The talent shortage, diversity and recruitment metrics are all hot topics for 2018, but what do the numbers really tell us?
Diversity is making the headlines in recent months, but it’s not the only figure that’s worrying HR departments worldwide. We provide a commentary on each of the figures below.
Over three-quarters of candidates believe that how they’re treated during the application process reveals how highly – or how poorly – a company values its people. While this is good news for companies which have a first-class recruitment and hiring process, it should pose a serious concern for any organisation with a less-than-perfect reputation for candidate experience.
The current talent shortage means that above-average candidates can afford to be very selective in which company they chose to work for. In fact, top candidates are available for just 10 days before getting hired. That doesn’t leave hiring teams with much room for error.
Time to Fill
While it’s true that the talent shortage may be a significant contributing factor in the massive rise in time to fill figures, businesses find that the $500-per-day cost of vacancies hits their bottom line hard. Skill shortages may also be playing a part, as 73% of employers struggle to find relevant candidates.
Sourcing passive candidates is the obvious solution to this issue. Statistics show that 86% of the most qualified candidates are not actively seeking a job, and that 73% of all candidates are passive job seekers. The need for an expert talent source programme is clear.
Gender pay gap reporting in the UK caused a stir recently, with analysis of government figures suggesting that more than three-quarters of UK companies pay men more on average than women. Gender isn’t the only diversity issue present within workplaces across the globe, however. Following gender pay gap reporting, there have also been calls to make ethnic pay gap reporting mandatory too.
Understandably, in light of these figures recruitment and hiring bias has been put under the microscope. 62% of female executives report that they have been overlooked in favour of a male candidate, despite being equally qualified. Even more bleak is the statistic showing that just 32% of senior level or C-suite leaders are women.
Solving 2018’s Most Pressing Issues
Partnering with a recruiter who has demonstrable experience in hiring top quality candidates within stringent criteria is the first step for companies which are looking to resolve diversity, time to hire and candidate experience issues.
Before you go, why not check out the talent trends for 2019?
Gianna has degrees in English and Marketing, and spends her days with Solutions Driven researching and reporting on the latest trends and recruitment industry insights.