Summary
- • 82% of companies plan to allow employees to work remotely some of the time
- • 48% of employees will likely work remotely at least part of the time after COVID-19
- • 16% of companies are fully remote
- • 77% of remote workers say they're more productive when working from home
- • 85% of businesses say that productivity has increased in their company because of greater flexibility
- • The average cost-per-hire is $4,129
- • It takes an average of 42 days to fill a position
- • 75% of hiring managers use applicant tracking systems
- • 52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool
- • 63% of recruiters say talent shortage is their biggest problem
- • Employee turnover costs organizations 33% of an employee's annual salary
- • 87% of HR leaders consider employee retention a critical priority
- • 79% of employees who quit their jobs cite 'lack of appreciation' as their reason for leaving
- • 35% of employees will start looking for a job if they don't receive a pay raise in the next 12 months
- • Companies with a strong learning culture enjoy employee engagement and retention rates around 30-50% higher than those that don't
Welcome to the Wild World of HR: Statistics Edition! With 82% of companies embracing remote work and 77% of remote workers claiming to be more productive in their pajamas, the HR industry is experiencing a seismic shift. From the average cost-per-hire to the struggle of identifying the needle in the applicant haystack, navigating the HR landscape is like a complex game of chess. So, grab your coffee mug and prepare to dive into a world where employee turnover costs an arm and a leg, engagement is the Holy Grail, and structured onboarding is the key to success. Lets unravel the quirks, quirks, and quagmires of HR statistics that will make your head spin faster than a revolving office chair!
Employee Engagement
- Companies with engaged employees outperform those without by 202%
- Highly engaged business units result in 21% greater profitability
- Disengaged employees cost organizations between $450 and $550 billion annually
- 85% of employees are not engaged or actively disengaged at work
- Employee recognition programs can increase engagement by 60%
- Employees who feel their voice is heard are 4.6 times more likely to feel empowered to perform their best work
Interpretation
The numbers don't lie; engaged employees are a force to be reckoned with in the business world, outperforming their disengaged counterparts by leaps and bounds. From the staggering 202% performance boost to the hefty $450 to $550 billion disengagement tax on organizations, it's clear that investing in employee engagement yields a formidable return on investment. With only 15% of employees feeling truly valued at work, the power of recognition and empowerment cannot be overstated. So, let's ensure our workplaces are not just where employees work, but where they thrive, innovate, and drive profits sky-high.
Employee Onboarding
- Only 12% of employees strongly agree their organization does a great job of onboarding new employees
- Organizations with a strong onboarding process improve new hire retention by 82%
- 69% of employees are more likely to stay with a company for three years if they experienced great onboarding
- New employees who went through a structured onboarding program were 58% more likely to be with the organization after three years
- 54% of companies with onboarding programs reported higher employee engagement
Interpretation
In the world of human resources, the onboarding process emerges as a pivotal player in the game of talent retention. Like a well-rehearsed orchestra, a meticulously crafted onboarding experience can strike harmonious chords with new employees, ensuring they don't hit sour notes in their early days. From boosting retention rates to cultivating long-term loyalty, it's not just a warm welcome, but a strategic undertaking that sets the stage for a symphony of success. So, for organizations hesitant to fine-tune their onboarding process, remember - a little effort upfront can lead to a standing ovation down the line.
Employee Retention
- Employee turnover costs organizations 33% of an employee's annual salary
- 87% of HR leaders consider employee retention a critical priority
- 79% of employees who quit their jobs cite 'lack of appreciation' as their reason for leaving
- 35% of employees will start looking for a job if they don't receive a pay raise in the next 12 months
- Companies with a strong learning culture enjoy employee engagement and retention rates around 30-50% higher than those that don't
- 85% of HR decision-makers say that letting employees go is the most difficult part of their job
- 31% of employees have quit a job within the first six months
- 94% of employees would stay at a company longer if it invested in their learning and development
Interpretation
In the high-stakes world of Human Resources, the numbers don't lie: from the costly turnover that can make a company bleed money to the alarming percentages of employees feeling unappreciated or seeking greener pastures at the slightest pay stagnation, it's clear that fostering a culture of learning and development could be the golden ticket to happier, more engaged teams. But amidst the hard data and tough decisions, one thing remains certain - keeping employees happy and fulfilled is not just about the bottom line, but about recognizing their value and potential for growth, because in the end, investing in people means investing in the future of the organization.
