3 Powerful Recruitment Statistics Every Employer Should Know In 2024
top hrms software
10 min read
October 4, 2024
According to expert recruitment statistics, almost 90% of recruiters and employers face a lot of difficulty in sourcing skilled employees for their organization.
‘But the recruitment process was just to fill positions, right? Then why are these recruiters facing so many hardships?’ No, that is completely wrong, rather it’s all the way around where it’s about finding the best talents for the company that shares the same vision, compassion, and passion to drive the company forward!
Quite the long definition, right? But don’t worry because we will provide each and every kind of info through this blog, so next time you don’t have to look anywhere else to understand the hiring process! Moreover, here we have significant numbers and crucial statistics for the HR recruiters and CEOs of the company.
And those numbers have a story to tell [that we will be discussing in this blog], about industry trends, emerging technologies, and evolving candidate expectations. These amazing stories are crucial to know because the hiring process in this modern world can get much better if you have knowledge of these statistics.
Hence, today, in this guide, we’ll explore all the detailed recruitment analytics that can help you streamline your hiring process. enhance the candidate experience, and ultimately make better strategic decisions.
Firstly, let us tell you that the process to find the best talents is known as recruitment, and that really is not an easy one. But with the ever-changing world, things are prone to keep changing, and through statistics only we can understand the in recruitment. And on that note, of the hiring process let us share some of the most critical trends of recruiting statistics.
Top Recruitment Trends in 2024
As we have mentioned above, the landscape of recruitment and hiring is constantly evolving, and for that reason, staying ahead of the curve is essential for HR professionals and executives. And for that reason, there’s a significant number of the most impactful trends shaping the recruitment statistics world today, and here they are;
1. Role of AI and Automation in Recruitment
Did you know?
Nearly 79% of organizations use AI tools to streamline their hiring processes
As of recruiters say AI is not just a buzzword, it’s transforming how companies hire through social media and other platforms. And as mentioned above in the image, 79% of recruiters are already AI to directly streamline the hiring process aka talent acquisition!
It is to say that job seekers are already automating resume screening to predictive analytics in candidate selection with the help of AI. And with that, the number of companies are reducing industry biases and consistently increasing efficiency.
Furthermore, “63% of recruiters believe AI is more likely to replace some of the most manual screening processes”. This means the number of hiring managers [as per the recruitment statistics] now will be able to spend more time on strategic tasks [like engaging with top candidates] that they were failing to do so while doing everything manually.
2. Mobile Recruiting and Hiring
The average hiring process now takes 36 days.
In these past few years, mobile devices have become a cornerstone of modern job searching of candidates. You will be surprised to know that a whopping 94% of job seekers are using their smartphones to look up job openings. which is one of the most amazing things to hear about.
As per the recruitment statistics, an average of employers around 67% complete their applications on mobile devices. This trend in the HR recruitment process shows the importance of having a mobile-friendly application process. Companies that fail to optimize their recruitment tools for mobile may miss out on top talent for a new job in their team.
3. Diversity, Equity, and Inclusion in the Hiring Process
Companies focusing on DEI are 120% more likely to achieve financial goals!
Whenever we will talk about recruitment statistics, diversity is no longer optional but a must, because now it’s a business imperative. Whether remote work or not, around 76% of recruiters say that diversity is a crucial factor when considering job opportunities.
Moreover, to be honest, companies having a more diverse culture are more likely to achieve financial goals. As per the statistics recruitment in HRM, for recruiters are already have a DEI strategy or planning to implement one, it’s clear that inclusivity of such kind plays a big role in attracting talent.
Optimizing the Recruitment Process
Optimizing the recruitment process isn’t just about to hire, and to attract talent faster; rather, it’s about finding the right fit quite efficiently. And enhancing the overall candidate experience through the HR software for recruitment. And for that reason, here are some key areas where optimization can make a significant difference:
1. Hiring Timelines and Efficiency
60% reduction in hiring time can be reduced with HRMS software
The average cost of hiring a candidate is increasing day by day because the average hiring process takes about 36 days, but top candidates are off the market in just 10 days. However, companies having recruiting management software can save around 60% of their time.
Because with such management software and AI, companies can directly streamline their hiring processes—by cutting time on interviews and automating communication.
2. Onboarding Impact
31% of new hires leave within the first six months due to poor onboarding experiences.
As per the recruitment statistics, a well-structured onboarding process boosts new hire retention by over 80% and can increase productivity by 70%. However, many companies still struggle with this critical phase— and many of the new hires leave even the top companies due to poor onboarding experiences.
To solve this problem, you literally have to incorporate mentorship and communicate properly in a clear way. Furthermore, you have to conduct structured training during onboarding, as it can significantly improve new hire satisfaction and long-term engagement.
