Modern businesses are driven by analytics and the right course of action is often determined by the data and statistics available. Human resources is no different.
In this blog, we'll discuss nine surprising HR stats that you need to know and how each of them can be used to improve your company.
A List of 9 Surprising HR Stats
Work in HR? Here's a list of statistics you might not be aware of but really should be:
1. 72.8% of employers struggle to find relevant candidates for their businesses.
Finding the right employees — the kind that are highly qualified and fit in well with your company culture — is tough, and competition for their services is fierce.
In order to combat this, it's wise to keep your candidate pipeline full, even when you aren't hiring. That way, when you do intend to add to your team, you have a list of prescreened talent to pull from.
Sure, many of these candidates will have taken employment elsewhere, but some of them might still be available. A few of them may even be interested in switching employers again if what you're offering is enticing enough!
2. Today, the average person will only stay with their current company for 4.2 years and will change jobs 10 to 15 times over the course of his or her career.
Employee loyalty is (mostly) dead. The modern worker is constantly on the lookout for a better situation and won't hesitate to take it when it presents itself.
As a company you need to be aware of this growing trend and prepared for it. Invest in your company culture. Ensure employees are happy and engaged. Make your company a place they never want to leave and they won't — at least not as quickly!
But when talent does decide to move on, ease the transition by developing a streamlined onboarding system with comprehensive training materials. That way, whoever is filling a vacant position can get up to speed quickly.
3. Over 79% of job seekers use social media in their job search.
If you want to find the best talent for your company (and who doesn't want the best?), you need to go where they are. That means investing in social sites like LinkedIn, Facebook and any others your ideal candidates frequent.
Also, try using a tool like Recruit to easily post your job listings to social media sites and enlist your current employees to help promote open positions to their own social followers.
5. 97% of HR leaders are planning to increase their investment in recruiting technology by the year 2020.
Why? Because the intelligent use of technology can help HR teams reach more qualified candidates, vet them more effectively, and streamline the entire hiring process.
Ready to invest? Recruit is an innovative applicant tracking software, complete with customizable hiring portals and automated communication features. It also integrates seamlessly with other popular apps such as ZipRecruiter, Checkr and Engagedly!
6. Highly inclusive organizations generate 1.4X more revenue and are 120% more capable of meeting financial targets.
Ensuring diversity in your workplace isn't just the right thing to do; it will actually improve your business! And that makes sense…
By stacking your team with people of all backgrounds, interests and beliefs; you'll give your company access to an incredible wealth of ideas and the ability to see problems from every potential angle. These benefits have been proven to translate into increased profits.
8. According to 46% of HR leaders, employee burnout is responsible for up to half of their company's annual workforce turnover.
Speaking of productivity, health risks and turnover; employee burnout is a real thing and it's escalating at an alarming rate in the United States.
Fortunately, there are things your company can do to reduce burnout in your organization such as ensuring open lines of communication between employees and management, setting strong work/life boundaries, and creating an enjoyable company culture and atmosphere.
Modern HR, as proven by these nine surprising HR stats, is about engaging and empowering employees. From finding superstar talent and effectively onboarding them, to building an inclusive company atmosphere with an emphasis on employee wellness, a lot can be learned from the above-mentioned statistics!
HR Cloud is a leading developer of HR software & HRMS solutions for small and medium size businesses that have high turnover. HR Cloud's Onboard is market leading technology for effective new hire onboarding and Workmates enables employee engagement simply and easily. Founded in 2012, our HRIS empowers teams to easily onboard new hires, manage employee data, create a company social network and support employee development.