We've gathered key people analytics to help drive evidence-based decision making in your recruiting, hiring, and retention efforts in 2024. Organizations who factor KPI benchmarking & data into their HR decision making are 3x more likely to outperform their peers.
Utilize the statistics below to gain a competitive edge when it comes to hiring and retaining top talent.
The recruiting and hiring landscape continues to evolve at a rapid pace, influenced by technological advancements, changing workforce dynamics, and shifting societal values. For HR professionals looking to stay ahead, understanding the latest trends and statistics in recruiting and hiring is not just beneficial—it's essential.
This article delves into a few significant recruiting and hiring statistics for 2024, offering insights that HR pros can leverage to refine strategies, enhance decision-making, and remain competitive in attracting top talent.
Whether it's adapting to new recruitment technologies or understanding the evolving expectations of job seekers, these stats will provide a comprehensive view of what's shaping the future of talent acquisition.
1. Employees want workplace flexibility - 45% of job seekers said this was the top reason they were hunting for a new job.
Remote/hybrid work is here to stay and talented employees are demanding flexibility as a term of their employment. According to a study from JazzHR, more than two-thirds (67%) of job seekers look for remote work as a deciding factor in accepting or rejecting a job offer. In addition, while 73% of US workers say they are satisfied with their current jobs, 85% said they are open to opportunities and 50% of those individuals said they would apply for a job if a recruiter approached them. This emphasizes not only the importance of workplace flexibility in recruiting but in retention as well.
2. 37% of employees left their jobs within the first year due to mismatched expectations.
Clear and accurate job descriptions are crucial to set proper expectations with employees and candidates. Without clear expectations, communication, and a career development roadmap, new hires will not stay long. Work Institute found that of 37%, two-thirds of these employees decided to leave their organization within six months.
3. 40% of employees believe job expectations set in the job description are unrealistic.
Unfortunately, job seekers have become accustomed to inaccurate job descriptions that include job requirements that appear to be overdone for the role. To avoid mismatched expectations and turnover, focus on creating clear and concise job descriptions that include requirements realistic to the role.
4. Vague job descriptions can cause candidates to lose interest and not apply at all. 17% surveyed didn't even bother to apply.
Research shows the importance of job description clarity. Inaccurate, poorly written, or confusing job descriptions discourage candidates from applying. To further complicate this issue, inaccurate job descriptions often increase the probability of a bad hire joining the organization. According to Gallup, replacing an employee can cost anywhere between 1.5-2x the employees salary.
5. 92% of talent acquisition professionals say soft skills are equal or more important to hiring than hard skills.
Over the last few years organizations have been placing more of an emphasis on soft skills and competencies as research shows they are more effective in hiring adaptable talent in today's market. According to LinkedIn, 89% of talent acquisition pros say that when a new hire doesn't work out, it's typically because they lack critical soft skills. As a result, 93% of hiring leaders stated that soft skills are an "essential" element when making hiring decisions.
6. 69% of job seekers will not accept a job with a company with a bad reputation.
Glassdoor has become a critical tool for job seekers when evaluating potential new employers. With the recent turmoil in the job market causing RIFs at many organizations, employees more than ever are researching organizations to evaluate their reputation. According to Glassdoor, the average job seeker reads at least six reviews before forming an opinion about a company. LinkedIn research has shown that companies with a strong brand experience 28% less turnover than weaker brands.
7. Your window of opportunity is short - top candidates are off the market in just10 days.
According to LinkedIn, it takes on average between 36 and 42 days to fill a position in the United States. With top candidates going off the market in just 30% of that time the window of opportunity is short to capture the attention of a top candidate, get them through the interview process, and hire them.
8. Companies that integrate people analytics into decision making are 3x more likely to outperform their peers.
Executives recognize the value of utilizing people analytics for evidence-based decision making. According to research from Insight222, 70% of executives said that they could make better decisions faster with advanced people analytics. As a result, 65% of companies in this survey reported an increase in their people analytics functions in 2022 up from 55% in 2020. According to Harvard Business Review, companies with advanced HR analytics capabilities saw a 30% decrease in employee turnover and a 2-6% rise in profit margins compared to those lacking such capabilities.
9. Embracing AI in HR can lead to a 50% reduction in attrition rates.
In 2019 IBM's HR team embraced AI early in implementing artificial intelligence into their job design processes, performance management, and compensation decisions. In the case study, the organization was able to utilize AI to better align employee performance and skill sets with business needs with the help of AI to conduct various analyses based on data. The result was IBM saw a 50% drop in attrition rates.
10. 76% of job seekers consider diversity and inclusion an important factor when evaluating job offers. Diverse organizations are 36% more likely to outperform their peers.
A diverse workforce is a strong workforce. Organizations that embrace diversity and have an inclusive culture benefit from higher returns than their peers and attract a larger pool of qualified candidates. Data showed that organizations who used inclusive language in the job description saw a 42% increase in application rates. Data also shows these organizations have 45% more market share.
Use this data to empower strategic HR decisions
The statistics presented in this article serve as vital tools for HR professionals. They offer more than just numbers; they provide actionable insights and foresight into emerging trends.
By incorporating these data-driven insights into their strategies, HR teams can make more informed decisions, tailor their approaches to meet the expectations of modern job seekers, and ultimately, position their organizations for success in the competitive talent market. In essence, these statistics are not just figures—they are the guiding lights for strategic, efficient, and effective human resource operations in the ever-evolving world of work.
Learn more about how Mosh JD can help organizations transform their job description catalog to be more accurate and inclusive.