As hiring volumes increase and the field continues to evolve, HR managers in the United States face unique challenges. Currently, HR technologies and strategies are being employed that will alter the industry, and as hiring volume is expected to increase almost 60% in 2017, it is crucial that professionals be at the forefront of hiring trends.
EBI looked 60 hiring statistics that use metrics to demonstrate where the industry is headed.
Some important takeaways include:
There will be more room at the top as retirement booms
Baby boomers are heading to retirement age and statistics indicate that their turnover will create a large number of vacant upper level positions. In 2017, 3.6 million high level executives are expected to retire. This means there are more opportunities for promotions and turnover, ultimately leading to more work for HR professionals. In total, around 9.8 million jobs are projected to be created in the U.S. by 2024 according to the BLS. However, not all of these are due to turnover. 63% of job openings will be created because of the development of new positions.
Reputation is more important than ever
With sites like Glassdoor, where employees can rate company culture, reputation has become more and more important for HR representatives to take into consideration when looking for ideal candidates. 69% of job-seekers admit that they will not accept a job if a company has a poor reputation.
A recommendation is crucial like never before
It is said that: “It’s not what you know, it is who you know” and the statistics have demonstrated this to be more true today than ever. Close to 50% of companies now say their quality hires come from employee referrals. Still, job sites and boards are important. 32.1% of job seekers use career sites and 43% use job boards to find work, meaning there are a number of potential candidates to discover when using these resources correctly.
Applications need to be more user friendly
The days of weeding out the “wrong” candidates with complex application processes are over. In particular, Millennials expect applications to make intuitive sense and not to waste their time. To make sure you are reaching the right people, the trend is toward streamlined and intuitive applications. Recent data show that if any part of the application process is too long, potentially quality job candidates will abandon their application.
Small businesses are having greater trouble filling positions
Because hiring can be a costly proposition and promoting a listing on job boards and sites can be time-consuming, large companies are effectively eclipsing small organizations when it comes to hiring. When surveyed, 85% of small businesses say they found no qualified applicants for open positions they listed. Over 60% have reported making a wrong hire due to a dearth of acceptable candidates. Resources are available to help small companies make quality hires that are inexpensive (or even free).
The rest of the facts here show further indications of how HR professionals in the US should recognize compelling trend data:
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