Among the factors determining company success, talent ranks high. A team of top talent offers a lot more than expertise and experience. It comes with creativity, innovation, leadership, and collaboration.
In this regard, recruitment is the foundation of that team. But over the last few years, there have been numerous changes in hiring practices. Therefore, for your company to enjoy continued success, its recruitment practices must align with global trends. That's why it's always important to keep up with the latest recruitment statistics as an HR professional.
Read on to find the top recruiting statistics that should shape your strategy.
The statistics that carried us into 2024
We can look into what the statistics told us coming into 2024 and glean as much information as possible to see what we might expect from the recruitment market moving forward.
Unemployment figures have risen throughout the world—that's a given. The UN's International Labour Organization Governments are working hard to provide solutions for workers, however temporary, but how long will it take to re-instate the jobs needed to repair the massive downturn for those businesses to rise and start feeding back into the economy again?
Until we're delivered new figures and accurate statistics, we can only hazard a guess on how the marketplace will be affected.
Talent shortage
- More than 9 out of 10 employers are struggling to fill jobs
According to a Monster global report, 9 out of 10 employers are struggling to fill jobs— with 29% of employers agreeing that the skills gap has increased year on year.
If this is a trend that will stick, employers need to work on ways to attract the best players from a limited resource pool.
Changing jobs
- 44% of US employees looked for new roles in 2024
According to Achievers.com, almost half of US workers want to leave their jobs for pastures new during 2024. Almost a quarter of employees are looking for a better career progression, while 21% are looking for better compensation and benefits.
Perks of the job
- 79% of American employees want more support for their financial and emotional health needs
According to the Employee Wellbeing and Voluntary Benefits Survey by Buck, 79% of US workers want more than just a salary increase, as the perks of the jobs become more relevant.
Some of the benefits that appeal most include:
- Medical cover (40%)
- Paid time off/Vacation (37%)
- Performance bonus (35%)
- Paid sick days (32%)
Brand confidence
- Strong brands attract 50% more qualified applicants
LinkedIn delivers information on how top talent aims for the biggest or most reliable brands. If you want the talent, it's time to raise your appeal via your brand's visual strength.
Advertisement elements
- 75% more clicks for ads featuring salaries
The market was split right down the middle when attracting applicants using ads that feature images or videos over those that don't.
The real winners were the businesses that posted a salary. They achieved 75% more clicks than ads that didn't, according to G2.
Social Media recruiting
- 86% of job seekers look for new jobs on social media
CareerArc discovered that social media reaches both passive and active job seekers, making recruiters’ lives easier as traditional job boards become less effective.
LinkedIn revealed that around half of all professionals follow other social media companies to stay up-to-date with employment possibilities.
If you're not putting your jobs on Facebook, Twitter, Instagram, and LinkedIn—it's probably time that you were.
Career site complications
- 60% of job seekers give up on applications because of complexity
According to G2, more than half of the applicants have given up on an online application because it was too long or too complicated. If you want to fill those vacant positions—take this number seriously, and keep things as easy as possible for your applicants. You can't make those all-important first connections if they're put off before they've even got to the send button.
Employee referrals
- Still working well for employers
TalentLyft found that around half of businesses still commend employee referrals as their top channel for new hires, with 88% saying that they're the best method for above-average applicants.
Referred roles are 55% faster to hire than other means, too, and 25% more profitable. What's not to like?
Interviewing techniques
- Structured interviews lead the pack
LinkedIn uncovered 74% of HR professionals used structured interviews to vet candidates. Sadly, 83% of the talent admitted that a poor interview experience would change their mind about a company they previously liked.
Cultural fit
- Impacting hiring in 2024
Totaljobs has told us that 67% of recruiters believe cultural fit is a pivotal factor, and Cubiks found that 90% of recruiters have rejected candidates due to a poor cultural fit.
Company culture
- A potent lure for new staff
LinkedIn learned that 70% of US professionals wouldn't put up with poor workplace culture, and 25% of staff said it was the main reason they'd change jobs.
If you're not actively working on building an attractive company culture for your teams, you should seriously consider it—that is if you want to keep hold of your premium employees.
Working Remotely
- 86% of employees want to continue working remotely at least sometimes.
After the scare of the pandemic, many organizations were forced to adopt a remote or hybrid work model. While it was primarily a stop-gap measure, management teams and employees have come to appreciate its benefits.
As a result, there's an expectation by 90% of hiring managers that some form of remote work will continue. This is supported by the fact that 86% of employees want to continue working remotely at least sometimes.
With this in mind, consider adopting a hybrid model to make your company appealing to this group.
Bad hires
- Too many regrettable decisions
CareerBuilder found that three-quarters of employers said they've hired the wrong person for some roles. With a cost of $15k for each bad hire, that's a number that needs to shrink.
Some additional statistics to consider
According to OfficeVibe, the following statistics outline the areas of recruiting that should be taken seriously if we want to get ahead of the curve:
66% of candidates want to hear more from their potential employers.
Stay in touch and keep candidates informed. Help them to feel part of the team (before they are).
Plan well-ahead for new hires
While there are many job seekers, filling positions is still challenging and takes too long. On average, it takes organizations 42 days to fill vacant positions. Are you allowing enough time to fill roles?
Be the brand your hires trust
Your employer brand is a reflection of your recruitment process, recruitment tools, and recruitment team. Most job seekers take the time to research potential employers before deciding to apply. In turn, building a reputable employer brand will earn you 50% more qualified candidates.
Looking to master the art of employer branding storytelling?
Strike fast
The strongest candidates don't stay on the market for long. The best of them are snapped up within 10 days of becoming available.
Budget for better staff
The average cost per hire (in the US) is $4k. Have you built that into your business's budget?
Don't wait for staff to become available – go get the ones you want
Over 75% of professionals are passively available for new roles. While they might not be actively seeking out a job, a large percentage have admitted they're more than open to the right position if it came up.
Our favorite statistic for 2024 is...
Given the nature of the job at hand (or online, on social media, or your company job page), we're committed to how much good tech makes everyone in the recruitment process's lives easier. You don't have to take our word for it—just look at what the numbers say.
Recruitment technology – 99% of fortune 500 companies use recruitment software
If it's good enough for the biggest and the best (according to ), shouldn't it be good enough for you?
TalentLyft found that over three-quarters of employers say applicant tracking software makes finding talent easier than it's ever been. What we want to know is—what are the other quarter playing at?
They also uncovered that almost 70% of recruiters say the best way to boost hiring performance is by investing in new recruiting tech. And so they should.
A massive 94% of recruiters and hirers told Capterra.com that their software had made a real impact on their processes.
