The worlds of recruitment and talent acquisition are in a state of constant flux – can you keep up with the pace? You’ve got to stay on top of the latest trends and developments if you’re going to stay ahead and attract the best talent.

To help you one step ahead of the competition and refine your recruitment and talent acquisition strategy, we’re going to take a look at the top 2020 recruitment statistics.

2020 Recruitment and Talent Acquisition Statistics

Knowledge is power – let’s dive into the top statistics and facts:

1. 17% of recruiters don’t know or don’t track cost per hire (Yello Research)

Numbers from Yello Research reveal that a shocking number of recruiters fail to track their cost per hire accurately. This can make life incredibly difficult for those professionals, who’ll fail to monitor the impact of the changes and adjustments that they make to their strategy.

Data is the new oil – recruiters and hiring managers must use the right tools and platforms to track information and make the right choices.

2. The average hiring process lasts around 27.5 days (CMD Recruitment)

Statistics from CMD Recruitment reveal that the average hiring process lasts for approximately 27.5 days. This is a truly significant amount of time, and it means that businesses are often left with empty seats.

Vacant roles can result in significant losses for businesses, so recruiters and hiring managers must use the latest strategies to reduce that time as significantly as possible.

3. 64% of millennials would rather make less at a job they love than make more at a job they find boring (Paycar)

This statistic from Paycar shows us that purpose and engagement are essential factors in job satisfaction rates among millennials. If you can offer challenging and rewarding work, you’ll be better able to attract those sought-after candidates.

Recruiters and hiring managers should learn to present their positions in an engaging and descriptive way to ensure that they find and hire the most appropriate candidates.

4. As many as 64% of employees may leave their jobs in 2020 (Achievers)

Research from Achievers reveals that a significant number of employees are planning to leave their jobs in 2020. While COVID-19 and any subsequent economic impacts might severely impact this number, it’s an indication that the workforce is more mobile than ever before.

The businesses that are going to be most resilient to turnover are those that offer a strong mission and satisfying work.

5. 75% of candidates will research a company before applying for a job opening (LinkedIn)

In its Employer Brand Statistics report, LinkedIn found that three-quarters of employees will now research a company before applying for a job opening. They’ll often head to key review platforms like Glassdoor and LinkedIn to gauge your reputation.

This new reality means that businesses must focus on their employer brand to polish their reputation and come across in the best possible light.

6. 51% of respondents are more attracted by job postings that have visual elements (Software Advice)

Numbers from Software Advice show that job candidates are often most attracted to those job posts and adverts that include visual elements. That could include anything ranging from simple images to high-quality video.

Recruiters and hiring managers should take the time to collaborate alongside their marketing team to create truly engaging and exciting adverts.

7. Job listings that include a salary range attract 75% more clicks than those that don’t (Stack Overflow)

Salary transparency is a hot topic and findings from Stack Overflow show that transparent job listings will receive 75% more clicks than those non-transparent ones. Often, it’s only fair that candidates are given a salary indication before they apply.

This is an interesting finding, and it shows that you’ll seriously want to consider the salary information that you include within your adverts.

8. 81% of candidates say the main things that would improve the candidate experience is more regular updates (CareerBuilder)

Numbers from CareerBuilder show what we’ve long suspected: the vast majority of candidates love regular and timely updates on the status of their application. We all know that applying for a new job can be stressful, and those updates can help to alleviate some of that stress.

If you’re going to offer the best possible candidate experience, it’s critical that you develop a robust candidate communication plan.

9. 79% of job seekers will consider a company’s mission before applying (Glassdoor)

The majority of your applicants will consider your company mission before making an application. This statistics shows that the vision and positioning of your company can have a considerable impact on your ability to attract great candidates.

This means that you’ll need to create inspiring and big-picture job descriptions. The best recruiters and hiring managers will embody their company mission and use that to find the right candidates too.

10. 40% of candidates say they have experienced a lack of communication between accepting an offer and starting at work (G2)

The pre-boarding process is a critical period for every business, but figures from G2 crowd show that 40% of companies fail to capitalise upon it. You could use this time to share some critical resources with your new team member and motivate them for the role.

Recruiters and hiring managers can play an essential part in handing over approved candidates to their respective managers to create a more cohesive experience.

11. 82% of hiring executives now see candidate experience as necessary (Finances Online)

The candidate experience is essential, and figures from Finances Online show that 82% of hiring executives agree. With the majority of recruiters and hiring managers using the latest tools and techniques to engage their applications better, it’s critical that you keep the pace.

