While HR leaders are drowning in a talent shortage, the secret to keeping employees might already be on your payroll, waiting to be developed.
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
1Average salary increase is 4.5% in 2023.
Verified282% of employees satisfied with benefits.
Verified3Total rewards packages influence 74% of decisions.
Verified4Health insurance offered by 99% of large firms.
Directional5401(k) match averages 4.7%.
Single source6Paid time off averages 15 days.
Verified7Bonuses make up 12% of total comp.
Verified860% offer mental health benefits.
Verified9Gender pay gap narrows to 82 cents.
Directional1045% of workers receive raises annually.
Single source11Remote stipends average $50/month.
Verified12Equity comp offered to 70% tech workers.
Verified13Benefits cost 32% of salary.
Verified1491% value flexible benefits.
Directional15Tuition reimbursement up 25%.
Single source16Overtime pay required for 55% of workers.
Verified1778% prioritize pay over perks.
Verified18Variable pay 15% of total comp.
Verified19Pet insurance offered by 22%.
Directional20Childcare benefits reduce turnover 38%.
Single source2167% offer wellness stipends.
Verified22Pay transparency laws affect 40% of states.
Verified23Minimum wage impacts 1.3% of workforce.
Verified2488% have pay equity audits.
Directional2555% of Gen Z want financial wellness.
Single sourceCompensation and Benefits Interpretation
While employees are increasingly drawn to a cornucopia of perks, the raw, pragmatic truth remains that most will still choose a fatter paycheck over free dog insurance, even if they'd really like both.
Diversity and Inclusion
143% of women turnover higher than men.
Verified261% of companies have DEI initiatives.
Verified3Diverse teams outperform by 35%.
Verified476% of job seekers value diversity.
Directional5Women hold 29% of executive positions.
Single source6Black workers face 2x unemployment rate.
Verified785% of companies track DEI metrics.
Verified8Inclusive cultures boost engagement 30%.
Verified9LGBTQ+ employees report 50% higher burnout.
Directional1067% of leaders say DEI is priority.
Single source11Ethnic diversity correlates with 36% profitability.
Verified1242% of underrepresented groups leave due to bias.
Verified13Neurodiversity hiring up 30%.
Verified1490% of Fortune 500 have DEI officers.
Directional15Gender pay gap is 16%.
Single source1673% of Gen Z prioritize inclusive employers.
Verified17Bias training reduces incidents 24%.
Verified1852% of employees experienced discrimination.
Verified19Diverse boards improve returns 25%.
Directional2080% of consumers prefer diverse brands.
Single source21Veteran hiring targets met by 40% of firms.
Verified22Disability representation is 5% in workforce.
Verified23ERGs boost retention 17% for minorities.
Verified2496% of employees believe in DEI importance.
DirectionalDiversity and Inclusion Interpretation
The corporate world seems to be learning, the hard way, that while 67% of leaders say diversity is a priority, the stark reality of a 16% pay gap, 50% higher burnout for LGBTQ+ employees, and 42% of underrepresented groups leaving due to bias reveals that good intentions are still losing to systemic inertia, even though everyone from the boardroom to the consumer agrees that inclusion is both a moral imperative and a proven financial asset.
Employee Retention and Turnover
1Voluntary turnover rate averages 18%.
Verified252% of employees plan to job hunt in 2024.
Verified3Cost of turnover is $15,000 per employee.
Verified469% of employees would stay for better benefits.
Directional5Burnout causes 42% of turnover.
Single source6Retention rate improves 5% with recognition programs.
Verified781% of employees are considering quitting.
Verified8Flexible work reduces turnover by 23%.
Verified9Poor management causes 65% of quits.
Directional10Exit interviews reveal pay as top issue for 37%.
Single source11Hybrid work boosts retention by 15%.
Verified1247% of employees feel underappreciated.
Verified13Turnover costs US economy $1 trillion annually.
Verified14Gen Z turnover rate is 27% higher than average.
Directional15Wellness programs cut turnover by 28%.
Single source1694% of employees stay longer with career development.
Verified17Regretted loss turnover is 16%.
