Here Are 11 Recruiting Statistics You Need To Know in 2024

Solid recruiting strategies fuel organizational success. The right employees contribute to productivity and positive company culture. Hiring people who fit the position creates a stronger sense of purpose within teams and promotes short- and long-term business performance.

Rushed hiring processes may seem to solve the immediate problem of adding staff. However, the wrong candidate can slow productivity by not performing to expectations. They can impact the morale of the team that is counting on skilled and qualified help and be more expensive in the long run as you repeat the hiring process.

Mastering a solid recruiting process isn’t easy—we know, we’ve been doing it for 20 years! But it’s worth practicing and doing well. Here are some recruiting statistics that outline the challenges and benefits of today’s hiring market.

11 Recruiting Statistics To Inform Your Hiring Strategy

While the fundamentals of an effective hiring strategy remain the same, economic factors, new technology, and job seeker behavior all change. The following recruiting statistics can help you adapt and bolster your hiring strategy.

Hiring Costs and Timeline Statistics

Here are some recruiting statistics for hiring costs and timelines.

1. The average cost per hire is around $4,700 but can be significantly more.

According to data from the Society for Human Resource Management (SHRM), the average cost per hire is around $4,700. Still, some employers are spending up to three or four times what they pay annually for that position. If a position pays $50,000, some employers are sinking $150,000 in hard and soft costs into finding the right candidate and filling that slot.

Hard costs include direct hiring costs such as recruiter’s salaries or outsourcing fees, job postings, applicant tracking software, and background checks. Soft costs are indirect costs, such as lost productivity—both from the role not being filled and the people taking the time to hire.

2. The more managers and departmental leaders are involved in hiring, the higher the costs.

SHRM estimates up to 60 percent of hiring costs are soft costs. One significant contributor is the number of managers and departmental leaders involved in the hiring process.

The time invested in screening and interviewing candidates and then selecting from the qualified applicants adds up. Time spent on hiring also takes managers’ and leaders’ focus away from the core functions of their position, which can impact productivity and business outcomes.

For smaller businesses that struggle to compete with the salary and benefits offered by larger organizations for key positions, losing potential candidates during the interview process can inflate hiring costs. Recruiting teams for these businesses need to be empowered to move quickly to minimize the risk of being outbid.

3. The average time to fill a position is around five to six weeks, though that is steadily increasing.

A SHRM report revealed that the average time to fill a position—meaning from the first contact with a candidate to when they start their job—is around six weeks. However, in many cases, the hiring process can take much longer, especially when a company institutes a longer interviewing process.

Text: Wonder how much time and money recruiting costs? From productivity lost to advertising costs, they might add up.

Technology in Recruiting Statistics

Here are some recruiting statistics for technology.

4. Organizations large and small are using AI-powered Applicant Tracking Software (ATS)

ATS is an essential part of the hiring process for at least 98 percent of Fortune 500 companies. Companies across the board are adopting the technology. Below the Fortune 500 level, ATS is utilized by around 66 percent of large organizations and 35 percent of small companies.

Despite some drawbacks, this software accelerates the screening process and partially removes the most-time consuming step: poring over resumes. It also streamlines applicant tracking throughout the hiring process.

5. Using recruiting software to automate candidate communications leads to significant savings

SHRM points out that a significant percentage of the emails that recruiters send can be automated, which can reduce workload by 20 percent—essentially one day a week!

Automation can also improve the candidate experience by delivering timely and personalized messages independent of the recruiter’s ability to write and send emails that day. Recruiting software can help recruiters leverage their time. However, this process shouldn’t be fully automated. Job applicants don’t want to talk to a robot when being recruited. However, there are inevitably some parts of the hiring process that can be accelerated with the use of AI and automation.

Statistics About How Companies Find New Hires

Here are some recruiting statistics for companies finding new hires.

6. Employee referrals are a reliable and cost-effective recruitment approach

Employee referral programs are one of the most effective ways to fill job openings. Candidates who are referred by employees are 40 percent more likely to still be at the company after one year than those who weren’t referred. Referred candidates are often a more natural fit for the company culture (the person who referred them would know if they’re a culture fit), are more likely to be satisfied with their jobs, and are less costly to hire.

7. Employers check social media profiles to screen candidates

Over 70 percent of employers agree that social media profiles are an effective tool for screening candidates, and 55 percent have found content on an applicant’s profile that caused them not to pursue them as a candidate.

8. Social media is a popular and effective recruiting tool

Ninety-two percent of employers surveyed by CareerArc reported using social and professional networks to find talent, ranking social media above job ads as a top recruiting tool. Employers aren’t the only group looking to social media. The same survey found 86 percent of job seekers use social media in their job search. They research companies, engage with job-related content, search for job postings, and apply to jobs directly through the platform where available.

Statistics About What Job Seekers Want

Here are some recruiting statistics for what job seekers want.

9. Job seekers care about a company’s diversity and inclusion policies

Diversity and inclusion impact a job seeker’s perception of a company. Around three-quarters of job seekers say a company’s diversity policies matter to them when considering taking a position with them. This is particularly true of younger job seekers.

10. Mobile-friendly applications get more responses

The majority of job seekers use their mobile devices to search for jobs. If candidates are finding jobs on their mobile devices, adding the step of moving to a computer application increases friction. Making applications mobile-friendly increases response by 11 percent, according to Glassdoor. It ensures that job seekers can follow through on opportunities as they find them.

11. A brand’s reputation impacts its ability to attract applicants

Bolstering your online presence and brand’s reputation is worth the effort. According to a report by G2:

  • 75 percent of candidates considering a job opening will research a brand’s reputation before applying.
  • Companies with strong employer brands experience 28 percent less turnover and spend 50 percent less per hire.
  • 62 percent of job seekers will research a company on social media to assess its brand reputation.

The impact of a brand’s reputation is significant across the board.

READ NEXT: 10 Recruitment Strategies to Win the Competition for Talent

Find the Right Talent with Recruiting Experts

Finding the right candidates for your open positions is a matter of effort, strategy, and time. There are many ways a company can attract applicants, even with a small staff or on a tight budget, but it will take time and attention away from your company’s primary objectives.

As a people-first staffing agency with local offices around the country, Insight Global has an extensive database of applicants at every level of skill. Our recruiters are experts in every step of the hiring process, and we use cutting-edge tools and technology to streamline the process. If you have positions to fill and don’t want to take time away from the core of your business, we’ve got you covered.

Tell Us Your Hiring Needs!

Struggling to hire quality candidates? Let us know your needs, and we can help—in any industry. Questions? Call us toll-free: 855-485-8853