3. Improving the Candidate Experience
Around 55% of candidates decline offers after reading negative reviews about a company.
According to many hiring managers, and the recruitment statistics, the candidate’s experience starts long before the interview. Hence, an HR recruiter should be honest with the job seekers—because over 94% of candidates really appreciate prompt feedback after the interview, regardless of the possibility of rejection.
So always to remember be honest because poor experience can damage your employer’s brand, and negative reviews can easily tarnish your reputation.
73% of job seekers find this process of recruitment stressful!
Make your recruitment process better with the best recruitment software!
After discussing the optimization of the recruitment process and getting useful recruitment statistics, let’s have a look over the crucial challenges of both employers and the HR!
1. Talent Shortages and Skill Gaps
The talent shortage is real, and about 40% of companies [as per the recruitment statistics] are struggling to find qualified candidates. And the reason behind that is the consistently increasing gap between job openings and candidates with the right skills. For that reason, companies [not having an online recruitment system] are getting forced to rethink their sourcing and training strategies.
2. High Competition for Top Talent of Job Seekers
Top candidates are being pursued by multiple companies, and this is happening more often when they receive multiple offers within just days. Hence, just to stand out, companies need to move quickly, like they have to offer much more competitive packages and provide a compelling employer brand that resonates with today’s job seekers.
3. Evaluating Soft Skills in Remote Hiring
Remote work has added another layer of complexity to attract talent! And while an HR can easily assess technical skills, evaluating a candidate’s soft skills—like communication, adaptability, and teamwork—remains quite challenging.
And if we look at the global recruitment statistics, then around 90% of hiring managers find it difficult to gauge emotional intelligence during virtual interviews. Hence here, the recruiters and HRs need to incorporate behavioral assessments & structured interview techniques, because both of these can really help address this issue.
4. Retention of New Hires
Retention carries the same importance as recruitment. And just as we have read in the upper section, poor onboarding experiences lead to high turnover. For that reason, the employer should maintain consistent engagement, adopt more mentorship programs, and have clear career development paths. So, whenever you are retaining top talents, please never forget to look into this.
Conclusion
Recruitment today is more dynamic than ever, and for that reason, top HRMS software is a must nowadays. Because with that only you can easily leverage data-driven insights, optimize processes, and get some time to focus on improving the candidate experience— and one such software is Superworks!
Superworks is known as the ultimate platform that helps you streamline the complete process of recruitment from start to end. With such software in your hand, you can be eligible to build a recruitment strategy that not only attracts the best talent but also retains them.
So get the best HR recruitment software for your team [especially for your HRs] and acquire the best HR strategies for your company. Connect now to know more…
FAQs
What are the 3 P's of Recruitment?
The 3 P's of recruitment are crucial and are given right here:
The first one is the process, where the structured steps in hiring, from job postings to candidate selection.
The second one is the people, the stakeholders that are involved, including recruiters and hiring managers, whose collaboration is vital.
The third one is performance, where the outcomes of recruitment efforts are measured by the quality of hires and retention rates.
How do you measure recruitment effectiveness?
As per the recruitment statistics, its effectiveness can easily be measured by using these 4 steps,
Time to Hire: The time and duration from job posting to offer acceptance.
Quality of Hire: Evaluated through new employee performance and retention rates.
Cost Per Hire: The total cost incurred in recruiting a new employee.
Candidate Satisfaction: Feedback from candidates about their recruitment experience.
What is analytics in recruitment?
Analytics in recruitment statistics directly refers to using data to improve hiring practices, it includes:
Data Collection: Gathering metrics on the recruitment process.
Analysis: Identifying trends and areas for improvement.
Decision-Making: Using insights to refine recruitment strategies and enhance outcomes.
How does onboarding impact employee retention?
Effective onboarding really impacts retention, because the structured onboarding that includes mentorship, clear job expectations, and regular check-ins can keep new hires engaged and productive.
Why is employer branding important in recruitment?
Employer branding shapes exist to shape the candidates' perceptions of your company. Because in a nutshell, a strong brand attracts high-quality candidates and reduces turnover rates. Moreover, around 45% of candidates research company reviews before applying, hence we all should maintain a positive online reputation is essential.Moreover, as per the recruitment statistics around 45% of candidates research company reviews before applying, hence we all should maintain a positive online reputation is essential.
Written By :
Alpesh Vaghasiya
The founder & CEO of Superworks, I'm on a mission to help small and medium-sized companies to grow to the next level of accomplishments.With a distinctive knowledge of authentic strategies and team-leading skills, my mission has always been to grow businesses digitally The core mission of Superworks is Connecting people, Optimizing the process, Enhancing performance.
Superworks is providing the best insights, resources, and knowledge regarding HRMS, Payroll, and other relevant topics. You can get the
optimum knowledge to solve your business-related issues by checking our blogs.
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