevant behaviors.
Unfortunately, a company might lose its chance of getting the best talent if the recruitment experience is poor. Hence, businesses must refine their recruitment processes to engage candidates and leave a lasting positive impression.
About three in ten new hires leave the job because of a poor onboarding experience
Onboarding is a crucial human resources program that introduces new employees to the ins and outs of an organization. It facilitates a smoother transition into the organization’s culture, systems, processes, and groups. A successful onboarding program integrates new hires and equips them with the right competencies to perform their work efficiently and effectively.
Failure to create a positive onboarding experience for new hires can result in a 31% new hire turnover rate within the first six months. Sadly, this phenomenon can also impact esprit de corps and demoralize the workforce. It can translate to additional hiring and onboarding-related costs, productivity losses, and extra budget for new recruitment and hiring.
Latest Recruitment Statistics Final Thoughts
Data analytics is a powerful tool in today’s business organizations. The latest recruitment statistics empower companies to redefine their hiring and recruitment strategies to better adapt to trends. Taking proactive measures can help firms stay on top of the competition, allowing them to snag the best-fitting, high-quality talents in their respective industries.