Key Highlights
- The global recruitment industry was valued at approximately $439 billion in 2022
- 87% of recruiters believe that soft skills are just as important as technical skills
- The average time to fill a position in 2023 was 42 days
- 45% of companies in North America report difficulty in filling roles due to talent shortages
- 69% of recruiters say hiring volume increased in 2023 compared to the previous year
- 72% of job seekers have applied to more than 10 jobs in the last 6 months
- The use of AI in recruitment increased by 25% in 2023
- 52% of companies plan to increase their recruitment marketing budgets in 2024
- 65% of recruiters are using social media platforms to source candidates
- 31% of all new hires in 2023 came from internal promotions
- 78% of candidates said that a positive interview experience influenced their decision to accept a job
- Temporary employment accounted for 16% of total employment in the US in 2023
- The average recruiter spends 17 hours per week sourcing candidates
The recruitment industry is undergoing a seismic transformation in 2023, driven by technological advancements, shifting candidate expectations, and a fierce fight for top talent amid record-breaking market valuations of over $439 billion worldwide.
Candidate Behavior and Engagement
- 72% of job seekers have applied to more than 10 jobs in the last 6 months
- 78% of candidates said that a positive interview experience influenced their decision to accept a job
- 54% of recruiters reported that candidate ghosting increased in 2023
- 40% of candidates drop out during the hiring process due to a lengthy procedure
- 82% of passive candidates would change jobs for the right offer
- 72% of recruiters believe that employer branding significantly impacts their ability to attract candidates
- 80% of HR professionals believe that improving candidate experience is key to successful recruiting
- 34% of recruiters report that their greatest challenge is engaging passive candidates
Candidate Behavior and Engagement Interpretation
Market Size
- The global gig economy contributed $4.5 trillion to the economy in 2023
Market Size Interpretation
Recruitment Industry Metrics and Market Size
- The global recruitment industry was valued at approximately $439 billion in 2022
- The average time to fill a position in 2023 was 42 days
- 45% of companies in North America report difficulty in filling roles due to talent shortages
- The average recruiter has 29 open reqs at any given time
- 73% of HR professionals believe core recruitment data is underutilized
- The median annual salary for a professional recruiter was $58,000 in 2023
- The average cost per hire in 2023 was $4,700 globally
- The median age of recruiters in 2023 was 42 years old
- The global recruitment process outsourcing (RPO) market was valued at $6.2 billion in 2023
- The most popular industry for recruitment in 2023 was healthcare, accounting for 27% of placements
- The top reason for candidate rejection in 2023 was poor cultural fit, cited by 43% of recruiters
Recruitment Industry Metrics and Market Size Interpretation
Recruitment Outcomes and Performance Indicators
- The average salary increase after a successful hire was 8% in 2023
- 65% of recruiters say their top challenge remains candidate quality
Recruitment Outcomes and Performance Indicators Interpretation
Trends in Hiring Practices and Technology Adoption
- 87% of recruiters believe that soft skills are just as important as technical skills
- 69% of recruiters say hiring volume increased in 2023 compared to the previous year
- The use of AI in recruitment increased by 25% in 2023
- 52% of companies plan to increase their recruitment marketing budgets in 2024
- 65% of recruiters are using social media platforms to source candidates
- 31% of all new hires in 2023 came from internal promotions
- Temporary employment accounted for 16% of total employment in the US in 2023
- The average recruiter spends 17 hours per week sourcing candidates
- 44% of employers stated that the main challenge in hiring tech talent is a lack of qualified candidates
- The use of video interviews increased by 66% in 2023
- 58% of recruitment firms reported increased adoption of remote hiring practices in 2023
- 68% of recruiters use applicant tracking systems (ATS) to manage recruitment pipelines
- 55% of executives consider hiring technology skills as critical for their organization’s success
- Recruitment advertising spend increased by 15% in 2023