It would help if you were sure to stay on top of the latest industry trends and techniques to offer the best possible candidate experience.

12. 71.5% of businesses say they have a diversity strategy in place or are working on one (Finances Online)

Diverse workplaces are more profitable and creative, which is why 71% of businesses currently focus on diversity hiring according to Finances Online. Those businesses will find it easier to attract quality diverse talent that propels their business forwards.

Here at Elevate, we genuinely believe that AI is going to enhance the human element of recruitment – read why in this post.

Stay On Top of the Latest Trends with Elevate

We hope that this post has given you some inspiration and helps you to guide your recruitment and talent acquisition strategy going forwards.

Here at Elevate, it’s our pleasure to keep you abreast of all the latest changes. Be sure to subscribe to the Elevate blog for all the latest talent acquisition trends and updates.

Over the course of 2020, an estimated 1.7MB of data will be created every second for every person on earth. This immense volume of data means that businesses now face critical data management challenges.

Are you prepared?

In this brave new data-driven world, recruiters and hiring managers must carefully manage valuable candidate data to find the right talent quickly and at the right price.

In this piece, we’ll take a closer look at what we mean by legacy data then explore five key reasons you should migrate and rejuvenate this data.

What Is Legacy Data?

Essentially, legacy data is data that is currently stored on obsolete systems or outdated formats. As time progresses, it often becomes more challenging to re-access, search and even migrate this data.

Recruiters and hiring managers will often have valuable candidate data hosted on different systems and formats spread across various areas in the business. This data has very little day-to-day value for businesses.

Why Should You Migrate Your Legacy Data?

Legacy data represents an unmissable opportunity for recruiters and hiring managers.

Now that we’ve got a better handle on precisely what we mean by legacy data let’s explore the top reasons that you should rejuvenate it today.

1. Harmonise your data

It’s not at all uncommon for recruiters and hiring managers to have data spread across various obsolete systems. Businesses will store candidate data in the following areas:

  • Applicant tracking systems
  • Physical filing cabinets
  • Different excel documents
  • Cloud storage systems
  • Local hard drives
  • Shared servers

That candidate data is often stored in different file formats and structures, too. This makes it practically impossible for recruiters and hiring managers actually to use that data in any meaningful way.

Many legacy database systems are also based on Boolean search. This method of searching through your data is inefficient and achieves subpar results, while AI sourcing is much more powerful.

With all of your data in a single space, AI sourcing can make it work for you. You’ll be able to do much more like access unique insights, intelligently sort through your candidates, surface the right talent, lower your cost talent acquisition and generate more suitable, candidates for roles you need to fill.

If you want more information in this area, be sure to read our piece on five reasons AI sourcing will replace Boolean sourcing.

2. Capitalise on your past investments

Data is the new oil, and it comes at a cost. Businesses will often invest significant amounts of money into sourcing candidate data using a blend of these tools and techniques:

  • Job boards
  • Networking events
  • Career fairs
  • Referral programmes
  • Digital advertising
  • Physical advertising

All too often, though, businesses fail to maintain that data once they’ve filled an open position. This means that many companies fail to capitalise on their candidate data investments.

It also means that businesses will pay again and again for the same candidate data. This is a very costly way to work, and it pushes your cost per hire much higher than it should be.

If you store your data in a single space and use the appropriate AI sourcing techniques and tools, you’ll extend the ROI of your data collection initiatives and reduce your average cost per hire.

3. Grow your talent pools

The well-documented talent shortage outside of the Coronavirus is the most significant emerging risk for businesses around the world. 54% of companies reported talent shortages last year.

In order to tackle this risk, recruiters and hiring managers must carefully maintain and feed healthy talent pools. These databases empower businesses to organise their talents into distinct groups and nurture each group more effectively.

Growing those talent pools is a significant challenge, though, and you must capitalise on every opportunity to add quality candidate data to them. Migrating legacy data is a great way to stop your talent pools from running dry.

Looking for more information? Check out these six reasons you should develop an alumni talent pool.

4. Prepare for an increasingly data-conscious industry

As the digital world continues to mature, so does our shared understanding of online privacy protection. Most people – including your candidates – now take several steps to protect their digital information.

As one academic study focused on online privacy puts it, “personally managing and protecting online privacy has become an essential part of everyday life.”

The simultaneous emergence of GDPR and other data protection regulations also means that it’s now trickier than ever for recruiters to collect and collate accurate candidate data.

This is why your legacy data is a goldmine.

If you migrate this data effectively, you’ll be able to incorporate valuable and GDPR-compliant data back into your systems. This can give you the edge over your competition and help you to connect with proven talent.

