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How Do You Stack Up? 3 Hiring Benchmarks You Need to Know

JazzHR

Benchmarking your hiring efforts in 2021 can be an efficient, data-driven way to improve the quality of your recruitment process. In fact, hiring benchmarks are more important than ever – especially in a post-pandemic job market.

Careers expert Jack Kelly claims the majority of companies have become ‘slow and clunky’ at the recruitment stage. He adds that ‘many companies haven’t adapted to the new post-pandemic economy’.

In other words, an efficient recruitment funnel will help you to identify and hire quality candidates before your competitors scoop them up.

But, how can you measure efficiency? Easy. By using hiring benchmarks!

Person on a laptop, looking up hiring benchmarks to boost their recruitment turnaround

Recruiting Benchmarks in 2021

Companies are pulling out all the stops when it comes to recruitment; which means you need to do the same. And we have the hard, quantifiable data that’ll help you determine how you compare to your competition. In other words, we have the hiring benchmarks you need.

1. Communication.

Jobvite tells us that:

  • 44 percent of recruiters have sourced candidates by text and;
  • 66 percent of recruiters use text messages to communicate with applicants.
  • 69 percent of candidates prefer to text with their prospective employers.
  • 54 percent of candidates factor clear communication as important during the hiring process.

Text recruitment is a great example of this. Not only do statistics show that 91 percent of people have their phones on them; texting is an organic way to show candidates that you’re friendly and ready to engage.

So, are you meeting your candidates on the communication channels they feel most comfortable using? Because at least 66 percent of your competition is, and nearly 70 of your potential hires prefer it.

2. Hiring Process.

We know you don’t want to rush the hiring process, and we wouldn’t recommend it. But acting quickly with an effective, streamlined approach can make all the difference. And if you want some hiring benchmarks to back that fact up – here they are!

  • 30 percent of candidates say that a quick hiring process is important.
  • 60 percent of candidates have dropped out because of a long hiring process.
  • SHRM reports that the average time to fill a role takes 42 days. However;
  • The average quality candidate lasts 10 days ‘on the market’.

So, if these hiring benchmarks tell you anything, it’s that you should:

1. Act fast enough to keep interest levels high, but;

2. Don’t rush the process and lose out. The average cost per hire is a precious $4000 per individual.

Want to find that middle ground where you hire great candidates effectively and quickly? Streamlining your hiring efforts will do just that.

Two people shaking hands, indicating a that benchmark hiring works

3. Perks.

We would be remiss not to highlight the importance of strong company culture. If the heart of your business lies with employee wellbeing, show that off to candidates from the beginning. Statistics tell us that:

  • 86 percent of candidates claim that emphasis on company culture factors their decision-making.
  • 53 percent of employers offer mental health benefits to employees. This is up by 8 percent in the past year.
  • 60 percent of candidates enquire about workplace COVID safety during the hiring process.
  • According to Glassdoor, 57 percent of candidates view benefits, bonuses, and culture as the main deciding factor.

So, if you have a great workplace culture, talk about it with your hires.

Hiring Benchmarks: How Do You Measure Up?

Whoever said ‘comparison is the thief of joy’ clearly forgot about hiring processes. Use these benchmark hiring statistics to see how you stack up. And remember;

‘Information is the oil of the 21st century, and analytics is the combustion engine’

Peter Sondergaard, Senior VP and Chairman.

Try JazzHR to streamline your hiring.

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