19 Recruitment statistics You Need To know
As the recruitment industry continues to grow, you need to keep up with the recruitment trends and be aware of the latest recruitment statistics which impact your recruitment business. Glassdoor have reviewed the top UK recruitment statistics, and provided snippets of recruitment data that may benefit your business.
1. The average cost-per-hire in the UK is about £3,000, with the average length of the job interview process standing at about 27.5 days.
2. 76% of hiring decisions say attracting quality candidates is their number 1 challenge and 88% agree that an informed candidate is a quality candidate.
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3. Employers stated that the top three benefits of hiring an informed candidate are: Better employee retention, more productive employees and more engaged employees.
4. 3 in 4 hiring decision-makers say it's easier to attract top talent when the candidate knows about your organisation.
How does this impact you as a recruiter? Having extensive knowledge of the company culture, the existing team, management style and other information on the client you are recruiting for is massively beneficial. A number of recruitment consultants are getting great online reviews on Reviewedo for having an extensive knowledge of the industry and the companies they are recruiting for.
5. 4 in 5 job seekers research a company's online reviews and ratings when deciding whether to apply for a job.
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6. 75% of hiring decision makers agreed that attracting passive candidates is more of a challenge as they tend to respond at a much lower rate.
7. 84% of job seekers say that a company's reputation is crucial when deciding where to apply for a job.
8. It costs employers 33% of an employee's salary to hire a replacement if that worker leaves.
9. Role changes are almost 3 times more likely to occur by switching employers rather than due to a promotion.
10. Workers who change jobs earn an average pay rise of £2,066 per year, compared to a 2.9% national average.
11. If employees don't feel challenged in a given role for a 10 month period, there is a 1% higher chance that these employees will leave the company for their next role.
12. The top five considerations job seekers take into account before accepting a job offer are: Salary, Location, Work-life balance, benefits and career opportunities.
Recruitment consultants and recruitment agencies, a large proportion of this is down to you being in control of the deal and selling the company. Being in control boils down to having an extensive knowledge of the client you are recruiting for, just take a look at our online reviews on Reviewedo.
13. On average, a 10% higher base pay is associated with a 1.5% higher chance that a worker will stay at the company for their next role.
14. An analysis of more than 20,000 firms in 91 companies found that companies with more female executives are more profitable.
15. Highly inclusive organisations generate 1.4 times more revenue and are 120% more capable of meeting financial targets.
16. More than 40% of millennials select employers based on their health and wellness benefit package. (Us millennials love a bit of wellness)
17. 21% of millennial workers had left their job in the last year to do something else, 3 times higher than that of non-millennials doing the same.
18. 60% of millennial workers say they are open to different job opportunities.
The millennial workforce are open to opportunities, and will change jobs more times in there careers than the previous generations. So as recruitment consultants, it is down to you to build strong relationships with this cohort as one day the candidate will turn into a hiring manager and help you earn more business. On Reviewedo, a large proportion of our community is from the millennial cohort, start collecting reviews for free today and attract better candidates.
19. 57% of the millennial workforce expect to move jobs within two years, while 40% will move within one year.
If you have got to the end of this blog, first of all congrats, secondly, you must be convinced that online reviews for recruitment consultants is the way forward. As we grow the Reviewedo community, it will benefit you as a recruitment consultant and recruitment agency to have your own profile and to start collecting reviews.