10 Recruiting Stats to Keep Your Hiring Strategy Current and Effective
Posted by Megan Webb-Morgan on May 1, 2013 in Business Management, Hiring [ 0 Comments ]
When your business is hiring for an open position, there are things you need to know about the current state of recruitment in the US.
Knowing employee failure rates, the impact of social media, and the costs of hiring a new employee can help you make sure that your recruitment strategy is current, relevant, and effective.
Here are the top recruiting stats that you need to know:
1. Hiring a new employee can cost upwards of $4,000, due to the cost of recruitment, screening, training, taxes, and benefits.
2. 46% of employees fail within 18 months. (Tweet this stat!) One of the primary reasons for this failure is lack of culture fit. The employees were hired based on their qualifications, but with no regard for their interpersonal skills – ability to accept feedback, manage emotions, motivate themselves, and have the right temperament for the job (Leadership IQ).
3. Following their reference checks, 21% of applicants are removed from the candidate pool during recruitment (Office Team). The most important information employers wished to receive from references was input on the applicant’s duties and experiences, insight into the applicant’s strengths and weaknesses, and confirmation of employment dates and job title.
4. 69% of organizations performed criminal background checks on all of their job applicants, and an additional 18% perform criminal checks on select applicants, according to a survey from the Society for Human Resource Management (SHRM).
- Businesses perform checks to reduce their legal liability for negligent hiring, to guarantee a safe working environment, to prevent criminal activity, and to comply with state laws requiring screening for individuals who work with vulnerable groups.
5. By 2020, 50% of the US workforce will be comprised of members of Generation Y, according to CNN. (Tweet this stat!)
6. The 2012 Cisco Connected World Technology Report found that 56% of millennial workers – otherwise known as Generation Y, those born between 1979 and 1997 – won’t work for a company that has a policy that bans access to social networking.
- The study reported that, “The ability to use social media, mobile devices, and the Internet more freely in the workplace is strong enough to influence job choice, sometimes more than salary.”
7. 93% of recruiters use LinkedIn to recruit permanent and temporary employees. (Tweet this stat!) Not only through the site’s traditional online job postings, but personal networking and candidate searches, as well. As a result, 89% of recruiters successfully hired via LinkedIn, according to the Jobvite 2012 Social Recruiting Survey. In addition, 66% of recruiters use Facebook, with a 25% success rate, and 54% use Twitter with a 15% success rate.
8. 49% of recruiters have received more job applications through social recruiting, and 43% claim that the quality of their applicants has improved as a result of social recruiting.
9. More than 40% more people were working temporary jobs in 2012 than in 2009, As a result of the increase in businesses hiring temporary staff (NBC News). There has been a dramatic shift in the way that businesses recruit and hire employees, with a greater emphasis placed on the cost-savings involved in hiring temporary, rather than permanent, workers.
10. 34% of businesses expect to hire more temporary workers in the next five years (2011 McKinsey Global Institute US Jobs Survey).
When you start recruiting job applicants, look to social media to make your recruitment efforts more successful. Make sure your business is ready for an influx of Gen Y employees, who value flexibility and access to social media more than salary, and consider the benefits of hiring temporary employees.
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