Key Recruitment Metrics You Need to Know in 2023

Recruiting can pose a challenge for both small businesses and job seekers alike. Finding the right candidate may take several weeks, and even after the onboarding process, there is no guarantee that they will accept the job or stay. However, research is key to a successful recruitment experience. Knowing how job seekers search for jobs, their priorities, and their mindsets can provide small businesses with an edge over their competitors.

The following statistics can assist small businesses in onboarding candidates with the right skills, experience, and culture fit:

The average time to fill a new position is 42 days. The duration varies by industry. Engineering positions, for instance, can take up to 62 days to fill.
Job hunting is a stressful process, with 73% of job seekers considering it one of the most stressful events in their lives. Making the hiring and onboarding process easier for job seekers can make a small business more attractive to preferred candidates.
Providing candidates with a clear timeline of the hiring process can simplify their job search. Outlining the number and format of interviews, who will conduct them, and how long you will wait between each round can set candidates’ minds at ease.
Almost 90% of applicants find job openings through social media. Small businesses should thus target potential candidates where they are most likely to see the listing.
Three-quarters of applicants consider a company’s diversity when deciding whether to accept a job offer.
84% of recruiters view cultural fit as an important factor when hiring.
A company’s reputation is vital to recruiting top talent, with 86% of women and 67% of men reporting that they would not apply to a job at a company with a bad reputation.
44% of recruiters prioritize remote work options, which can broaden the talent pool and provide employees with greater flexibility.
A positive onboarding experience can increase the likelihood of a new hire staying at their job for over three years by 69%.
A poor onboarding experience can lead new hires to look for a new job, with some being twice as likely to do so.
Money is a significant factor in why people leave their job, with 40% of job seekers looking for a higher salary.
Optimizing the recruitment process can shorten the hiring cycle by 60%.
The cost of a bad hire can be up to 30% of the employee’s first-year earnings Hiring the wrong person can be costly for small businesses, as it may result in lower productivity, decreased morale, and ultimately lead to turnover. The cost of a bad hire can be up to 30% of the employee’s first-year earnings, which can be a significant financial burden for small businesses. Therefore, it’s crucial to invest time and resources into finding the right candidate to avoid costly mistakes.
Women apply to 20% fewer jobs than men According to a 2019 study, women apply to 20% fewer jobs than men–they only apply when they feel they meet 100% of the requirements, while men will apply when they only meet 60%. To attract more women to apply at your firm, consider separating your “must have” requirements from your “nice to have” skills and experience.
Less than one third of recruiters have specific diversity and inclusion initiatives Just 30% of recruiters say they have specific policies and goals for hiring for racial and gender diversity. If your company plans to work with a third-party recruiter and diversity is important to you, make sure you ask what kind of policies they have to support those goals.
46% of employers say that resume gaps are acceptable It used to be that resume gaps were treated as a red flag, but that’s fading. In 2021, only 38% of employers thought that resume gaps were okay. As of 2022, that number has gone up to 46%. After the COVID-19 pandemic’s widespread unemployment and furloughs, employment gaps aren’t necessarily a sign of anything but global affairs.
38% of recruiters say finding diverse candidates to interview is the biggest barrier to improving diversity Although only 30% of recruiters say that they have specific goals for gender and racial diversity, 38% of recruiters claim that actually finding diverse candidates to interview is their biggest barrier to improvement.
Black (71%) and Hispanic (72%) employees say their employer should be doing more to increase employee diversity. Significantly more Black and Hispanic/Latino employees say their employers should be increasing their diversity and inclusion initiatives. Meanwhile, just 58% of White employees feel the same.
College degrees are the 8th most important characteristic when interviewing candidates A college degree used to give candidates a significant leg up on the competition–but today, it’s the 8th most important factor in the screening and interviewing process. That’s down a spot from 2021, when it was the 7th most important factor. The number one factor? Interview presence.
Hiring is the top way employers reduce skill gaps in the workforce 66% of employers say that hiring new employees is the main way they address and reduce skill gaps at their company. Just 56% reported that they use skill building, which could help reduce the need to hire new employees.

Pay attention to what the data tells you

The recruitment statistics don’t lie: hiring can be a lengthy, stressful, and expensive process for small businesses. The right candidate is out there, but finding them can be a challenge. Taking the time to critically evaluate your hiring goals and processes will help your company stand out from the crowd. When you understand what candidates really want—clarity, competitive wages, diversity, remote work, and a great brand reputation—it’s easier to tailor the experience to your dream employee.

Stats listed by the reference number in the article.

1. Workable: Time to Fill and Time to Hire Metrics FAQ

2. Small Biz Genius: 70 Recruitment Statistics for Attracting Top Talent in 2022

3. Career Arc: Future of Recruiting Study

4. Glassdoor: Glassdoor’s Diversity and Inclusion Workplace Survey

5. Glassdoor: What Job Seekers Really Think About Your Diversity and Inclusion Stats

6. Talogy: ‘Hire for culture, train for skill’

7. Glassdoor: 40+ Stats For Companies to Keep In Mind for 2021

8. Monster: The Future of Work

9. SHRM: Don’t Underestimate the Importance of Good Onboarding

10. Wixstatic: Super CIO

11. Monster: New Year, New Career