The latest report by PM Insight and Glassdoor, which includes research from industry leaders such as Deloitte and SHRM, reveals some interesting facts and figures about HR and Recruiting in 2017/18. We share some of the highlights below and you can download the full report if you want to.
Candidates are no longer hiding behind a recruitment agency
The days of hiding behind a recruitment agency should be long gone it appears. Research shows that 83% of candidates will research the company when deciding where to apply for a job. Hiring decision makers overwhelmingly report that it is easier to attract the top talent when potential applicants know of, and can find out more about the company they might work for. What do you do to attract the very best people to apply for work with you?
Overall, the average annual staff turnover rate is 19% and the average cost to replace a leaver is 33% of their annual salary. Not insignificant costs for any business, and that doesn’t take into account the loss of knowledge, networks and the disruption to a team. What do you do to engage and retain the people that add value in your business?
Something we’ve known for a long time is borne out in the statistics – diversity and inclusion are good for business. Whilst a significant number of companies have no women at senior management level, those that do are more profitable and companies that are more inclusive overall, generate 1.4 times more revenue than their competitors.
Finally, perhaps the least surprising statistic of all – people NEED to take a holiday from work! Two thirds of people feel greater job satisfaction and more productive after a holiday, but over half of the UK workforce only take on average 77% of their holiday entitlement and over 40% work whilst on annual leave. We firmly believe this is bad business practice and that employers needs to address this as a priority.
Once again, if you want to read the full report you can download it here.