Do you have a hard time getting applicants to your job openings? Perhaps you get plenty of applicants, but none of them is the right fit. It may be taking you months to find the right person for the job, despite offering excellent pay, health insurance and a variety of perks.
These are all symptoms of a broken hiring process. No company, no matter how big or small, is immune to faults in the way they hire. Here are the most important stats you need to know about your hiring, as well as ways to improve them.
69% of candidates would like to see employer response time improved
Today’s job market is all about the candidate. If you take too long to get back to them after their application, they won’t waste their time. Chances are, they’ve already moved on to another job application and by the time you get back to them, they may already have an interview somewhere else.
As we’ve written before, we live in an age of instant. In the era where people can get food, accommodation and transportation with one swipe on their phone, waiting for a month to hear back on their job application seems absurd.
How to fix it: Work on your screening. Make sure that applicants are sorted as they apply so you don’t waste the candidates’ (and your own) time on those who don’t deserve it. While it can be difficult to quickly respond to hundreds of applications, there’s something else you can do – introduce employee assessment as the first step of the hiring process.
Using a tool like Hundred5, you’ll be able to give feedback to applicants in real time. Those who don’t pass the test immediately get an email saying they’re not going further. Those who do pass the test get an email that they are moving on to the next round.
It takes 27 days on average to make a new hire
The best talent is in the job market for only a short period of time. Most companies have hiring processes that last a month or even longer. There are multiple reasons why this is hurting your business, but primarily, every day with a vacant position means a dent in your budget.
How to fix it: Make your hiring process less complex. Instead of depending on resumes and complex application forms, simplify your hiring process as much as possible. Ideally, focus on the skills instead of work experience, education, character traits and other qualities, at least in the beginning of the hiring process.
45% of recruiters have a hard time filling positions because of a lack of talent
One of the main woes of companies and HR teams is that there simply aren’t good people applying for their positions. However, there are good candidates out there, it’s just that they aren’t applying to your positions.
How to fix it: There are several ways to go about it, but one of the most effective is to target passive candidates. They’re already employed but wouldn’t mind if you offered them a new challenge. When hiring new people for Hundred5, we placed our job ads on Facebook and carefully honed the targeting to make sure they appear in front of the right passive candidates.
Poor candidate experience would make 60% job seekers less likely to buy the employer’s product
If someone is having an unpleasant experience applying for a job at your company, it can actually put them off buying your products. This was proven in more than one study and it actually works the other way around as well – great candidate experience could even get you some new customers.
How to fix it: There are too many factors around improving your candidate experience, but you can start small. Make your application process simpler to reduce friction and make it easier to apply. Second, work on decreasing the time it takes to get back to your applicants, as mentioned earlier.
87% of active and passive candidates are open to new job opportunities
Kind of contradicting with one of our previous stats, right? If the majority of all candidates are willing to try a new job, how come no one’s applying to your job ads?
Reason #1 is that candidates aren’t scrolling through job boards. They’re probably content enough with their current jobs not to spend time going through job ads on job boards. The only candidates who are actively going through job boards are those that A) don’t have a job B) really want an immediate change in their job.
Reason #2 is that even when they find a job ad for a position they like, many candidates don’t apply. The application either takes too long, requires a resume and a cover letter, isn’t mobile-friendly or something else. In other words, it’s just too much of a hassle for someone who already has a job.
How to fix it: Focus on passive candidates as your primary target group. Stay away from job boards and simplify your application process as much as possible.
The top channels people use to look for new jobs are online job boards (60%), social professional networks (56%), and word of mouth (50%)
Job boards still take the lead when it comes to being a source for candidates to find work. However, the number one way they find out about a new job is through referrals. Even though these three are the top ways of finding new jobs for candidates, there’s a large talent pool that’s not using them to search for jobs.
How to fix it: Take some of the funds allocated for job boards and invest them into new channels, such as paid social media ads, to dip into new talent pools.
According to 47% of recruiters, employers grow their brand through social media, 21% of recruiters find investing in a company career website grows the company’s brand, and 12% of recruiters attribute the growth to marketing and advertising
If you’ve been in the industry for a while, these stats won’t surprise you. The majority of companies use familiar channels for improving their employer brand, with varying degrees of success. Social media is by far the most widespread method for improving companies’ employer brands, but it’s far from ideal.
As you may be aware, organic reach for social media has been on a steady decline for years. To get the most out of social media, you will have to resort to paying for ads. While this is a good temporary solution, it’s not sustainable in the long run, unless your HR department has money to burn.
As for the second point, investing in your career website is a definite must, but it’s not enough. As previously mentioned, the best candidates aren’t intentionally looking for jobs, so the only way they could end up on this page is by accident.
How to fix it: Perhaps the most effective (and affordable) way to build your employer brand is to invest in improving your candidate experience. The same research that gave us the stats above also mentions that referrals are by far the most successful in getting new applicants. If you create an amazing candidate experience, applicants are sure to recommend others as well.
If you recognize your own company in these stats, your hiring process is also most likely broken. However, there’s no damage that’s irreparable and you too can start getting amazing applicants. The key method to achieve this is to focus on the candidate, their experience and building your employer brand. This is by far the most effective, sustainable and cost-efficient way of attracting top talent.
To achieve this, give Hundred5 a try. Our carefully crafted pre-employment tests make sure the candidates have an amazing hiring experience, they get rapid feedback after applying and you can use them outside of job boards to find passive candidates.