As a talent acquisition leader, sometimes it’s really hard to know how your team is really doing. You might know what percentage of your hires are sourced, for instance, but… is that number good? Is it mediocre? How do you compare to your talent competitors?
Today, we publish our first ever recruiting benchmarks report to help companies assess their performance and inform their strategy in 2017 and beyond.
With data from 1,000 companies across 12 months and 4 million candidate considerations, you’ll find answers to questions like how many candidates it takes to reach a hire, the most efficient sources of hire, and how time to hire varies by role.
Among major observations, we see that referrals are as – if not more – powerful than their reputation suggests and candidate sourcing has become mainstream.
Here’s a small taste of the insights you’ll find in our new report:
It’s time to invest in your referral and sourcing programs
It’s well-known that employee referrals are a good source of hire, but at almost six times more efficient than the average and nearly 10 times as efficient as candidates who apply, the case for referrals has never been stronger.
Candidate sourcing, too, appears as a strong source of hire for companies of all sizes. While sourcing is relatively new to the recruiting world, our data suggests that companies across the board realize its value and have quickly made it a pillar of their recruiting strategy.
Get creative to source engineers
Sourcing appears particularly effective for recruiting software engineers. Many companies struggle to recruit engineering talent, and our data shows that engineering roles are the least likely to be filled by active applicants. Therefore companies are having to go outside of traditional means to recruit engineers.
Don’t forget about the power of your existing database
Almost half of all candidates are archived (marked as closed) in Lever as “underqualified,” but there are myriad other reasons candidates don’t make it to “hired.” In many instances, the timing is off, or they’re talented, but not a great fit for any open roles. Or you’ve filled the role you’re hiring for, but it will open up again in the future. Don’t forget that the first place to start a candidate search is often in your existing database. When organized well, your applicant tracking system is a goldmine of candidates who come pre-vetted and already familiar with your company (Just make sure you’ve picked an ATS that is actually searchable – believe it or not, some are not.).
Access the full report here to see where you’re beating the average and where you’re trailing behind. Get insights into how to allocate resources and stay nimble as you grow.