Key Takeaways
- In 2023, 87% of HR leaders reported difficulty in finding skilled talent.
- 76% of job seekers use social media in their job search process.
- The average time to fill a job vacancy is 42 days.
- Voluntary turnover rate averages 18%.
- 52% of employees plan to job hunt in 2024.
- Cost of turnover is $15,000 per employee.
- 43% of women turnover higher than men.
- 61% of companies have DEI initiatives.
- Diverse teams outperform by 35%.
- Average salary increase is 4.5% in 2023.
- 82% of employees satisfied with benefits.
- Total rewards packages influence 74% of decisions.
- 76% of training is online.
- 94% of employees stay longer with L&D.
- L&D budget averages $1,300 per employee.
Skilled talent is scarce, so HR leverages AI and LinkedIn to hire and retain workers.
Compensation and Benefits
- Average salary increase is 4.5% in 2023.
- 82% of employees satisfied with benefits.
- Total rewards packages influence 74% of decisions.
- Health insurance offered by 99% of large firms.
- 401(k) match averages 4.7%.
- Paid time off averages 15 days.
- Bonuses make up 12% of total comp.
- 60% offer mental health benefits.
- Gender pay gap narrows to 82 cents.
- 45% of workers receive raises annually.
- Remote stipends average $50/month.
- Equity comp offered to 70% tech workers.
- Benefits cost 32% of salary.
- 91% value flexible benefits.
- Tuition reimbursement up 25%.
- Overtime pay required for 55% of workers.
- 78% prioritize pay over perks.
- Variable pay 15% of total comp.
- Pet insurance offered by 22%.
- Childcare benefits reduce turnover 38%.
- 67% offer wellness stipends.
- Pay transparency laws affect 40% of states.
- Minimum wage impacts 1.3% of workforce.
- 88% have pay equity audits.
- 55% of Gen Z want financial wellness.
Compensation and Benefits Interpretation
Diversity and Inclusion
- 43% of women turnover higher than men.
- 61% of companies have DEI initiatives.
- Diverse teams outperform by 35%.
- 76% of job seekers value diversity.
- Women hold 29% of executive positions.
- Black workers face 2x unemployment rate.
- 85% of companies track DEI metrics.
- Inclusive cultures boost engagement 30%.
- LGBTQ+ employees report 50% higher burnout.
- 67% of leaders say DEI is priority.
- Ethnic diversity correlates with 36% profitability.
- 42% of underrepresented groups leave due to bias.
- Neurodiversity hiring up 30%.
- 90% of Fortune 500 have DEI officers.
- Gender pay gap is 16%.
- 73% of Gen Z prioritize inclusive employers.
- Bias training reduces incidents 24%.
- 52% of employees experienced discrimination.
- Diverse boards improve returns 25%.
- 80% of consumers prefer diverse brands.
- Veteran hiring targets met by 40% of firms.
- Disability representation is 5% in workforce.
- ERGs boost retention 17% for minorities.
- 96% of employees believe in DEI importance.
Diversity and Inclusion Interpretation
Employee Retention and Turnover
- Voluntary turnover rate averages 18%.
- 52% of employees plan to job hunt in 2024.
- Cost of turnover is $15,000 per employee.
- 69% of employees would stay for better benefits.
- Burnout causes 42% of turnover.
- Retention rate improves 5% with recognition programs.
- 81% of employees are considering quitting.
- Flexible work reduces turnover by 23%.
- Poor management causes 65% of quits.
- Exit interviews reveal pay as top issue for 37%.
- Hybrid work boosts retention by 15%.
- 47% of employees feel underappreciated.
- Turnover costs US economy $1 trillion annually.
- Gen Z turnover rate is 27% higher than average.
- Wellness programs cut turnover by 28%.
- 94% of employees stay longer with career development.
- Regretted loss turnover is 16%.
- Remote workers have 31% lower turnover.
- 70% leave due to lack of advancement.
- Engagement surveys predict 80% of turnover.
- High-retention companies have 90% productivity.
- 59% of HR focuses on retention strategies.
- Mentorship programs reduce turnover 20%.
- Work-life balance cited by 54% of leavers.
- 83% value company culture for staying.
- Involuntary turnover averages 9%.
Employee Retention and Turnover Interpretation
Recruitment and Hiring
- In 2023, 87% of HR leaders reported difficulty in finding skilled talent.
- 76% of job seekers use social media in their job search process.
- The average time to fill a job vacancy is 42 days.
- 94% of recruiters use LinkedIn to find candidates.
- 70% of employers use AI in recruitment processes.
- Applicant tracking systems reduce hiring time by 40%.
- 55% of recruiters reject candidates based on social media profiles.
- Video interviews are used by 63% of companies.
- 92% of Fortune 500 companies use LinkedIn for hiring.
- Cost per hire averages $4,700.
- 45% of new hires fail within 18 months.
- Referral hires are 4x more likely to be hired.
- 78% of recruiters say LinkedIn is the top source for candidates.
- Mobile job applications increased by 63% in 2023.
- 66% of HR pros use skills-based hiring.
- Ghosting by candidates affects 76% of recruiters.
- Diversity hiring goals met by only 23% of companies.
- 82% of employers use background checks.
- ATS adoption rate is 98% among large firms.
- 51% of recruiters prioritize soft skills over experience.
- Job boards source 26% of hires.
- 90% of job seekers research company reviews before applying.
- AI bias in hiring affects 35% of algorithms.
- Remote hiring increased by 200% post-pandemic.
- 68% of millennials expect personalized recruiter outreach.
- Employer branding influences 72% of candidates.
- 40% of hires come from employee referrals.
- Video resumes are viewed 3x longer than traditional ones.
- Gig economy workers fill 36% of freelance roles.
Recruitment and Hiring Interpretation
Training and Development
- 76% of training is online.
- 94% of employees stay longer with L&D.
- L&D budget averages $1,300 per employee.
- 68% use microlearning.
- Upskilling demand up 40%.
- 74% of millennials left jobs without development.
- VR training improves retention 75%.
- 52% of L&D is manager training.
- Soft skills training ROI 11x.
- 40 hours annual training per employee.
- AI in training used by 47%.
- Leadership programs boost promotion 30%.
- 87% say L&D critical for business.
- Gamification increases engagement 60%.
- 70% prefer self-directed learning.
- DEI training mandatory in 55% firms.
- Onboarding training cuts turnover 50%.
- Mobile learning adopted by 80%.
- Skills gap affects 87% of companies.
- Mentoring ROI 5:1.
- 92% complete e-learning vs 25% instructor-led.
- Cross-training improves flexibility 28%.
- 65% invest in digital skills.
- Coaching increases performance 70%.
- 77% of L&D uses LMS.
Training and Development Interpretation
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