Companies spend an immense amount of time and money on recruiting, and often don’t get the results they were looking for.
12 recruiting statistics to change the way you hire
- 66% of candidates want to hear more from employees.
- Candidates are twice as likely to accept cold emails if they have interacted with your brand before.
- It takes an average of 27 business days to make a new hire.
- The best candidates are off the market within 10 days.
- Average cost per hire has risen to $4,000
- 60% of employers are very concerned with the cost of unfilled positions
- 64% of applicants would share negative application experiences with friends and family.
- …and 27% would actively discourage others from applying.
- 60% of candidates have quit a too long application process.
- 15% of candidates with positive hiring experience put more effort into the job.
- Over 75% of professionals are passive candidates.
- 46% of recruiters see “recruiting becoming more like marketing”.
- Employee turnover can be reduced by 28% by investing in employer brand.
Learn More About These 12 Recruiting Statistics
Candidates Want To Hear From Employees
In the past, companies could advertise whatever image they wanted to potential candidates, but today, candidates prefer to learn about the company by interacting with people who work there. Websites like Glassdoor and of course, social media, have changed the way companies recruit because there is so much more transparency in the process.
No longer can companies hide behind marketing gimmicks and buzzwords; companies need to be much more authentic, and potentially change the way they do things. The book Good Is The New Cool offers some really great insight into the importance of sincerity and realness in today’s marketing world – it’s worth a read.
The Truth About Recruiting with Cold Emails
No one likes getting cold emails unless they’re really well-written or from a well-known company. As a simple example, if you were to get a cold email from Google offering you a job, it’s likely that you’d open it. Right? That’s why developing your employer brand is so important. Whether it be via social media or word of mouth.
It Takes Around 27 Days To Make A New Hire
Companies realize the value in taking the time to get to know someone and the importance of having all potential candidates go through multiple steps in the interview process before making a decision. The only caveat to this is that top talent is off the market very quickly.
Often, companies will overdo the process and make it longer than it needs to be.
The Best Candidates Are Off The Market In 10 Days
The best candidates may already have several offers coming their way, quickly. so if you find a top talent candidate, you should try to move fast.
You want all-star players on your team, and you need to do whatever it takes to get them.
The Average Cost Per Hire Is A Whopping $4000
This is a pretty alarming statistic.
What it takes to recruit an employee has changed because the opportunity cost of hiring the wrong employee is too much of a loss. Recruiters now administer more advanced tests, bring other managers into the process and spend on more expensive and diverse job listings.
Unfilled Positions Are Costing You
Think about the lost revenue from missed business, the lost money from employees who have to do more with less, the money from mistakes made when employees are doing too much to handle, etc.
This is a constant, arguably unnecessary stress for employers.
Applicants Spread The Word About Bad Experiences
The candidate experience is so important, and companies can’t ignore this process because your reputation is at stake.
One bad candidate experience might seem trivial, but with inevitable word of mouth and today’s prolific use of social media, there can be residual effects that leave an indelible bad image on your company on more than just one person.
If It Takes Too Long, You’ll Lose Them
This is a big opportunity wasted, and you risk losing great candidates because your process isn’t well optimized.
Google is a good example. They realized that after working so hard to optimize the hiring process, they had too many steps in the interview process, and therefore brought the number down to 4.
Now they’re able to get candidates through the door much faster.
A Positive Hiring Experience Pays Off
It’s so important to make candidates feel good and respected at every point in the process.
When this is the case, the employee will already hold your company in high regard, enticing them go the extra mile to make your company successful.
Don’t Neglect Passive Candidates
Many companies make the mistake of neglecting passive candidates. You’re missing out on a giant pool of talent that would potentially be willing to work with you if the offer was right.
Recruiting And Marketing Work Hand In Hand
Recruiting is becoming more and more like marketing.
Candidates, both passive and active, should be treated like leads in a funnel, the same way that marketing treats their leads.
Investing In Your Employer Brand Is Key
If there’s one key takeaway from this post that keeps repeating itself, it is that your employer brand is crucial.
Employee turnover is costly, so doing whatever you can to reduce it is essential. The entire experience from A-Z (hiring to onboarding and onwared) needs to be seamless so that employees are excited about working for your company right off the bat.
Do you have any recruiting tips and tricks to share?
Let us know in the comments.