You have an open position to fill.
What’s your talent sourcing strategy? It’s a serious question. In today’s market, you are unlikely to attract the best of the best if your entire plan is:
- Write a job description
- Post the description online
- Review applicants
- Interview
- Hire
Why? Because each step has potential pitfalls.
Take the review and interview phases as one example. You could wind up taking so long that you turn off potential candidates, who then actively discourage people from applying for other positions at your company (see stats 10-12).
Or you could take so long that you miss out on talent who is quickly snatched up – to see what we mean, check out the first stat.
12 Talent Sourcing and Recruiting Stats That Will Change How You Hire
1. Top talent only stays on the market for 10 days
Today’s employers need a fast-tracked hiring strategy if they want to hire the strongest candidates who are actively looking for a job.
Highly talented individuals tend only last about 10 days on the job market. From the minute you publish your job posting, be ready to review resumes, set up interviews and extend an offer.
As if the time crunch wasn’t enough, your application could cause you to miss out on your ideal candidate.
2. 60% of job seekers never finish online job applications
Job seekers (obviously) want a job. But 60% won’t want to bother to finish your job application if it:
- Asks too many questions
- Requires they create a username and password
- Doesn’t provide key information in the job description
- Uses confusing job titles
- Makes them enter their work history, and provide a resume and cover letter
How to get talented candidates to apply for your position
- Only ask for work history information once
- Clearly spell out the job’s requirements
Brand identity could prevent people from even starting your application.
3. Company brand and values matter to 78.1% of job seekers
In a Randstad survey, 78.1% of respondents ranked a company’s brand and values as important. This is more than lip service to ideals. Another survey indicates 56% of people would not apply for a job if the company’s values did not align with their own.
Even after getting someone to apply for your position, you could lose them – and your current workforce – if you do not offer flexible work options.
4. 66% of workers will look for new jobs if they’re called back to the office full-time
Bosses who force employees back into cubicles and desks could lose up to 66% of their workers.
For their State of Remote Work Report, Owl Labs asked respondents what they would do if their employer eliminated remote work options.
39% said they’d quit.
66% would immediately kickstart their search for a new job.
Even though 52% indicated they’d take a pay cut for more flexibility, you risk losing talent if the compensation for the job does not match the applicant’s expectations.
5. 20% of applicants have declined offers due to low compensation
You successfully navigate the pitfalls of lengthy applications and hiring processes. You find the perfect candidate, extend an offer and are refused. The salary was too low and now you’re hoping your second or third choice is:
- Still available
- Accepts your compensation package
Avoid this scenario by conducting a compensation analysis before you start the hiring process.
Compensation is typically tied to experience, but are you valuing the right type of experience as you evaluate candidates?
6. 82% of recruiters may over-emphasize work history
According to data from Zippia, 82% of recruiters said prior experience is the most important factor to consider.
Depending on how they evaluate prior experience, that may be okay. Or it could cause their clients to overlook the perfect candidate for their position.
Why you can’t take a narrow view of “experience”
Narrowing your search to only include resumes stacked with specific job titles creates a system that excludes highly skilled professionals who took a different track. These professionals are no less qualified. They only lack a title you want to see as you or a recruiter skims their resume.
Which would you rather have – the right titles, or the right skillset, mindset and a proven track record of results? Personally, we favor the more comprehensive review because it protects our clients against bad hires.
7. Hiring mistakes cost about 30% of the employee’s annual salary
Many variables factor into calculating the cost of a “bad hire” – like how much you invested in training and onboarding. The longer the employee was with your company, the more likely you are to have lost revenue due to their underperformance or low productivity.
You could get lost in endless calculations around these points. Or use the estimate provided by the U.S. Department of Labor and expect the bad hire will cost you about 30% of their annual salary.
8. Corporate job postings receive, on average, 250 applications
Sorting through and scrutinizing 250 applications is a serious time investment. Even if only one-third lack the requisite qualifications, that’s still time you’ve lost pointlessly skimming through 83 resumes.
Now you may be thinking I’ll work with a recruiter and cut down on my time investment.
That might work, but only if you pick the right recruiting model. Under the contingent model, you will still bear the responsibility for screening and interviewing all candidates.
A better option is to find a passive candidate, someone who is open to a new position but isn’t actively searching for a job.
9. Anywhere from 30-80% of candidates are passive candidates
Your problem with attracting a passive candidate is not availability. Depending on which survey you believe, they make up anywhere from 30-80% of the workforce.
Either way, that is a substantial force of talent who could be working for you.
The problem lies in finding them.
Passive candidates aren’t actively looking for a job. It’s your job to actively look for them. Unless you’re lucky enough to find a passive candidate through a referral, this is not easy.
Sourcing passive candidates is a specialized skillset
The fastest way to get passive candidates to apply for your open position is to work with a talent acquisition company that sources and screens talent for you.
Partner with a talent acquisition firm that is willing to search on your behalf until you hire a working and winning candidate.
Vet their reputation, too. You do not want to get a reputation as a company that puts candidates through a poor recruiting process.
10. 92% of candidates have experienced “poor recruiting practices”
PricewaterhouseCoopers surveyed 10,000 people and a whopping 92% reported they had experienced “poor recruiting practices” at some point in their careers. What counts as “poor recruiting?”
- Being ghosted by recruiters
- Lengthy hiring and application processes
11. 49% of candidates would turn down an offer after a negative recruiting experience
Those negative experiences outlined above make it more likely candidates will turn down an offer from a company.
49% of respondents to the survey conducted by PricewaterhouseCoopers said they would turn down a job offer after a negative recruiting experience.
12. 56% of people who have a negative experience discourage others from applying
The potential talent you miss out on isn’t just that one person who had a negative experience and declines your offer.
After a negative experience, over half of the respondents (56%) said they would discourage other people from applying for a position at your company.
A simple change can create a positive hiring experience
Your candidates want transparency. Keeping them updated on what is going on, especially once they reach the interview stage, will help you create a positive hiring experience. Send a quick email or make a dashboard available where candidates can check the progress of their application.
After an interview, talk to the people you don’t hire, too. 78% of respondents said they wanted post-interview feedback to know why they were not selected.
Overwhelmed By Hiring? Make ProActivate Your Talent Souring Solution
Hiring is not a simple task. If reading through the 12 stats left you feeling overwhelmed, let us help.
Since 2005 ProActivate has provided talent sourcing solutions to organizations across the United States and the world. Our talent managers create a positive experience for candidates while decreasing your workload.
Reach out today to schedule a no-obligation conversation about how we will find you working and winning candidates.