As we enter a new year, recruitment teams are formulating fresh strategies to source top-tier talent effectively in the coming months.
Research shows there are over 8 million job openings in the U.S alone. With so many companies looking to build their dream teams just like you are, how can you stand out?
The key to staying ahead of competitors is aligning your recruitment strategies with evolving industry trends and statistics.
This article will explore key recruiting statistics for 2024, providing insights to help you stay on top of your recruitment game in the new year.
According to key recruiting statistics for 2024, job boards like LinkedIn, Indeed, and Upwork currently produce 63% of job applications. However, only 36% of these applications result in hires. (CareerPlug)
Image via CareerPlug
Other sources of job applications include career pages, custom sources, and employee referrals. The survey further states that sometimes job boards prioritize quantity over quality, so employers may not always find qualified candidates via such means.
Furthermore, job seekers who submit applications through a company's career page stand a better chance of meeting the job qualifications. This is likely due to the fact that they have most likely researched the company and the role.
Due to the impact of the pandemic, the business landscape experienced a gradual transition from in-person business operations to virtual or hybrid models.
Consequently, an increasing number of employers are now embracing the flexibility of recruiting their workforce through virtual means. (Monster)
More employers now use talent assessment tools like Gorilla and Equip, which enable them to conduct all or most of their recruitment processes virtually.
According to top key recruiting statistics for 2024, most employers resort to social media recruiting as an effective way to find new employees. The survey below shows these statistics.
Image via CareerArc
Social media recruiting involves searching for qualified candidates through social media platforms like Facebook and Twitter.
This recruitment strategy requires recruiters to have a wide social media reach. That is because they can use social media profiles as databases for screening potential candidates based on their qualifications.
Social media recruiting gives employers access to job seekers who may not be active on the best job boards. It expands the talent pool and provides a wider range of qualified candidates. (CareerArc)
Key recruiting statistics for 2024 indicate that more recruiters now depend on AI to enhance job recruitment processes, and this trend will continue. (Jobvite)
AI improves the quality of hires by eliminating human bias, while automation streamlines the process by managing repetitive recruitment tasks like scheduling interviews.
Hence, most forms of staffing agency software are integrated with advanced AI frameworks to deliver better results.
As illustrated in the chart below, a survey projects that the AI recruitment industry will grow from $590 million to $942 million between 2023 and 2030. (Market Research Future)
Image via Market Research Future
AI and automation help enhance the efficiency of job recruitment processes, from screening resumes to conducting interviews. As such, more employers now rely on different forms of AI and automation to enable them to source the best talent.
This increased reliance has led to the growth of the AI in recruitment industry, which is expected to grow steadily until 2030.
Employers face increasing difficulties finding the right talent due to a skills gap. There’s often a disparity between the skills employers require and the skills job seekers possess.
As a result, more employers are now willing to hire individuals with transferable skills and provide adequate training for them.
Although this strategy may slow down the onboarding process, it yields long-term results and improves employee retention. (Monster)
One in three HR managers struggle to find the diverse talent needed to balance their workforce. (Eightfold AI)
While searching for qualified candidates, you can increase the chances of attracting diverse talent by using several recruitment marketing platforms simultaneously rather than sticking to one.
If you’re considering leveraging top recruitment platforms to find diverse talent, check out some options listed by Attrock
Remember to use inclusive terms and unbiased words while posting job openings on recruitment marketing platforms. This plays a huge role in attracting the diverse talent you’re looking for.
You can also emphasize your company’s dedication to diversity by including equal opportunity employer statements in your job posts.
Recruiters who successfully attracted diverse talent focused on amplifying the diversity values of their company.
Following this trend, recruiters seeking to hire diverse talent are now willing to introduce diversity, equity, and inclusion (DEI) initiatives in their companies. This allows recruiters to connect with a broader and more diverse talent pool. (Jobvite)
Research shows that this year, 53% of job recruiters found it difficult to get the desired results while talent hunting. The chart below clearly illustrates these key recruiting statistics. (Lever)
Image via Lever
Additionally, recent trends indicate that recruiters feel stressed due to a lack of hiring support and too many open roles to fill.
Job recruiters also attribute their challenges to factors like a lack of qualified candidates and high competition from other employees.
To ease the task of talent sourcing, use recruiting software solutions that provide applicant tracking systems and candidate relationship management systems.
The client portal software are helpful system and empowers recruitment processes by working as a bridge between clients and recruiters.
They can help you streamline job seekers’ data in an easily accessible database, making candidate screening faster and more efficient.
A survey shows that more than half of recruiters find it more challenging to source qualified talent for onsite roles than remote ones. (Monster)
Image via Monster
One of the biggest challenges recruiters face when looking for new hires is a growing skills gap across all working sectors. Key recruiting statistics indicate that 63% of recruiters say hiring for remote work is easier than hiring for onsite work.
This is because more job seekers prioritize remote work due to its flexibility. Furthermore, onsite work usually requires more advanced skill sets, which many applicants do not possess.
According to a survey, 70% of respondents are more inclined to respond to job posts with clearly defined application processes. (Eightfold AI)
Regardless of the role you’re hiring for, break down your application and interview processes into shorter stages to attract more qualified candidates.
Whether you’re looking to hire content writers, project managers, or software engineers, ensure you clearly outline the entire job application process, from screening to interviews.
This level of transparency gives candidates a clear understanding of what to expect, motivating them to submit their applications.
Image via Buck
In a survey, 35% of employees currently working with various companies across the U.S said they are still job hunting. (Buck)
This stems from a priority and wellbeing gap between employees and employers.
The survey indicates that employers underestimate how financial wellbeing stressors affect employees’ work performance. Meanwhile, employees insist that financial stressors are some of their top wellbeing concerns in the workplace.
The key to attracting and retaining employees who feel valued is developing a strategic wellbeing program that increases companies’ benefits and emphasizes employee satisfaction.
Despite the challenges faced in 2023, understanding these essential recruiting statistics and implementing the required changes can revolutionize your approach to talent sourcing in the coming year.
Remember to prioritize diverse hires as more job seekers are now looking out for companies with DEI initiatives.
Embracing AI and automation in recruitment processes can yield more positive results as well. As such, it would be helpful if you augmented your recruiting tech stack with innovative AI tools and automation systems.
So, go ahead and start overhauling your recruitment strategies to stand out from your competitors and attract top talent to your organization.
Author Bio - Reena Aggarwal
Reena is Director of Operations and Sales at Attrock, a result-driven digital marketing company. With 10+ years of sales and operations experience in the field of e-commerce and digital marketing, she is quite an industry expert. She is a people person and considers the human resources as the most valuable asset of a company. In her free time, you would find her spending quality time with her brilliant, almost teenage daughter and watching her grow in this digital, fast-paced era.