Recruitment is a critical function that plays a crucial role in determining the success of an organization. Without the right people in the right positions, a company can struggle to achieve its goals and fulfill its mission; that’s why recruitment is considered one of the most critical functions in any organization.
To make informed decisions and achieve better results, recruiters need to be aware of the latest recruitment statistics. Recruitment statistics provide valuable insights into the recruitment process, allowing recruiters to understand the latest trends, best practices, and benchmarks.
Recruitment Statistics for Recruiters
By understanding the latest talent acquisition statistics, recruiters can make data-driven decisions that can help improve the quality of their hiring decisions and overall recruitment strategy. In this blog, we will discuss some of the most important recruitment statistics recruiters should know.
The Average Time to Fill a Position
The time to fill a position is a key metric measuring the time it takes to hire a new employee.
According to recent research on LinkedIn,
“The average time to fill a position is 36 days.”
This figure varies depending on the industry and the level of the position being filled. For example, filling executive positions takes longer than entry-level positions.
The Cost of a Bad Hire
Making a mistake in the hiring process can be expensive for businesses.
According to a survey conducted by CareerBuilder,,
“74% of employers say they’ve hired the wrong person for a position. The cost of a bad hire can range from 30% to 150% of the employee’s first-year salary.”
This cost includes the time and resources spent on talent recruiting, training, and lost productivity.
The Impact of Employer Brand
An employer’s brand is their reputational capital at a workplace.
According to research by Forbes,
“75% of job applicants will check out the company’s branding and reviews before applying, making it essential for attracting and retaining top talent.”
On the other hand, a negative employer brand can discourage potential candidates from using it and lead to high turnover rates.
The Effectiveness of Employee Referrals
Reaching out to your current employees for leads on potential new hires is an efficient way to find talented individuals.
According to a study by Jobvite,
“Employee referrals have the highest applicant-to-hire conversion rate at 40%. Referrals also have a higher retention rate, with 46% of referred employees staying with the company for over a year.”
The Importance of Diversity and Inclusion
Diversity and inclusion are critical to the prosperity of any organization.
Data from McKinsey shows that,
“Companies with higher rates of gender diversity have a 25% better chance of achieving greater profitability than those in the lowest quartile. Likewise, businesses at the top for racial and cultural variety are 36% more likely to outperform their peers financially.”
The Role of Social Media in Recruitment
Recruitment has embraced social media as an essential component of the hiring process.
According to a survey by Jobvite,
“73% of recruiters have hired a candidate through social media.”
LinkedIn is the most popular social media platform for recruiting, followed by Facebook and Twitter
The Importance of Candidate Experience
The candidate experience encapsulates how a person feels while going through the hiring journey.
According to research by the Talent Board,
“58% of job seekers say they have had a poor candidate experience.”
An unpleasant candidate journey can tarnish an organization’s reputation and deter potential applicants from attempting to apply.
Wrapping Up
Recruitment can be a challenging and time-consuming process. Recruiting must know the latest recruitment statistics to achieve better results and make informed decisions. At Mclean Intelligent Workforce, we understand the importance of recruitment and its impact on an organization’s success.
We have years of experience in the recruitment industry, and our team of experts is dedicated to finding the right candidates for our clients. We use the latest technology and recruitment strategies to ensure a smooth and efficient recruitment process.
We also understand the importance of diversity and inclusion and work with our clients to ensure they have a diverse and inclusive workforce. We also prioritize candidate experience and strive to provide a positive and engaging recruitment process.
Get in touch with us now so that we can guide how best to utilize our services for all your recruitment necessities. Visit the talent acquisition website of McLean Intelligent Workforce (MIW) to learn more about our intelligent workplace services.
Image Credits: Image by DCStudio on Freepik
