Competition for top talent is fierce. In order for your company to win the hiring game, your HR department needs to know the top recruitment stats and how to capitalize on them. The information in this blog will help you do that. Ready?
To recruit top talent, you need to be aware of the trends. The following eight statistics will give you valuable insight into the minds of candidates and what your company can do to retain their services.
1. 73% of candidates are passive job seekers.
A passive job seeker is a currently employed individual who is open to hearing about new job opportunities, but not ready to take the plunge and apply for a different position.
What does this mean for your company? It means that if the only candidates you're currently investigating for open positions are active job seekers, you're missing out on a massive portion of the talent pool.
But this begs the question, how do HR departments engage qualified candidates who aren't actively seeking new jobs?
They must be proactive and spend time where qualified individuals hang out (industry forums, conferences, etc.). They can also directly engage prospective employees on sites like LinkedIn.
[Source: Talent Now]
2. 66% of Millennials expect to leave their organization by 2020.
This statistic will either leave you feeling overjoyed or terrified. For those hoping to hire young talent soon, you can be happy knowing that 66% of millennials plan to seek new employment within the next two years.
On the other hand, if your company currently employs many young workers, the thought of over half of them leaving your organization by 2020 likely fills you with dread. Fortunately, as an HR representative, you can greatly affect whether this statistic proves accurate or not.
You have the power to improve the work environment for your employees and help create an atmosphere they won't want to leave. Things such as employee engagement and quality wellness programs are greatly appreciated by young workers.
3. Each vacancy costs the average company $500 a day.
Filling vacant positions should be top priority for your HR department. When company roles remain unfilled, money is lost, team productivity decreases as employees work to accomplish tasks they're not suited for, and company morale plummets.
Invest in a quality recruitment program and take care of your current employees. These best practices are essential to building and maintaining a strong team.
4. On average, each corporate job offer attracts 250 resumes.
That's a lot of CVs to sort through! Do your HR team a favor and follow these three tips. They will keep you from wasting time on unqualified candidates and make the recruitment process much more efficient.
- First, know exactly what you're looking for in prospective employees. Be very clear about your requirements in job descriptions and don't allow yourself to compromise. If a candidate doesn't fit, let them go.
- Next, consider conducting initial interviews in groups. Not only will you save time by meeting multiple candidates at once, you'll also get a feel for how each of them interacts with others and hear differing perspectives all at once. Subsequent interviews with top prospects can then be done individually.
- Finally, pull the trigger when you've found a quality hire. Don't continually fret over your decision. Do your due diligence and then trust yourself to make the right choice. This will ensure that open positions are filled faster and top talent isn't snatched away by competitors. [Source: Zety]
5. Top candidates stay available for just 10 days before getting hired.
If you don't hire quality candidates quickly, another company will happily snatch them away from you. So don't push off hiring or over analyze recruitment decisions. Top talent is usually pretty easy to recognize. When you see it, move swiftly.
Remember, a business is only as strong as it's employees. Hire the best possible people and your organization will do amazing things!
[Source: Talent Now]
6. 52% of surveyed candidates claim competitive compensation packages are the most attractive element of a job.
Hiring top candidates quickly is essential, but it's not the only factor when securing their services. An immediate low-ball offer will just get you an immediate "no thanks".
Most modern workers want competitive compensation packages more than anything else. How can your company provide that to them? Obviously there are limits to what your business can offer. But money spent securing and retaining the best employees will more than pay for itself in the long run.
7. 48% of businesses say their top quality hires come from employee referrals.
Employee referral programs are important and allow businesses to more easily secure top talent. Why? Because your current team knows better than anyone what it takes to succeed at your company. After all, that's what they do every day.
By taking employee referrals seriously, you'll be able to cut down on hiring time and costs, improve worker retention, and boost team morale.
8. Organizations that invest in employer branding are three times more likely to make a quality hire.
Top talents want to work for top companies. Your organization can prove to candidates that it's worthy of retaining their services by investing in quality branding. Does your company stand for something? Does it look organized and successful?
You don't need to be a global brand like Apple, Google, or Amazon to secure top talent. But you do need to appear to be successful and progressing. Strong company branding helps prospective employees see your business as such.
Recruiting talent today is different than it was a decade ago. Candidates want different things, and competition for their services is at an all time high.
Technology also plays a bigger role in the modern recruitment process than ever before. Software can streamline vetting procedures, interviews can be conducted via video chats and new hires can be onboarded quicker than ever.
If you're looking for tools to assist you in the finding, hiring, and managing of employees, HR Cloud has many award-winning applications for you to try risk free. From onboarding to employees engagement, successfully run your HR department with HR Cloud!