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Keeping up with the latest hiring trends is the key to success. Lucky for you, we’ve compiled several crucial recruiting statistics that you must know to win candidates and optimize your hiring process.
Our 2022 Hiring Insights Report surveyed 560 HR and talent decision makers to understand the most pressing challenges facing their teams, and what should be done to reel in top talent. Read on for ten of the report’s most revealing recruiting statistics.
1. Less than 35% of companies give candidates office tours and free lunches
One-sided hiring practices are now relics of the past. When asked what they do to build connections with candidates, talent leaders selected “giving a tour of the office” and “free lunch during the interview” the least.
The highest ranked responses were candidate-focused hiring practices, such as “scheduling flexibility,” “demonstration of company culture, mission & values,” and “candidate interview personalization.” Companies recognize that superficial hiring tactics no longer win candidates.
2. 32% of HR leaders say “retaining top talent” will be their No. 1 challenge in the future
When asked which hiring challenges they expect to face in the coming months, the majority of HR leaders ranked “retaining top talent” as the biggest challenge. Tied for second (28%) was “a lack of qualified candidates” and “hybrid work challenges.”
Considering the Great Resignation’s long-lasting effects in 2021, concerns regarding talent retention come as no surprise. If talent teams want to overcome this challenge, they must know this: retaining talent starts from the first moment that a candidate speaks to a recruiter. Teams must optimize their processes to exceed each candidate’s expectations.
3. 60% of companies saw their time-to-hire increase in 2021
The more efficient your hiring process is, the shorter your time-to-hire will be. However, 60% of companies saw their time-to-hire increase in 2021. Only 8% of companies saw their time-to-hire decrease.
The best candidates disappear from the market in just 10 days. If you don’t hire swiftly and efficiently (while still maintaining a high level of quality), you can bid top candidates good-bye.
4. 36% of HR leaders agree that communication is most valuable to candidates
When asked what is most valuable to candidates, 36% of talent leaders said that delivering “prompt, clear communication” would be most important to the candidate experience. HR leaders ranked “transparency in the interview process” (16%) as the second most valuable element.
Nobody likes being ghosted in the interview process. Sustaining consistent communication with candidates, such as emailing them updates on next steps, conveys a clear message that their time is valued.
5. 46% of HR leaders say that the value of candidate relationships is the No. 1 anticipated hiring change
When looking to the future, talent teams agree that forming genuine connections with candidates will be more important than ever. This is completely true; to win the best talent, investing energy into candidate relationships is non-negotiable.
Candidates are interviewing you as much as you’re interviewing them. Cultivating a connection with them throughout the hiring process maintains their interest amid a variety of other companies and job offers.
6. Three weeks is the average time-to-hire for companies
No matter the size or industry of their organization, all companies from our report experienced the same average time-to-hire: three weeks.
During a time where the fastest companies often win the best candidates, keeping time-to-hire low is mission-critical. Talent teams should reassess their hiring processes, tools, and people to optimize themselves for speed.
7. Just 33% of talent teams plan on prioritizing DE&I in the next 12 months
“Making DE&I a measurable priority” was the least-selected answer to the question, “Over the next 12 months, what areas will you look to improve in your hiring process?” Companies aren’t rolling up their sleeves to amplify DE&I, yet they should be.
Diverse teams produce 19% higher revenue. But besides that, focusing on DE&I simply makes sense. Today’s diverse candidates don’t just want to see an emphasis on DE&I in the hiring process—they expect it.
8. 45% of talent teams say that improving efficiency is their biggest focus
Improving DE&I might not be on the minds of talent teams, but improving efficiency certainly is. Boosting overall efficiency is the No. 1 focus area for talent teams in the future. In second place (41%) was “increasing personalization throughout the hiring process.”
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This is a good sign. In today’s competitive job market, efficiency is everything and hiring fast is critical. A clunky, slow hiring process is sure to cause candidates to turn down an otherwise desirable job offer.
9. 59% of hiring leaders communicate employee well-being to candidates
We asked respondents, “Which of the following do you communicate to candidates during the hiring process to attract top talent?” Hiring leaders selected “employee well-being” as the top response, with “company culture” coming in at second place (53%).
Employees innately seek belonging and psychological safety in their workplace; they want to see that their employer takes their well-being into consideration. Likewise, candidates want to feel confident that a potential employer would care for their well-being.
10. 37% of HR teams’ time is spent scheduling interviews
Talent acquisition professionals spend more than one-third of their time scheduling interviews. It’s clear why improving hiring efficiency is a top priority for talent teams. When a hiring process is optimized for efficiency, recruiting coordinators spend less time scheduling and more time on high-value tasks.
Enlisting the help of your HR tech stack (and adding the latest tech tools into the mix) is one surefire way to decrease the amount of time that you have your head stuck in calendars.
Want the Latest Insights? Read the 2023 Hiring Insights Report
One of the best ways to improve your hiring is by using researched insights to inform your process. Want to catch up on the latest hiring trends? Get excited: our 2023 Hiring Insights Report is now available. 500+ HR leaders, 1,000s of real findings, 1 industry-leading report. Read the report today.
