In a candidate-driven market evolving faster than the speed of light, job opportunities are never scarce. As a matter of fact, at present, there is an abundance of jobs available and not enough human resources to occupy them. HR specialists turn to optimizing their recruitment strategies, reimagining their hiring processes, and of course, scaling up retention rates.
Human resources stats reveal the latest trends in the industry to help you turn your brilliant visions with well-trained staff into reality. If you are a recruiter striving to be on the winning side of the never-ending war for talent, our list will empower you to make smart and timely decisions.
The time has come for baby boomers to retire which will cause a surge in the number of job vacancies. Experts believe that by the end of 2020 more than half of the American staffers will be millennials.
According to the latest estimates, the HR market will be booming by 2030. The yearly growth of the HR market is set at 10.4%, and for HR platforms it is set at 13%, as indicated by HR stats. What is more, HR software solutions are expected to reach a value of $13.8 billion.
An extraordinary 51% of employees are freelancers, while 64% are full-timers with side jobs looking to make some extra money. 45% have failed to get a job so are freelancing as a last resort, while 10% are workers thriving in the gig economy.
HR statistics offer important insight into the challenges recruiters are facing. 67% of HR professionals are struggling to find qualified and skilled applicants. Half of them are too busy fighting competition, while 36% are on a tight budget.
HR specialists receive a rather solid average pay. Moreover, the hiring of HR leaders is expected to grow at an average rate of 7% by 2026 which is approximately the same level as other professions.
Employees tend to switch jobs between 10 and 15 times throughout their careers. In light of the latest employee retention statistics, loyalty is overrated for the average staffer and lasts a little over four years.
Many employers are faced with the challenge of wisdom withdrawal because employees are constantly looking to improve their position in the labor market.
250 applicants on average click the send button for each job opening on the market. An online job announcement is seen by around 1,000 people of which 200 begin the application process. Of that number, 75 will be rejected by the recruiter or the ATS. Ultimately, less than 10 applicants will be called for an interview.
When it comes to why employees decide to part ways with their employer, career growth is one of the most cited reasons. Human resource statistics reveal that a high percentage of staff (68%) leave for personal reasons.
A solid 65% quit for a better-paid job, 37% jumped ship because of their supervisor, and 18% left because of the bad culture in the company.
A staggering 79% of people who are looking for a job use social media. If the goal is to pluck out the best of the best, social networking websites such as Facebook or LinkedIn are most definitely a smart investment.
Employee engagement statistics show there is a strong link between the recruiting and hiring process on one hand and employee engagement on the other. What is more, 53% of HR specialists say a good onboarding experience results in happier and more engaged employees. And happier employees are less likely to switch jobs.
Throughout 2020, a lot of companies will be investing in new software to better track applicants. This innovative technology includes automated messaging options and customized portals for hiring. Human resource stats reveal that a total of 97% of HR specialists are eager to invest in smart tech to improve recruiting ventures.
As the latest trends would have it, the majority (85%) of people agree that C-level functional experts or teams leading teams are top priority in the HR sector. In addition, 84% believe “career to experience” is a leading human capital trend, while 85% think “people data” is just as important.
Human resource statistics pinpoint diversity in hiring as the number one winning trend in the industry. A bonus advantage of team diversity in the workplace is the superabundance of ideas and perspectives to overcome any difficulty. Plus, having people of all backgrounds within the organization will pump up revenues by 1.4 times and boost capacity in meeting financial goals by 120%.
Interviews have the power of creating long-term bonds or diminishing any interest a candidate might have in a company. A great number of job seekers say the negative experience at an interview has made them change their minds about a potential employer. Moreover, 87% admit that an excellent interview experience has freed them of any doubts they had had about a role they had applied for.
Experience is the mother of wisdom and naturally, plays a huge role in the hiring process. Human resources stats reveal previous experience (55%), communication skills (49%), industry knowledge (41%), and culture compatibility (35%) as the essential factors dominating the hiring process from the very first interview between a potential talent and a recruiter.
Out of five candidates interested in a job opening, only three follow through with their application. Simplifying the online application process is sure to keep your employee pipeline full if that is what you’re aiming for. Some interesting human resources fun facts unanimously rank (at 18%) Tuesdays and Wednesdays as the best days for completing online applications.
72% of HR recruiters are confident the job descriptions they offer are detailed and contain the necessary information so a candidate knows what would be expected of them.
However, the reality is that only 36% of candidates can get a clear understanding of what the job offer entails. Interestingly, continuous communication is seen as the builder of strong candidate experience, and HR facts further support this with 85% of candidates agreeing.
Bad candidate experience will not only lead to a loss of talent pool but will also tarnish the image of the organization. Imagine, candidates are almost four times more inclined to reapply with the same company if the HR department had notified them about their application’s progress or lack thereof.