Verified18Remote workers have 31% lower turnover.
Verified1970% leave due to lack of advancement.
Directional20Engagement surveys predict 80% of turnover.
Single source21High-retention companies have 90% productivity.
Verified2259% of HR focuses on retention strategies.
Verified23Mentorship programs reduce turnover 20%.
Verified24Work-life balance cited by 54% of leavers.
Directional2583% value company culture for staying.
Single source26Involuntary turnover averages 9%.
VerifiedEmployee Retention and Turnover Interpretation
It seems companies are hemorrhaging a trillion dollars a year because they'd rather replace people than implement the better management, flexibility, and recognition that would make them stay.
Recruitment and Hiring
1In 2023, 87% of HR leaders reported difficulty in finding skilled talent.
Verified276% of job seekers use social media in their job search process.
Verified3The average time to fill a job vacancy is 42 days.
Verified494% of recruiters use LinkedIn to find candidates.
Directional570% of employers use AI in recruitment processes.
Single source6Applicant tracking systems reduce hiring time by 40%.
Verified755% of recruiters reject candidates based on social media profiles.
Verified8Video interviews are used by 63% of companies.
Verified992% of Fortune 500 companies use LinkedIn for hiring.
Directional10Cost per hire averages $4,700.
Single source1145% of new hires fail within 18 months.
Verified12Referral hires are 4x more likely to be hired.
Verified1378% of recruiters say LinkedIn is the top source for candidates.
Verified14Mobile job applications increased by 63% in 2023.
Directional1566% of HR pros use skills-based hiring.
Single source16Ghosting by candidates affects 76% of recruiters.
Verified17Diversity hiring goals met by only 23% of companies.
Verified1882% of employers use background checks.
Verified19ATS adoption rate is 98% among large firms.
Directional2051% of recruiters prioritize soft skills over experience.
Single source21Job boards source 26% of hires.
Verified2290% of job seekers research company reviews before applying.
Verified23AI bias in hiring affects 35% of algorithms.
Verified24Remote hiring increased by 200% post-pandemic.
Directional2568% of millennials expect personalized recruiter outreach.
Single source26Employer branding influences 72% of candidates.
Verified2740% of hires come from employee referrals.
Verified28Video resumes are viewed 3x longer than traditional ones.
Verified29Gig economy workers fill 36% of freelance roles.
DirectionalRecruitment and Hiring Interpretation
While recruiters, armed with AI and fixated on LinkedIn, hunt a mythical "skilled talent" for an average of 42 days, candidates, who are researching them right back, often get ghosted or judged on social media, resulting in nearly half of new hires failing within 18 months despite the whole expensive, high-tech circus costing nearly five grand a pop.
Training and Development
176% of training is online.
Verified294% of employees stay longer with L&D.
Verified3L&D budget averages $1,300 per employee.
Verified468% use microlearning.
Directional5Upskilling demand up 40%.
Single source674% of millennials left jobs without development.
Verified7VR training improves retention 75%.
Verified852% of L&D is manager training.
Verified9Soft skills training ROI 11x.
Directional1040 hours annual training per employee.
Single source11AI in training used by 47%.
Verified12Leadership programs boost promotion 30%.
Verified1387% say L&D critical for business.
Verified14Gamification increases engagement 60%.
Directional1570% prefer self-directed learning.
Single source16DEI training mandatory in 55% firms.
Verified17Onboarding training cuts turnover 50%.
Verified18Mobile learning adopted by 80%.
Verified19Skills gap affects 87% of companies.
Directional20Mentoring ROI 5:1.
Single source2192% complete e-learning vs 25% instructor-led.
Verified22Cross-training improves flexibility 28%.
Verified2365% invest in digital skills.
Verified24Coaching increases performance 70%.
Directional2577% of L&D uses LMS.
Single sourceTraining and Development Interpretation
Companies pour $1,300 per head into a digital training buffet where 76% of learning is online and 68% is bite-sized, because the stark truth is 74% of millennials will walk out the door without it, but when done right—think VR for a 75% retention boost or soft skills for an 11x return—94% of employees will happily stay and grow.
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