Why Are Companies Taking Longer to Fill Positions?|Why Are Companies Taking Longer to Fill Positions?

Why Are Companies Taking Longer to Fill Positions?

Because of the ongoing talent crunch, did you know it now takes 52 days on average to fill a vacant position in the US at a cost of almost 4,000 per hire?

Driven by increased competition for talent and a shortage of critical skills, companies in the US are ramping talent acquisition spending, according to Bersin by Deloitte’s new Talent Acquisition Factbook 2015—Benchmarks and Trends in Spending, Staffing and Key Recruiting Metrics.

Spending is on the rise

Without the right people no company can thrive; therefore, spending money strategically on recruitment, employer branding, sourcing and the entire candidate experience is more critically important than ever. In 2014 alone, US companies increased their talent acquisition spending by an average of 7%, while healthcare organizations had the largest increase in spending among industries at 16%.

To keep up, businesses are also boosting recruiting headcount. Full-time headcount within talent acquisition organizations grew 9% in 2014.

Companies are also dramatically upping budget on professional networking sites—a three-fold increase since 2011, in fact—despite hiring data showing job boards might be a better bet.

Compiled from surveys of more than 400 talent acquisition professionals at midsize and large US organizations with 1,000 or more employees, Bersin’s Factbook offers dozens of enlightening data points and invaluable guidance for recruiting executives looking to make the right hiring investment decisions.

Key data points

Bersin’s Factbook covers all areas of hiring spend, including these key data points:

  • Spending and cost-per-hire data across healthcare, manufacturing, technology, financial services and business services
  • Time-to-hire data by level of employee (entry-level, experienced, executive)
  • Spending and source-of-hire data across company websites, professional networking sites, job boards, social media, agencies and recruiting events
  • Why “optimized talent acquisition” companies enjoy much lower new-hire turnover

Making smarter hiring decisions

Understanding the data in Bersin’s Factbook will ultimately help your company make more informed hiring investment decisions. Additionally, new sites like Glassdoor are instrumental in making these smart choices in our age of increased transparency. Glassdoor educates job seekers on where to work, but also serves as a new and unique platform employers can turn to in order to solve time-to-hire and cost-per-hire pains. The information provided in Bersin’s Factbook alongside a Glassdoor Free Employer Account will help you make these smart decisions and win the war for talent.

Download your copy now, compliments of Glassdoor, a Factbook sponsor.