With the recruitment industry constantly shifting, it’s important for hiring managers to understand the ways they can positively impact their businesses recruitment process.
But when there’s so much information available, where do you start?
We’ve gathered together five of the most surprising recruitment statistics your business should learn from, to help point you in the right direction.
49% of millennials would quit their current jobs in the next two years.
Despite experiencing the highest employment levels since the 1970s, almost half of millennials would leave their jobs within the next two years; up from 38% in the 2017 report.
The most cited reasons given those asked, according to the report by Deloitte, were “dissatisfaction with pay and lack of advancement and professional development opportunities.”
In order to improve the loyalty of millennial employees, it’s important for companies to address these concerns by introducing initiatives that will help to improve employee retention, such as giving employees a clear progression plan for their time at the company, and offering a flexible working schedule where possible.
Organizations that invest in employer branding are three times more likely to make a quality hire.
According to research conducted by the Brandon Hall Group, companies that take the time to invest in their employer branding are three times more likely to make a good quality hire than those that don’t.
Employer brand is a potential employees’ perception of a company’s image and reputation, and while this might be difficult for businesses to quantify, the research also found that organizations that invest in a strong candidate experience improve their quality of hires by 70%, making this a worthwhile investment for any company looking to improve their recruitment process.
89% of talent professionals say bad hires typically lack soft skills.
While it’s clearly important that an employee has the relevant hard skills for a role, a survey by LinkedIn found that 89% of talent professionals say that bad hires typically lack soft skills.
Screening candidates for soft skills is much more difficult for hiring managers, and despite changes in other areas of the recruitment process, asking behavioural questions and reading body language are still the most common ways of assessing a candidate.
Findings from the Brandon Hall Group’s research also showed that organizations that lack a standard interview process are five times as likely to make a bad hire, suggesting a structured interview process may be the key for companies that are struggling to find candidates with the soft skills they’re looking for.
81% of job seekers say employers continuously communicating status updates to them would greatly improve the overall experience.
When asked what employers can do to improve the overall candidate experience, a survey from Career Builder found that 81% of job seekers said that they would like employers to continuously communicate status updates throughout the hiring process.
While this may not be feasible for every company, or every position, it does highlight the fact that many job seekers are becoming frustrated with the lack of feedback they receive during the job application process.
Companies who tackle this feedback dilemma are likely to see a positive reaction from candidates, even if they’re not successful in their applications; something that will help to greatly improve their employer brand.
50% of human resource managers say they currently have open positions for which they cannot find qualified candidates.
For hiring managers, the high levels of employment are making it increasingly difficult to find workers, with a study by Inavero finding that 50% of human resource managers have open positions they cannot find qualified candidates for.
Finding qualified candidates is one of many recruitment challenges companies are facing, and it may be time for businesses to make changes to their recruitment process in order to reach those hard-to-find candidates needed to fill these open roles.
If you’re struggling to find talented candidates for a large number of roles, it might be worth considering bringing in a specialist recruitment agency to see where you may be going wrong, and to help speed up your time to hire.
Statistics like these can make recruitment sound like a daunting task, but it needn’t be.
Most businesses can make a big difference to their time to hire by making a few simple changes to their recruitment process, and taking the time to consider the impact their recruitment process has on their candidates.
If you’re struggling to find qualified engineers for your roles, then one of our consultants would be happy to help - give us a call today.