There’s a shift in the labor market. Candidates hold the power now. They also have a wealth of information at their fingertips to inform one of the biggest decisions they will make: where they will go to work.
Each year, we compile an asset of 50 HR & Recruiting Statistics for the year. The following stats focus on themes including trust, employee engagement and leadership, all areas essential to putting together a strategy to win the war for top talent.
Filling headcount is expensive and time consuming. On average, it takes 52 days and $4,000 to fill a position according to Bersin’s 2015 Talent Acquisition Factbook. Additionally, the Harris Poll for Glassdoor conducted in February of 2015 showed one in three employers are concerned that voluntary exits are on the rise.
The solution? Transparency. Sixty-seven percent of employers believed conveying a clearer picture about what to expect about working at a company before taking the job would improve retention rates (Harris Interactive Survey for Glassdoor, 2016). A great way to do this is to point to your organization’s Glassdoor page and being transparent about your employer brand. Reading reviews, Company Updates and scrolling through pictures should give candidates a glimpse into the experience they can expect to have at your company.
Trust and transparency
Transparency is key to both recruiting and retention efforts. A transparent environment fosters trust within organizations, which is an important component of your employer brand. The Edelman Trust Barometer from January, 2015 showed that building trust is amongst top concerns for 32 percent of senior executives.
So what’s the best way to amplify your employer brand to potential candidates? Through your most trusted fan base: your current employees. Employees rank among the most trusted influencers when communicating about their company’s engagement and integrity and 90% of job seekers find the employer perspective useful when learning about jobs and companies (Glassdoor U.S. Site Survey, January 2015).
The best way to mobilize your employees as brand ambassadors is to make employee engagement a top priority. Not only will this affirm your employer brand, but it’s also proven to boost productivity levels internally. Companies with employee engagement programs achieve 26 percent greater year-over-year increase in annual company revenue, compared to those who do not have formal programs (Aberdeen, October 2015).
While 90 percent of executives understand the importance of employee engagement, fewer than 50 percent understand how to address this issue. However, 66 percent of HR respondents report they are updating their engagement and retention strategies (Global Human Capital Trends 2015, Deloitte, February 2015).
Leadership and management
Strong managers and executives are agents for creating a culture that allows employees to thrive and be engaged. In fact, high-performing companies spend 1.5X to 2X more on leadership than other companies, and reap results that are 3X or 4X the levels of their competitors (Global Human Capital Trends, Deloitte, February 2015). Managers also directly affect employee engagement, as 59% of employees who are supervised by highly engaged managers are more likely to be engaged than those supervised by actively disengaged managers (State of the American Manager, Gallup, April 2015).
One of the ways leadership and managers can get engaged is through social media. Company leaders and employees alike can influence perceptions through their personal social accounts. C-Suite executives and leadership teams that use social media to communicate about their core mission, brand values and purpose are perceived by 75 percent of people as more trustworthy. Additionally, there is a 50 percent increase in employees recommending company’s products or services when the employer encourages social sharing (Employee Rising, Weber Shandwick, April 2014).
A integral piece of a company’s social media presence is its reviews. From employees to consumers, company responses have become increasingly important. Seven out of 10 Americans seek out advice and opinions before making a purchase (American Lifestyles, Mintel, June 2015). Also, sixty-one percent of Glassdoor users report that they seek company reviews and rating before making a decision to apply for a job. Job seekers read on average at least six reviews before forming an opinion of a company, so while you may think that reviews are out of your control, it’s the opposite: on average, 62 percent of Glassdoor users agree their perception of a company improved after seeing an employer respond to a review (Glassdoor U.S. Site Survey, January 2016).
The job marketplace is changing fast. To make the biggest impact within your organization, be sure you have all the facts so you can build the most targeted recruiting strategy. Download our entire eBook to learn more: 50 HR and Recruiting Statistics for 2016.