7 Hiring Statistics that Every Hiring Manager should Know

Hiring managers are busy people that may often forget to stop and analyze statistics that can have a large impact on their recruiting outcomes.

That’s why their trusted team of recruiters shouldn’t hesitate to bring up any information that they think will positively affect their company’s hiring strategy.

To give you a better idea on the stats that are crucial to both recruiters and hiring managers, here is a list of 7 important hiring statistics that every hiring manager should know about.

  1. Companies that offer remote work experience 25% lower employee turnover

The ability to offer remote work is not up to the hiring team, but that doesn’t change the fact that it’s an attractive job perk that will not only work to bring in a higher quality candidate but will also lower your company’s employee turnover rate.

Discuss the benefits with your hiring manager so that they know what to bring up the next time they’re in a meeting with the higher-ups in your organization.

  1. Racially diverse companies outperform industry norms by 35%

Racially diverse companies outperform industry norms by 35%

Investing in recruiting diverse employees is not only good for strengthening your employer brand but is also beneficial in outperforming your competitors who aren’t as concerned with diverse recruiting.

The tendency for diverse companies to have financial returns above the industry standard is more than enough for your hiring manager to want to invest in strategies that work to bring in candidates that are more racially diverse.

  1. The average time it takes to fill a position is 42 days

Every recruiter has a story (or a couple) where they had the perfect candidate in mind as they went through multiple rounds of interviews and assessments. They pass with flying colors and are a great cultural fit with your team.

You’re excited to share the good news until you get an email from them telling you that they accepted another offer.

Situations like these happen all the time and are a prime reason why recruiting teams need to work on cutting the amount of time it takes for them to fill a position as much as possible.

The average time to fill is 42 days, so you should be working to shorten that by as much as you can.

  1. 75% of the global workforce will be made up of millennials by 2025

75% of the global workforce will be made up of millennials by 2025

The millennial presence in the workforce is only getting bigger, so much so, that they’ll make up the majority of employees by 2025.

So it’s best to start instilling a culture that appeals to millennials sooner rather than later so that you’re ahead of the curb.

To give you a better idea, here are some of the most desired job perks for millennials:

  1. 48% of businesses say their quality hires come from employee referrals

While you’re spending time posting away on job boards, the real key to finding qualified candidates are the people sitting in your office.

Employee referrals are beneficial for your company’s recruitment because you save time and money by not having to resort to other time-consuming recruitment strategies. Along with that, you know that your employees won’t recommend any unqualified candidates because they’ll be a direct reflection of themselves.

In order to motivate your team, consider offering a prize for anyone that recommends someone that ends up getting the position.

  1. 83% of employees/job seekers are likely to research company reviews and ratings when deciding where to apply for a job

83% of job seekers are likely to research company reviews and ratings when deciding on where to apply for a job

It’s becoming more and more common for job seekers to analyze a company’s reputation on sites like Glassdoor before they accept an offer to figure out if it really is a good place to work. That’s why all hiring teams need to make sure that they’re regularly checking these sites to ensure that they’re reputations aren’t being tarnished.

  1. 1 in 5 hires are considered “bad hires” or “regretted decisions”

This statistic serves to remind hiring managers to constantly be working to improve their recruiting practices so that they don’t end up with a bad hire, and with the high costs of an unfit hire, it’s best that you do what you can to get it right the first time.

One of the best strategies to cut down on this is by speaking with your hiring manager about administering work assessments during the interview process so you can get a better idea of their skill level and to find out if they were embellishing anything regarding their resumes.

Final thoughts

These statistics serve to fill your hiring managers in on topics that could be hindering your company’s recruitment practices. Make sure to bring them up so that your team can address the statistics in your policies and reap the benefits as soon as possible.