Learning and Development
- Companies spend an average of $1,252 per employee on training and development
- The global corporate e-learning market is expected to reach $50 billion by 2026
- 72% of organizations believe that e-learning helps them increase their competitive edge by keeping up with changes in their industry
- 40% of employees who receive poor job training leave their positions within the first year
- 74% of employees feel they aren't reaching their full potential at work due to lack of development opportunities
- 75% of 2022 job openings will require advanced digital skills
- 68% of employees say training and development is the most important workplace policy
- 76% of employees are looking for career growth opportunities
- 87% of millennials say professional development or career growth opportunities are very important to them in a job
- 35% of millennials say that excellent training and development programs make an employer more attractive
- 70% of employees would be somewhat likely to leave their current job to work for an organization known for investing in employee development and learning
- Companies that offer comprehensive training programs have 218% higher income per employee than companies without formalized training
- 40% of employees who receive poor job training leave their positions within the first year
Interpretation
In the ever-evolving landscape of the Human Resources Industry, the statistics paint a clear picture: investing in employee training and development is not just a smart move, it's an imperative one. With companies shelling out over $1,000 per employee and the global e-learning market exploding to a projected $50 billion, it's evident that organizations are recognizing the value of continuous learning. The repercussions of neglecting training are equally stark, with a staggering 40% of poorly trained employees fleeing ship within the first year. As employees yearn for growth opportunities and advanced digital skills become essential for the future workforce, the message is loud and clear: in the battle for talent retention and competitive edge, the ace up your sleeve is a robust training and development program.
Performance Management
- 43% of highly engaged employees receive feedback at least once a week
- Only 14% of organizations are happy with their performance management system
- 80% of Gen Y employees prefer on-the-spot recognition over formal reviews
- Companies that implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback
- 91% of companies that have adopted continuous performance management say that they now have better data for people decisions
- 89% of HR leaders agree that ongoing peer feedback and check-ins are key for successful outcomes
- Only 8% of companies believe their performance management process is highly effective in driving business value
- Companies that implement regular employee feedback have turnover rates that are 14.9% lower than for employees who receive no feedback
Interpretation
In a world where employee engagement is as elusive as the perfect cup of coffee, these statistics serve as a wake-up call for organizations still clinging to outdated performance management practices. Apparently, giving feedback to your employees is not just a once-in-a-blue-moon kind of deal; it's the bread and butter of keeping your workforce happy and productive. Gen Y employees, notorious for their impatience and hunger for validation, are leading the charge for on-the-spot recognition over dusty formal reviews. If you're an HR leader still relying on an archaic performance management system, it might be time to hit the refresh button because, let's face it, change is the only constant in the fast-paced world of human resources.
Recruitment
- The average cost-per-hire is $4,129
- It takes an average of 42 days to fill a position
- 75% of hiring managers use applicant tracking systems
- 52% of talent acquisition leaders say the hardest part of recruitment is identifying the right candidates from a large applicant pool
- 63% of recruiters say talent shortage is their biggest problem
- The average cost of a bad hiring decision can equal 30% of the individual's first-year potential earnings
- 63% of recruiters say talent shortage is their biggest problem
- 86% of recruiters and 62% of employers feel the current labor market is candidate-driven
- Nearly 60% of candidates have had a poor candidate experience, and 72% of them have shared their experience on online employer review sites
- 78% of job seekers say the overall candidate experience they get is an indicator of how a company values its people
- Companies with a strong employer brand see a 43% decrease in cost per hire
Interpretation
In the tumultuous world of Human Resources, where the cost-per-hire dances like a capricious diva and the elusive right candidate is as rare as a unicorn, one thing remains clear: the recruiting battlefield is no place for the faint-hearted. From the battlefield cries of hiring managers grappling with applicant tracking software to the endless quest for talent in a drought-stricken market, the struggle is real. The true heroes emerge not from the depths of deep pockets, but from the strategic minds who can navigate the treacherous waters of recruitment with finesse. As the winds of change blow through the labor market, one thing is certain – a sterling candidate experience is the golden ticket to a fruitful employer-employee relationship. So, as the cost-per-hire pendulum swings and the battle for talent rages on, remember – fortune favors the bold in the quest for the perfect match.
Remote Work
- 82% of companies plan to allow employees to work remotely some of the time
- 48% of employees will likely work remotely at least part of the time after COVID-19
- 16% of companies are fully remote
- 77% of remote workers say they're more productive when working from home
- 85% of businesses say that productivity has increased in their company because of greater flexibility
- Remote workers are 35-40% more productive than their in-office counterparts
- 25% of all professional jobs in North America will be remote by the end of 2022
- 74% of workers say that having the option to work remotely would make them less likely to leave a company
- Remote workers save an average of 40 minutes daily from commuting
- 20% of remote workers say that loneliness is their biggest challenge
- Companies that allow remote work have 25% lower employee turnover than those that don't
- 85% of managers believe that having teams with remote workers will become the new norm
Interpretation
As the age-old debate between in-office and remote work rages on, the statistics speak for themselves: with 82% of companies embracing remote work, it's clear that flexibility is the new currency of productivity. In a world where remote workers are outshining their in-office counterparts by 35-40%, it's no surprise that 77% of them report heightened productivity and 85% of businesses are reaping the benefits. With the promise of saving 40 minutes a day from the dreaded commute, it's no wonder that 74% of workers are willing to stick around. However, the challenges of loneliness for some remote workers cannot be ignored, showing that the human element in the workplace still matters. In the end, as 85% of managers predict, remote work is not just a trend; it's the future norm that companies cannot afford to ignore if they want to thrive in this ever-evolving landscape.