When talent acquisition departments begin a recruiting campaign, they have many things to focus on – employer brands, skills needed, budget, etc. However, often overlooked are the latest hiring statistics and metrics. Hiring experts recommend that recruiters take a moment to research the latest hiring stats and get a little refresher before beginning to screen and interview candidates.
Here are some of the current hiring statistics that recruiters should consider:
Average Time to Hire: The current average time to hire is 28 days, which is an all-time high for recruiters. Having this information provides recruiters with the opportunity to formulate a strong talent acquisition strategy. Since it is known that candidates are being considered by other employers, it’s important to have the ability to hire and onboard a skilled candidate quickly.
Top Candidate Hiring: Recent research indicates that the top 10 percent of candidates are often gone from the talent marketplace within 10 days. Since that is a relatively short timeframe, recruiters should aim to optimize and streamline their hiring processes with automated reminders, specific applicant instruction, and pre-hire assignment templates.
Recruiting Algorithm: Thanks to advances in big data, recruiting is becoming more structured and mathematical. Research indicates that a recruiting algorithm increases the accuracy of selecting productive workers by over 50 percent. Algorithms and predictive analytics allow talent acquisition departments to correlate recruiting and hiring data with business outcomes.
Reasons for Leaving: A new survey reveals that 36 percent of people who changed jobs cited being unsatisfied with the company culture as their reason for leaving. Knowing this allows recruiters to focus on showcasing their employer brand and clearly communicating their corporate culture. Sometimes hosting experience days where candidates get a glimpse of what it’s like to work for a company can paint a picture of the culture so potential employees know if it’s a fit for them.