By Bruce Powell, Founder & Executive Recruiter
Hiring the perfect candidate is the goal, but we all know this doesn’t always happen. Even if your organization has the best intentions, hiring can be a difficult and time consuming process. You may have a candidate pool that lacks depth; you could find the perfect candidate only to lose them to a competitor; you could hire someone only to find out they are not the fit you thought they were, and it can cost your organization a lot of money.
Recently, Officevibe put together an infographic outlining some very interesting recruiting statistics about the hiring process, company branding, and candidate experience – each one offering some interesting insight into the evolution of the recruiting process and how you can improve as an organization to get the inside edge over competitors who are looking to hire the same talent in your industry.
Stats About the Hiring Process
The hiring process has become more time consuming, complex and costly:
- Top candidates are hired within 10 days
- It takes an average of 27 days to hire
- The average cost per hire is $4000
- 60% of employers are concerned about the cost associated with an unfilled position
The takeaway: Hiring is an investment. The more prepared you are to hire, the quicker you will be able to lock in a top candidate, putting less stress on your organization to cover unfilled positions.
Stats About Employer Branding
Company branding plays a bigger role in recruiting than most realize:
- Employee turnover can be reduced by 28% by investing in your company brand
- 46% of recruiters see recruiting as a process that is starting to resemble marketing
- Over 75% of professionals are passive candidates
The takeaway: Branding matters in the recruitment process. A strong brand can help you not only recruit top candidates, but keep your current employees long term.
Stats About Candidate Experience
A candidate’s experience with your brand has an impact on the hiring process:
- People are twice as likely to accept cold emails if they have interacted with your brand in the past
- 60% of job candidates have quit an application because the process was too long
- 15% of candidates who have a positive hiring experience put more into the job once they are hired
The takeaway: Make the hiring process as simple and efficient as possible. You can attract more people and get more out of them once they are hired.
To help with the ever-changing recruitment process, many companies are investing in recruiting firms to aid with their hiring process. Our Toronto headhunters can help you find the ideal candidate for your organization.
Learn more recruiting tips by check out these insight blog posts:
Recruiting Trends: MOST of Your People Are Willing to Leave
5 Easy to Implement Recruitment and Retention Strategies
5 Ways to Convince Candidates to Relocate to Nowheresville
IQ PARTNERS is an Executive Search & Recruitment firm in Toronto. We help companies hire better, hire less & retain more. We have specialist teams of recruiters in Financial Services & Insurance, Marketing Communications & Media, Emerging Tech & Telecom, Consumer Goods & Retail, B2B & Industrial, Technology, Accounting & Finance, HR & Operations and Mining & Engineering. IQ PARTNERS has its head office in Toronto and operates internationally via Aravati Global Search Network. Click here to view current job openings and to register with us.