5. Activate your passive data

Data is one of the most precious resources available to your business: you can’t afford to leave it to gather dust. As the renowned data scientist Donato Diorio said: “Without a systematic way to start and keep data clean, bad data will happen.”

By migrating your legacy data today, you’ll be better able to incorporate it into your existing talent pools and using tools like Elevate’s AI sourcing to sort through it intelligently. The more data you have, the more comfortable you’ll find it to fill your open roles with great candidates.

Elevate gives you the power to work smarter and faster by providing immediate visibility to the talent you need. Request your Elevate demo today to learn how our solution can help you to unlock the full value of your legacy data.

Data is the new oil. Vital to power our activities yet costly to acquire. 

This is especially true for the recruitment industry, where the need for multiple sources of verified talent data (CV’s) is the life blood that is required to drive daily activities.

Many businesses are paying high prices needlessly for building these different sources of talent , though, given that they’re already sitting on vast treasure troves of legacy candidate data. The issue is that this data has been challenging to interrogate via boolean search, but that’s no longer the case.

Let’s take a closer look at what we mean by legacy data, why it was so difficult to manage in the past, and why it is critical to migrate your legacy data now.

What Is Legacy Data?

Legacy data is information that is stored in an old or obsolete system. This means that the data is difficult – or even seemingly impossible – to access and incorporate into an existing system.

It’s common for recruiters and hiring managers to have lots of legacy data spread across different systems, such as:

  • Disused Excel spreadsheets
  • Physical CVs and application forms
  • Obsolete in-house tools
  • Candidates CV’s stored on various hard drives and cloud drive applications.

While the data might be locked away and inaccessible, it’s still precious. The truth is businesses might find themselves paying to acquire new potential candidates when they already have that information in an obsolete system.

Thankfully, cutting-edge technology can now act as the key to open those useful treasure chests of candidate data.

Why Was Legacy Data Difficult to Manage?

Recruiters and hiring managers need to focus on what they do best: building relationships with candidates and assessing their suitability for a range of roles. They can’t afford to spend their time collecting, organising, analysing, interpreting and presenting candidate data.

Aside from the time and skill shortage, the diverse nature of those legacy systems made it difficult for businesses to extract and sort that data in a logical and automated way.

Those factors mean that for far too long, businesses have sat on valuable data that they paid for but couldn’t use.

Why Is It Critical to Migrate Legacy Candidate Data Now?

Now’s the time to migrate your legacy data and unlock its full potential. Here are the key reasons that are the case:

1. Move quickly

Manually moving and manipulating data is no fun: it takes a long time, it’s uninspiring work, and there’s always the potential for human error.

Cutting-edge technologies offer businesses powerful functionality that makes it simple to handle legacy data. New AI sourcing technologies – like the Elevate Valut – can automate the process to migrate legacy data quickly and accurately giving you instant access to a useable talent pools.

This empowers businesses to move quickly and bolster their talent pools with high-quality candidate data in no time at all.

2. Reduce wastage

There’s a good chance that you pay top dollar for each candidate that you acquire. This means that your legacy candidate data is just as valuable as the day you first paid for it.

New technologies can help you to re-use that older data, protracting its value and boosting your ROI even many years later. This allows businesses to reduce wastage and squeeze every ounce of value from the data that they collect.

In a time when candidate data is so expensive and challenging to acquire, this can give you the edge over the competition.

3. Access a more significant volume of leads

As we touched on already, data is the new oil. If your recruiters and hiring managers are going to continue chugging along and getting the results that you need, you must provide them with as much fuel as possible.

The talent shortage means that by 2030, there will be a human talent shortage of an estimated 85 million people. If you’re going to conquer the talent shortage challenge, you’ll need as much data as possible.

Mobilising your legacy data is a great way to put yourself ahead and grow the volume of leads that you can access for your positions.

4. Harmonise your data in one place

Data is vital to recruitment success, so you must learn how to manage and manipulate data to fit your needs. Often, this means collating your data and putting it in one location.

By migrating legacy data into your current talent pools, you’ll be better able to manipulate and sort that data. Powerful platforms like Elevate can give recruiters the ability to intelligently match candidates to specific roles based on many data points, too, further assisting recruiters and hiring managers.

Closing Thoughts

We hope that this piece has been useful to you. As you can see, now’s the time to start migrating your legacy data and unlocking its actual value for your business.

Elevate can empower acquisition teams to move faster and recruit talent quicker. Request a demo today to see Elevate in action.