Keeping up with all the hiring trends in this revived and somewhat still volatile economy is incredibly essential. There are loads of factors that impact hiring besides the economy to include, the different generations of candidates and emerging technology. The list goes on we assure you. Staying informed on the various trends is something companies have to watch closely and adjust their hiring strategies accordingly. Over the next few months, we’ll be reviewing certain trends in Recruiting, Compensation, Benefits and so on to help employers get the most from their recruiting efforts.
This month we’re focused on Recruiting statistics for the 2017 year. We’ve posted several recent trends we recommend employers review here and here. Discovering the most important hiring trends can be a lifesaver when you’re trying to hire for hard-to-fill positions. Take a look at the most recent trends according to this recent survey.
Recruiting Trends for 2017
*66% of Millennials expect to leave their organization by 2020.
* 39% of women say the reputation or brand of the company is “very important” to them when considering a job move. A somewhat smaller percentage of women (32%) say the same about the company’s cause. For 33% of men, the company’s brand is “very important,” but only 22% feel the same about the company’s cause.
* The ratio of unemployed Americans to open jobs is 1.4 to 1, compared to 6.6 to 1 during the last recession in July 2009.
* The average opening sat unfilled for 28.1 days in 2016, up from 19.3 days in 2001-2003.
* 72% of CEOs are concerned about the availability of key skills.
* Organizations that invest in employer branding are three times more likely to make a quality hire.
*Among those surveyed, the majority job seekers read at least 7 reviews before forming an opinion of a company.
* Surveyed job seekers report they use an average of 7.6 job sites during their job search.
* A 10% more difficult job interview process is associated with 2.6% higher employee satisfaction later on.
* On a five-point scale, the optimal or “best” interview difficulty that leads to the highest employee satisfaction is 4 out of 5, with 5 being the most difficult
Many of these statistics are ones you may already be away of, so let’s focus on the most concerning ones.
* Millennials: We’ve heard before that Millennials tend to job hop which many companies are already experiencing. The year 2020 is not too far off and Millennials play a big role in the current job market which in return can affect your business. We know that Millennials have greater expectations when it comes to their career. That said, a company’s benefits and brand image are some of the many factors becoming increasingly important, especially to Millennials.
* Corporate Culture/Brand Image: When you’re considering what will attract talent and what will make them stay; the answer may come down to a company’s corporate culture and or brand image. As one stat suggests, “organizations that invest in employer branding are three times more likely to make a quality hire.” Three times! That’s a great statistic for hiring managers to share with upper management. If job seekers are spending more time online, looking for jobs, evaluating a company’s employee reviews, making professional connections and making social connections, employers may want to evaluate how strong their brand image is online. This would be our first recommendation.
* Determining the Needed Skill Set: Since an astounding seventy plus CEOs are concerned about “the availability of key skills,” our best recommendation is to isolate those positions which candidates are lacking the key skills. Is it a recruiting issue or a market issue? If you’re not finding quality candidates within the current candidate pool, you need to either work with a reputable recruiting firm who can help, or work on an internal training program to train employees for this needed skills.
It’s not easy to find a steady path when recruiting. Those days are long gone. Today, employers have to be proficient in not just human resources but many other areas such as marketing, technology, liability risks, training, budgeting and more. The list can seem endless and most likely will grow. If you’re finding many of these statistics are true in your business and have concerns about their ongoing impact, give us a call for a free consultation. We’ve been helping employers find exceptional talent for over two decades. Find out how we can help you.
ABOUT THE AUTHOR, Ingrid Moore
Ingrid Moore is the President and Owner of Corporate Resources of Illinois, an employment & staffing agency with over 20+years’ experience located in Schaumburg, IL. Ingrid and her team assist employers with finding the right hire for their business. For more info, follow us on our LinkedIn Company Page, or follow us Corporate Resources of Illinois‘s Google+ page.