Hiring can be tricky, there’s no doubt about it. And finding the person who ticks all the boxes is even more challenging in this strong economy. With the national unemployment rate down at just 3.6%, employers are competing to lock down top talent.
If you too are on the lookout for new workers, then you’ll be glad to know we’ve compiled a list of top recruitment statistics and ten trends to help you create an effective hiring strategy.
We’ve gathered the most relevant stats about the current state of the recruiting industry and the hiring process. You’ll also find information on the latest recruiting trends and the benefits of creating a diverse workforce. We believe a little empathy goes a long way, so we’ve also included statistics about how candidates feel throughout the experience.
Without further ado, let’s take a look at our list.
Top Hiring Statistics
- More than 73% of job seekers today are only passively looking for a job.
- The candidate application rate goes up by 34% when a job post includes a video.
- 54% of hiring professionals say work flexibility encourages retention and 51% agree it attracts candidates.
- 80% of HR leaders say employer branding has a significant impact on their ability to attract talent.
- On average, a corporate job post receives 250 resumes.
- It takes recruiters only six seconds to revise a candidate’s resume.
- Top talent gets hired by recruiters within 10 days.
- 73% of job seekers say the process of looking for a job is one of the most stressful events in life.
- 83% of candidates say it would greatly improve the overall experience if employers provided a clear timeline of the hiring process.
- Only 25% of companies set gender diversity targets when creating their hiring strategy.
Top Trends in the Current Job Market
1. The national unemployment rate fell below 4% in 2019.
(Bureau of Labor Statistics)
The year began with a fairly low unemployment rate of 4% in January and has only decreased since. In fact, the unemployment rate has now reached its lowest level since 1969; in April and May it was just 3.6%. According to the latest data from the Bureau of Labor Statistics, in July alone approximately 164,000 jobs were created.
2. There have been 0.9 unemployed people per job opening in the US since September 2018.
(Bureau of Labor Statistics)
Employment statistics confirm that the US job market is currently a candidates’ market. With a hot streak of low unemployment numbers, companies are having a tough time finding the right workers. There simply aren’t enough job seekers since the ratio of unemployed people to job openings fell below 1:1 at the end of last year.
3. 45% of job seekers say it’s harder to find a job than last year.
Despite a booming economy and low unemployment, nearly half of all job seekers feel it’s more difficult to land a job in 2019 than it was a year ago. Rural workers are more likely to say this than city slickers, with 27% and 17% of respondents respectively giving this answer. Job search statistics also show that most candidates from the transportation and real estate industries (56%) find job hunting more challenging this year than they did last year.
4. On the other hand, 20% of job seekers also say it’s easier to find work in 2019.
On the contrary, a fifth of all job seekers had no difficulty finding employment this year. Some 20% of candidates with a college degree and 20% residing in big cities said job search was easier this year. Even more workers from “high-skill” industries feel this way. A quarter of those looking for work in the tech industry, in telecommunications, and in marketing said it was easier to get a job this year compared to last year.
5. 40% of employers plan to hire full-time, permanent employees this year.
(The Harris Poll)
According to the Harris Poll’s annual recruitment statistics, four in 10 employers reported intent to take on new full-time employees in 2019. Another 47% planned to recruit part-time workers, highlighting the strength of the economy.
6. 66% of US companies were planning to expand in 2019.
Most corporate employers in the US have expressed optimism for this year, with about two in three companies overall reporting plans to growing their human capital and expand their business. This might turn out to be difficult with a shortage of workers. However, offering competitive benefits could sway professionals to leave their current positions and come work for new employers.
7. More than 73% of job seekers today are only passively looking for a job.
Workonic’s job search stats reveal that nearly three-quarters of American job hunters aren’t actively looking for a new job but would consider one if the right opportunity came along.
8. More than one in four working Americans weren’t searching for a job when they found their current job.
A lot of people are just somewhat satisfied with their role and wouldn’t mind changing employers if a better position came up. However, employers seem to be missing out on passive job seekers, since 42% of employed Americans say they haven’t been contacted by a recruiter in the past year.
9. 19% of workers admit they have, at some point, turned down a job after signing an official offer but before their first day.
Jobvite’s hiring stats show an eight-point increase from last year’s results, when only 11% of the US workforce admitted to having bailed on an employer. Of those who back down on a signed offer, 58% say they got a better one from another company. Another 38% cite personal reasons for such a move, 28% decide to stay at their current company, while 17% discover new information about the company’s culture that changes their mind. Some respondents gave more than one answer to this question.
10. More than 20% of recruiters feel they cannot meet the demands of the best candidates.
In this candidates’ market, job seekers get to be picky about the company they want to work for. They ask for all the perks they deserve and employers compete for who’ll meet their demands. Unfortunately, hiring statistics reveal that one in five talent-acquisition specialists admit their companies can’t deliver what worthy candidates ask for.
Recruiting top talent
With the current talent shortage, employers are forced to up their game in order to attract high-quality staff. The latest recruitment statistics indicate that being upfront with candidates about the duration of the hiring process and remuneration enhances their experience and creates a positive employer brand. Job seekers increasingly value a flexible work environment. They also respond well to job posts with video content about what it’s like to work in a company.
Hopefully, you are now armed with the knowledge you need to win over the workers you want on your team.