>>By the Numbers: April 12, 2019

By the Numbers: April 12, 2019

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Recruiting Timelines Differ for Job Hunters and Recruiters

 The Numbers:

  • 45% of those looking for a job found that less than a week was the shortest amount of time they’ve experienced between submitting an application and accepting a job
  • 54% of recruiters surveyed stated that applicants should expect hiring to happen within a month or less
  • 40% of recruiters say candidates should expect a response within 48 hours of an interview, however, 40% of candidates will wait a week for a response before losing interest in that job
  • Source: Addison Group

Recruitment is More Challenging and Expensive Than Before

The Numbers:

  • More than 50% of HR leaders plan to update their talent acquisition strategies over the next two years due to the challenging market today
  • 36% of respondents state that the increased amount of open hourly and salaried roles are taking longer to fill
  • 73% of respondents have increased starting pay for salaried roles
  • 50% of respondents have increased starting pay for hourly roles over the past two years
  • Source: Kronos and The Human Capital Institute

Job Openings in February the Lowest in Almost a Year

The Numbers:

  • Job openings in the U.S. decreased from January to February by 538,000
  • In February job openings were less than 7.1 million, marking a 7.1% decrease
  • Despite the decrease month-over-month, openings increased 8.5% year-over-year
  • Source: U.S. Bureau of Labor Statistics

BountyJobs Reports: 2019 Third-Party Recruiting Benchmark Report

The Numbers:

  • Each year we analyze our wealth of data to give professionals in talent acquisition a tool to arm them with the most impactful analytics and insight to create strong overall recruiting strategies. In addition, this report serves as a foundation to create effective tactical actions such as crafting the most attractive offers to lure those passive candidates. 
  • 50% of the time, the winning candidate is sent to employers within one week of the job posted on BountyJobs
  • 1/3 of the recruiting process is sourcing the winning candidate, while 2/3 of the process is spent screening resumes, interviewing, etc… Time to tighten your recruiting process up!

60% of New Grads Okay with Temp Roles

The Numbers:

  • Opportunity for growth is number one when considering roles
  • Work-life balance and pay came in at number two and three
  • Grads expect a promotion one to two years from their start date
  • 60% of graduating seniors are willing to take a temp role or temp-to-perm position, which is an increase of 16% over last year
  • Source: LaSalle Network

Bank of America Increases Minimum Wage

The Numbers:

  • Bank of America plans to increase their minimum wage to $20 an hour within the next two years
  • The wage will increase to $17 an hour as of May 1, 2019, and will continue to increase until it hits $20 an hour in 2021
  • The hike is thought to increase the company’s commitment to be a ‘great place to work’ and maintain growth
  • Source: Bank of America

Majority of Companies with $500 Million or More in Revenue Increasing Contingent Usage

The Numbers:

  • 71% of global execs from companies with a revenue of $500 million or more plan to increase usage of temp and contract workers
  • 75% said use of such workers will be ‘central or important to their companies’ employment practices’ two years from now (up from 43% in 2018)
  • Source: American Express and Thought Leadership Studio

One-Third of Candidates in Current Role for Less Than Three Years

The Numbers:

  • One-third of job seekers have held their current roles for less than three years
  • 24% of business leaders said average tenure at their companies was 5-10 years, 18% said 10-15 years, and 11% said 4-5 years
  • Source: Express Employment Professionals

Median Pay Rises in U.S.

The Numbers:

  • Double the amount of U.S. companies reporting median pay have increased rather than lowered their rate this year
  • 45 of the 282 companies reporting saw increases of 10%, while 33 had declined at that rate or more
  • Median pay increased by almost 60% at Macy’s Inc. while it fell by two-thirds at Coca-Cola Co.
  • Source: The Wall Street Journal
By |2019-04-11T19:05:15+00:00April 12th, 2019|Categories: Talent Acquisition Trends|Comments Off on By the Numbers: April 12, 2019

About the Author:

Erin Geiger is a seasoned Content, Editorial, and Product Engagement professional with two decades of experience creating content as well as overall content direction and strategy. Her background stems from a variety of online verticals ranging from start-ups to Fortune 500 corporations.