Being part of a team that embraces people of all backgrounds scales up motivation, engagement, and morale. An incredible 67% of applicants want to be part of a diverse team, employee morale statistics indicate.
Companies with diverse teams have 70% higher chances of winning over a new market. What is more, diversity seems to be shaping the future of recruiting and hiring processes as well.
A third of employers suffer from a shortage of applicants while more than a quarter believe candidates lack skills. In the matter of which companies experience the most difficulties in filling out roles, large companies complain a great deal. Small business HR statistics point to a more dire scenario – the number of small companies with at least one unfilled job position is at a 45-year long high.
Employee development statistics show professionals in the industry are under-equipped to automate and improve how they organize their onboarding programs and processes.
And although there are over 220 onboarding software vendors, 36% of HR leaders complain technology shortage is why their recruiters are not knowledgeable about onboarding techniques.
The majority of HR professionals say onboarding processes exist for the sake of paperwork while 55% of organizations admit onboarding effectiveness is not measured in any way. Still, based on employee engagement statistics, supported by 53% of recruiters, employee engagement is soaring due to stellar onboarding.
HR departments must take into account that employees who feel that what they are doing is meaningful love their jobs more. Millennials believe the same with 64% of them claiming they would rather work at a job they love for less money than work at a job that is boring.
HR professionals and employers clearly understand to what extent benefits can contribute to keeping employees satisfied. A total of 60% of staff confirm pay is important but so are the perks that come with the job.
Tuition assistance is gaining popularity with 61% of companies offering this benefit. Employee benefits statistics indicate 72% of applicants seek career growth while 70% of employees believe interest in alternative benefits will continue to rise.
For the past three years, a total of 35% of employees have changed jobs. Whether an employee is married or single, has a family or not can have a strong impact on the decision to switch jobs. A solid 51% of employees out there are active in their quest for jobs and employees with kids are definitely part of it.
HR leaders agree that rewarding employees for their achievements, milestones, and behaviors pays off big time. The majority link their recognition programs to core company values as opposed to 30% who do not.
Employee recognition statistics indicate value-based programs double the drive for achieving business targets, empower 30% of employees, and in 29% of the cases help build a stronger brand.
Recent studies show 83% of organizations struggle not only to attract but also to retain top-performing employees. Flexibility can do wonders for the hiring process. 47% of HR employees struggle with wisdom withdrawal because the employer does not offer remote working options.
HR statistics further observe 44% of leaders hassle with retention due to rigid working hours, and 45% lose employees because of inflexible career advancement programs.
Since only 7% of organizations offer flexible work programs for their employees, they turn to contractual work to compensate. Consequently, the gig economy is thriving. Not minding last-minute scheduling, a staggering 64% of workers turn to short-term contracts at the expense of boosting their income.
46% of HR professionals blame job burnout for their failure to retain employees. Employee burnout statistics indicate that over half of the turnover is due to physical and emotional exhaustion.
Additionally, HR statistics point out that unfair wage practices contribute to job burnout with 41%, crazy workloads with 32%, and extra hours and overtime with 32%.
Encouraging healthy behavior, adding healthy menus, and even integrating meditation rooms not only improve employee wellbeing but will also power up a company’s image.
HR professionals see wellness programs as vital in maintaining a highly-engaged workforce. Human resources stats show 61% of breadwinners have improved their lifestyle because of company wellness practices. The good news is that 70% of businesses already invest in such progressive perks.
Contrary to popular belief, HR professionals do not feel threatened that AI or automation will take over their jobs. As a matter of fact, they benefit immensely from them. Human resources stats show 76% of recruiters save time because of AI, 43% remove bias, 31% bring the best candidate matches, and 30% say it saves them tons of money.
Both talent developers and HR leaders believe that when it comes to learning and development programs, soft skills are the best investment. In particular, 66% of HR specialists are unanimous that they should build excellent leadership and communication skills.
Moreover, 50% believe they need collaboration skills, while 49% are confident role-specific skills would improve their work performance.
Employee training statistics indicate that 68% of staffers are more comfortable learning in the workplace while 58% like to develop their skills in their own time without being pressured. Moreover, 49% say they will start learning when they feel the need to or when the opportunity presents itself. In general, talent developers are getting more and more dependent on online learning programs for their HR processes.
Human resources are the building blocks of businesses. Interviewing and hiring without the necessary management tools may take your organization to the losing side. Human resources stats can be a powerful ally from the point of planning recruitment strategies to the point of deciding which progressive benefits to offer. And lastly, it enables companies to keep pace with the current climate in the industry.
Sources
Paycor, Finances Online, DevSkiller, HR Cloud, ERE, DevSkille, Learning Hub, HR Dive, Workplace Trends, WorkHuman, LinkedIn, NAS Recruitment