Some 2024 Job Market/Recruitment Stats

If there is one question that I’m asked each day – from both sides of the desk – it’s “what’s going on in the job market?” Or some form of that question. Let’s consider the recruitment or talent attraction side of the game for this discussion and look at those dynamics.

Since many of you are numbers people, let’s look at some “job market” stats taken out of recent surveys:

⌛ The average time to fill a new position in 2024 is 42 days. This prolonged hiring process contributes to the 73% of job seekers who find the job search process stressful. So much so that they say it’s one of the most stressful events of their entire lives! (source: Workable)

😐 Dovetailing into #1, a clear hiring timeline is crucial for 83% of candidates. Employers should provide a transparent and well-structured process to keep candidates engaged and informed throughout the hiring process. (source: Career Arc)

📲 Nearly 90% of applicants find job openings through social media. This underscores the importance of having a strong employer brand presence on platforms like LinkedIn, X (formerly Twitter), and Facebook. (source: Glassdoor)

😊 Company reputation is important to 86% of women and 67% of men when considering whether to submit a resume to a company. (source: Talogy)

🪢 Since retention is just as important as recruiting in 2024, let’s consider that aspect. A positive onboarding experience can significantly impact retention, with 69% of new hires staying for 3 years after a positive onboarding experience. In contrast, new hires are twice as likely to look for a new job after a poor onboarding experience. (source: Wixstatic)

🤑 We can’t leave this topic without discussing money. 40% of job seekers are leaving jobs for more money elsewhere. (source: Monster)

2024 is a completely different recruitment ballgame. Whenever possible, companies are holding the line on compensation and/or hiring new roles. However, this is just a temporary situation with the overarching shortage of financial talent looming in the background. It will be interesting to see how 2024 plays out!

#warfortalent #cpacareers #cpa #recruitment