Did you know that blood-thirsty vampires, ghosts that haunt, and skeletons in closets are not recruiters’ worst nightmares?
Halloween is just around the corner and we’ve rounded up 5 scary recruitment statistics that will send chills down any recruiter’s spine, make them shake with worry, and remind them that the world of HR is full of terrors.
Grab your lucky charm to keep you safe and let’s explore what keeps recruiters up all night:
Scary Recruitment Statistic #1: Millenials and Gen Z Will Rule the Workforce by 2020
Experts predict that by 2025, Millennials and Gen Z will make up 50% of the entire workforce population. These two generations have a powerful influence on how companies work, tech innovations, and how we communicate.
Why do Millenials and Gen Z scare recruiters?
Statistics show that 66% of Millennials expect to leave their organization by 2020. They aren’t afraid to change jobs if the company doesn’t meet their ideas and preferences. Surveys show that millennials value various other things besides money, including:
- positive company culture
- work/life balance
- opportunities for growth
- corporate social responsibility
- creative work benefits
- autonomy and independence
- respectful treatment
Hiring Gen Zen employees will also require more of a marketing effort by companies. According to Ryan Marshall, regional manager of human resources at Convergint Technologies, “the key to hiring Generation Z is less about benefits packages and more about the day-to-day work experience.” They will be more difficult to train as they lack social interaction and prefer informal, digital communications.
If companies want to attract and retain millennials and Gen Z employees, they need to get creative with the benefits they offer and create a sense of purpose at the workplace.
Scary Recruitment Statistic #2: The Gender Pay Gap Still Persists
According to a study by Hired, men receive higher salaries than their female counterparts for the same job at the same company 63% of the time. What’s more, women receive 4% less than men on average for the same role at the same company. The gap is present even in Iceland, the country voted as the world’s most gender-neutral.
The World Economic Forum estimates that it will take nearly 217 years to end the wage gap with this rate of progress. The progress in closing the wage gap has been slow since the 1990s and nobody is taking major steps to finally put an end to it.
What’s more, the wage gap is even wider for women of color. While women on average receive 80 cents for every dollar men receive, women of color get 65 cents for every dollar white men receive.
Bridging the wage gap is a joint effort. It’ll only be possible through a collaboration between governments, companies, and recruitment agencies around the world.
Scary Recruitment Statistic #3: The Average Person Changes Jobs 10 to 15 Times
The days when people worked for one company for their whole career are gone. Workers today move from job to job throughout their career, searching for greater fulfillment and compensation.
The average worker will change jobs 10 to 15 times throughout their career. The Bureau of Labor Statistics reports that the average employee tenure in 2016 was 4.2 years, down from 4.6 years in 2014.
Roughly 87% of workers aged 25 to 29 had an average length of employment of fewer than five years as compared to 83 percent of workers aged 30 to 34.
There are many reasons that workers change their jobs, including:
- Higher salary
- Better benefits package
- More opportunities for growth
- Choosing a less stressful job
- Escaping from a negative boss
- Better work/life balance
- Changing career path
- Lack of recognition
In order to retain their employees, companies will have to provide a platform for employees to speak their minds freely, allow employees to use their talents and skills, provide equitable treatment, and offer appropriate salaries.
Scary Recruitment Statistic #4: Only 32% of American Employees are Engaged
A Glassdoor study shows that only 32% of American employees are engaged. Nearly 29% of Millennials and 35% of women employees said that they are engaged in their workplace. Only 4% of the company and HR leaders believe they are good at engaging employees in the work environment.
There are many factors that contribute to the low percentage of employee engagement, including a lack of sense of purpose, bad management or supervision, low salaries, a bad benefits package, lack of opportunities for growth, and lack of contribution to the organization.
Employee engagement should be a priority for any company. The benefits are multiple and include reduced staff turnover, improved productivity and efficiency, higher customer retention, and bigger profits.
Scary Recruitment Statistic #5: 72% of Millennials are Unhappy with the Development of Their Leadership Skills
According to a study by Deloitte, 63% of Millennials think that their leadership skills are not being developed. What’s more, only 7% of HR experts say that their companies have accelerated leadership programs.
Many employees say that salaries aren’t nearly as important as the feeling that they’re learning something new and contributing in meaningful ways. Managers must think beyond the old standbys of promotion and training courses. This can include mentorship, stretch assignments, rewarding good performance, and personal growth above all.
The worst things you can do with ambitious employees is to ignore their successes, make them feel ignored and unappreciated, and fail to establish an environment of continuous improvement. Investing in development opportunities and creating an atmosphere of growth will set your company apart and give you a competitive advantage.
Invest-or-Stall!
Those companies that will invest in their employees’ professional and personal well-being will be the companies of the future. They will be the most desirable and reputable companies where employees will thrive and flourish. Those companies that will stall the growth of their employees will be left behind.
Did these scary recruitment statistics give you the chills? Do you have anything as frightening to share with us? Drop your comment below!
