Keeping abreast of the latest recruitment trends can improve your chances of getting the desired job fast. Thanks to technological advancement, you can even look for jobs on social media platforms. Also, the workforce itself is changing because generation Z seeks recruitment, as well.
5. In 2020, millennials will take up 50% of the US workforce.
(Source: Finances Online, Wepow)
While 50% of the US workforce will consist of millennials in 2020, the percentage will increase to 75% by 2025.
Recruiting stats tell us that the way of recruitment has changed over time.
Companies need to understand millennials better and provide them with the right working conditions, such as a fun work environment, more time off, a mentor, and enabling learning and career development.
6. Hiring the wrong person can cost a company thousands of dollars.
According to the US Department of Labor’s estimation, the average cost of a bad hire is around 30% of the employee’s first-year earnings.
Based on this information, we can conclude that a bad hire can negatively affect a company.
The cost of a bad hire statistics show that approximately 41% of companies stated that last year, their cost of a bad hire was at least $25,000.
For 25% of companies, that cost was at least $50,000.
7. Generation Z is the most interested in software jobs.
(Source: Business News Daily)
Generation Z (born after 1995) mostly apply for job positions at IBM, Google, Microsoft, Deloitte, and Amazon. Around 19% of all applications by Generation Z are for a software engineer position.
The second most-applied-for job position is a software developer.
8. Nonfarm payrolls rose by 4.8 million in June 2020.
New jobs statistics in the US show that the expected increase of nonfarm payrolls was only 2.9 million.
The unemployment rate has fallen to 11.1%, which means that the US economy is slowly recovering from the effects of Covid-19. The leisure and hospitality sector increased by 2.1 million, accounting for 40% of the total growth.
9. In August 2020, the economy added 1.37 million jobs.
This year, however, the employment rate of many industries were affected by the coronavirus pandemic.
Therefore, the rates are lower than they were in February.
Job market statistics show that government employment grew by 344,000, and it had the most significant increase in employment rate compared to other nonfarm payroll jobs.
10. 80% of employees prefer more benefits over a salary increase.
(Source: Finances Online)
Employees tend to value benefits more than a salary increase, as 57% of employees consider perks and benefits as the top factor to take a job.
Most adults with children also prefer benefits, as 82% of women and 76% of men with kids think that benefits are more important than salary.
11. Men believe they only need to fulfill 60% of requirements when applying for a job.
(Source: Finances Online)
Recruitment statistics from 2020 reveal that there is a difference in how men and women perceive job applications. Women think they need to fulfill 100% of requirements if they want to apply for a job.
Only 12.7% of men don’t apply because they believe they can’t do the job, while 21.6% of women think the same. This is probably due to the stigma around gender bias.
12. 24.5% of employee turnover costs are the delays or products or services.
Retention-focused hiring is one of the most popular hiring trends in 2020.
The costs of employee turnover are high, and that’s why many employers endeavor to hire employers with retention in mind.
Losing employees can lead to losing customers, but employers don’t hire people just to fill the positions. They need productive workers.
13. As of 2018, 63% of the US employers stated they’d be hiring full-time.
Employers are looking to hire permanent workers. Additionally, they’ll work on employee incentives.
For example, 25% of them will offer remote working options, 31% will give employee discounts, 22% provide additional paid time-off, and 21% will provide bonuses when hiring candidates.