E-COMMERCE

The Great Retirement Continues: More Than 57% of Applicants Are Working

In accordance with US Bureau of Labor Statistics, there were about 10.7 million job openings in the U.S. this June, which seems like a good time to be looking for work. However, with statistics from the same body showing that unemployment is falling to pre-pandemic levels, companies are facing a talent shortage as they struggle to recruit and retain quality talent. In fact, statistics show that millions of people quit their jobs in the first half of the year.

At the same time, inflation is at its highest level in decades, and concerns about an impending recession are troubling both companies and job seekers. With all these factors in mind, recruiters and job seekers need answers to questions like the severe talent shortage, how employers and candidates can best find each other, and what trends will affect hiring in the coming year.

iHire recently conducted a study to answer some questions.

More details: 61% of senior executives spend one-third of their day dealing with employee churn

Most employers are still hiring

The study found that about 89.9% of employers are still hiring. This is not surprising, given that there are still millions of job vacancies Bureau of Labor Statistics. Additionally, 70.6% of companies increased their hiring over the past 12 months.

So, as employers continue to hire, how often are online job boards or online recruiting platforms used? According to the study, the year-over-year (y/y) data showed that employers rely heavily on these platforms. Some 48.7% said they used these platforms for most of their hiring, while 22.4% used them for all of their hiring. What’s more, 60.2% of all respondents said they’ve relied more on job boards in the past year.

In addition to online job boards/recruitment platforms, most employers use other recruitment resources such as referrals from their employees (75.5%), social media (60.5%) and company websites (55.1%).

Other recruiting resources employers rely on

Source: Status of Online Recruitment 2022

The persistent talent shortage is a major challenge

Employers face several challenges when hiring online. Among them, the main concerns related to the current talent shortage. Some 68% said they received too few applicants, and 64.5% said most of the applicants they received did not meet the requirements. Another research by Russell Reynolds also revealed that the lack of skilled talent is a major challenge for employers. What’s more, 52.1% said applicants were ghosted, which is very important. problem.

The main challenges faced by recruiters

The main challenges faced by recruiters

Source: Status of Online Recruitment 2022

Employers include salary and benefits in job postings

One of the elements candidates look for in a job posting is salary and benefits. According to A Monster’s study, 52% of graduates wanted to see a salary component in job postings. And candidates have long been asking for this element to be included. So are employers finally paying attention?

According to the study, when it comes to including certain aspects in job postings, 57.4% of companies said they always include a salary range in their postings. In addition to salary, 70.2% of respondents said they included benefits, and 57.2% said they included recruiter/hiring manager contact information. About 43% also said they included information about company culture, and 29.7% said they included information about DE&I or EOE (equal employment opportunity).

Employers expect a talent shortage for the foreseeable future

Looking ahead to next year, employers expect the following trends to impact hiring efforts:

  • About 82% expect a shortage of talent. They also believe that the lack of qualified candidates will continue to test them.
  • About 43% expect difficulties in retaining employees.
  • About 39.9% are worried about economic uncertainty.

Employed people are looking for work the most

When it comes to job seekers, who are job seekers? Is it unemployed or someone who wants to change? The study showed that 57.3% of applicants were employed. And this is up from 48.5% in 2021, which may indicate that the Great Recession is underway. About 29.1% of job seekers were unemployed. Interestingly, 7.5% were retired and looking for work, up 2.9% year-on-year, indicating that more people are coming out of retirement.

There are several reasons why people look for a job. The main reason was general unhappiness in their current role (23.2%). About 20.3% wanted remote work, and 19.3% were dissatisfied with their salary.

Reasons why job seekers are looking for a job

Reasons why job seekers are looking for a job

Source: Status of Online Recruitment 2022

People rely on job boards to apply for jobs

Regardless of why people are looking for work, around 66.3% said they would first contact a sectoral or general job board if they needed to find work immediately. However, they rely on more than just job boards. About 61.1% also relied on a potential employer’s website, and 47.2% relied on networking. Some 45.8% also relied on social media, while 36.4% relied on staffing firms and recruiters. People also relied on other sources such as job fairs, alumni networks and classifieds.

Finding a job in a desired location is a major challenge for job seekers

While employers and recruiters face certain challenges, job seekers face other challenges when applying for jobs. The main problems were finding a job in a desired location (45%), being ghosted by employers (44.8%) and finding a job that suits their needs (43.4%). Finding a job they’re qualified for (31.8%) and finding telecommuting (22.9%) were a few more challenges.

The main problems faced by applicants

The main problems faced by applicants

Source: Status of Online Recruitment 2022

Candidates want to see salaries in job postings

Several elements make candidates more likely to apply for job postings. About 68% of respondents wanted to see a salary range for the position advertised as the cost of living continues to rise. In addition to salary range, candidates also want employers to let them know when they plan to contact them to schedule an interview (47.9%) and to reduce the time it takes to complete an application (40.9%). About 26% of candidates wanted cover letters to be optional.

Most job seekers worry about economic uncertainty

Below are the top trends that job seekers believe will impact their job search:

  • About 43.5% worry about economic uncertainty, and 33.9% employers.
  • About 40.9% are concerned that employers will not be ghosted.
  • About 38.5% believe that employers’ requirements are too specific or unrealistic.
  • About 18.8% worry that employers require office work, and they expect remote work.

More details: Data-driven HR: The key to retaining talent and improving the employee experience

Key conclusions

Below are the main findings from the study and some possible solutions:

  • Companies face a chronic shortage of personnel: As this and several other studies show, finding qualified candidates has been a top priority for employers. In addition, there are too few applicants for certain positions. Given that a significant number of applicants believe that recruiters are rigid in their expectations, a possible solution is to hire candidates with fewer skills and train them on the job.
  • The Great Resignation continues: As this study suggests and other studies predict, the big exit may be here to stay for a while. The solution is this take various measures improve employee engagement and experience, leading to better retention.
  • Economic uncertainty rears its head: With rising inflation and a possible recession, both employees and employers are citing economic uncertainty as a challenge in the hiring process. This may be one reason why more and more candidates want to see a salary range in a job posting. Employers can continue to mention the salary range while mentioning additional benefits in their postings. In addition, employers should also be transparent with candidates in addressing their concerns related to economic uncertainty.
  • Job boards are here to stay: Since both employers and workers rely on job boards, they aren’t going away anytime soon. However, people also rely on other sources to apply for jobs. Employers should consider posting their messaging, pay and benefits, and work culture information on these channels to attract candidates.

By taking the steps mentioned above, employers and candidates can navigate an uncertain job market with relative ease.

What trends do you think will impact hiring in the coming year? Let us know further Facebook, Twitterand LinkedIn.

MORE ABOUT THE FUTURE OF WORK

53% of CHROs believe that the labor market will favor employers in the coming year

How to use data and performance management tools in uncertain times

Expect the unexpected with an adaptive workforce

The future of work requires more transparent governance

4 key trends that will drive HR strategies in 2022



https://www.spiceworks.com/hr/future-work/articles/the-great-resignation-continues-job-applicants-are-employed/ The Great Retirement Continues: More Than 57% of Applicants Are Working

Back to top button