- 43% of organizations use chatbots to streamline initial candidate screening
- 23% of employers plan to increase their use of virtual reality/augmented reality for candidate assessment
- 67% of recruitment agencies report an increase in placements in the healthcare sector
- Recruitment firms that implement AI report a 35% reduction in time-to-hire
- 54% of recruiters use data analytics to improve hiring outcomes
- 53% of job seekers feel that the hiring process is impersonal and outdated
- 62% of companies have reported difficulty in hiring senior-level executives in 2023
- 29% of recruiters ranked candidate experience as the most important factor in hiring decisions
- 54% of companies plan to increase their use of flexible work arrangements in 2024
- 25% of hiring managers say they are planning to adopt more automation in recruitment processes in 2024
- 48% of recruitment firms expect to expand their operations internationally in 2024
- 56% of companies are using automation tools to handle repetitive tasks in recruitment
- 65% of candidates prefer a mobile-friendly application process
- 70% of organisations say technology has improved their recruitment efficiency in 2023
- 36% of recruiters reported increasing reliance on employee referral programs in 2023
- 40% of remote job postings received applications from candidates outside their local area
- 63% of HR leaders believe that automation will significantly reduce recruitment costs in 2024
Trends in Hiring Practices and Technology Adoption Interpretation
Workforce Diversity and Inclusion
- 60% of recruiters believe that diversity hiring is a top priority for 2024
Workforce Diversity and Inclusion Interpretation
Sources & References
- Reference 1MCKINSEYResearch Publication(2024)Visit source
- Reference 2PWCResearch Publication(2024)Visit source
- Reference 3MORGANMCKINNEYResearch Publication(2024)Visit source
- Reference 4GLASSDOORResearch Publication(2024)Visit source
- Reference 5TECHRECRUITINGResearch Publication(2024)Visit source
- Reference 6LINKEDINResearch Publication(2024)Visit source
- Reference 7FLEXJOBSResearch Publication(2024)Visit source
- Reference 8HRDIVEResearch Publication(2024)Visit source
- Reference 9SALARYResearch Publication(2024)Visit source
- Reference 10MOBILEAPPDAILYResearch Publication(2024)Visit source
- Reference 11ATSResearch Publication(2024)Visit source
- Reference 12FORBESResearch Publication(2024)Visit source
- Reference 13SELECTHUBResearch Publication(2024)Visit source
- Reference 14HRTECHNEWSResearch Publication(2024)Visit source
- Reference 15STATISTAResearch Publication(2024)Visit source
- Reference 16RECRUITERAGEResearch Publication(2024)Visit source
- Reference 17RECRUITEEResearch Publication(2024)Visit source
- Reference 18EMARKETERResearch Publication(2024)Visit source
- Reference 19RECRUITMENTPLATFORMResearch Publication(2024)Visit source
- Reference 20RECRUITMENTTECHResearch Publication(2024)Visit source
- Reference 21NACSWResearch Publication(2024)Visit source
- Reference 22RECRUITMENTPAResearch Publication(2024)Visit source
- Reference 23GLOBALRECRUITMENTResearch Publication(2024)Visit source
- Reference 24PERSONNELTODAYResearch Publication(2024)Visit source
- Reference 25REMOTEResearch Publication(2024)Visit source
- Reference 26GRANDVIEWRESEARCHResearch Publication(2024)Visit source
- Reference 27JOBVITEResearch Publication(2024)Visit source
- Reference 28SHRMResearch Publication(2024)Visit source
- Reference 29HROATIONResearch Publication(2024)Visit source
- Reference 30WIREDResearch Publication(2024)Visit source
- Reference 31BRANDINGMAGResearch Publication(2024)Visit source
- Reference 32HRMORNINGResearch Publication(2024)Visit source
- Reference 33RECRUITERResearch Publication(2024)Visit source
- Reference 34IHRIMResearch Publication(2024)Visit source
- Reference 35EXECUTIVE-SEARCHResearch Publication(2024)Visit source
- Reference 36RECRUITMENTBUZZResearch Publication(2024)Visit source
- Reference 37HEALTHCAREFINANCENEWSResearch Publication(2024)Visit source
- Reference 38BLSResearch Publication(2024)Visit source
- Reference 39SHPRResearch Publication(2024)Visit source
- Reference 40HEALTHCAREBUSINESSNEWSResearch Publication(2024)Visit source
- Reference 41HRTECHWORLDResearch Publication(2024)Visit source
- Reference 42INDEEDResearch Publication(2024)Visit source
- Reference 43HREXECUTIVEResearch Publication(2024)Visit source
- Reference 44FASTCOMPANYResearch Publication(2024)Visit source