5 Shocking Statistics that Will Make You Rethink How You Hire

HR Insights for Professionals

HR Insights for ProfessionalsThe latest thought leadership for HR pros

Monday, July 1, 2019

Professional networks can provide a welcome boost to talent for any business. Here's why companies should be making the most of this valuable resource.

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Understanding the changing landscape of recruitment is essential for every business hoping to secure the best talent. That said, trends are evolving all the time and therefore businesses aiming to stay one step ahead of their competitors need to be proactive in their use of the latest resources for top talent.

In recent years, LinkedIn has become a major resource in many company's recruitment strategies and this is unsurprising given the breadth of talented individuals that make use of this professional-focused social network. Approximately 20,000 US businesses now use LinkedIn to recruit talent, while more than 100 million job applications are submitted every month across the platform.

As a result, this is a growing resource for companies to tap into. Here we examine some of the most salient statistics around employee networks that might impact the way you hire in the future:

1. 70% of global talent is passive

In many industries, the best talent will not always be currently active in looking for new roles. These are individuals who typically add value to their existing employer and will therefore be harder to target, as they may not feel the need to move. That said, professional networks enable businesses to showcase their own opportunities and to engage with this latent talent.

2. Companies can expand their talent pool tenfold by recruiting through employee networks

With the massive rise in popularity of professional networks, companies which fail to embrace this new resource for recruitment could find themselves being left behind in the race for top talent. Indeed, the number of users on LinkedIn alone that have set their profile to be open to new opportunities currently stands at more than 3.4 million.

3. Career opportunity is the number one reason for candidates changing roles

According to LinkedIn's own data, the primary reason for many people to change jobs is it would open new opportunities for them in their career. Showcasing your business as a place where staff are able to develop and grow can therefore be a powerful attractor for many candidates.

4. 87% of candidates (active and passive) are open to new job opportunities

The vast majority of talented individuals are always on the lookout for new opportunities to expand their knowledge. It's therefore unsurprising that LinkedIn showed how almost nine out of ten people currently in employment would consider changing roles if it gave them a step up in their career.

5. Referrals are the number one way people discover new jobs

The power of professional networks to bring talented individuals together is growing all the time. As previously mentioned, LinkedIn and other social networks are a hotbed of top talent and the contacts your existing employees may have through social media can be an incredible resource to draw upon.

Utilizing referrals through the contacts of your current workers can be a great way to gain access to talented individuals who might otherwise not be open to offers. It also helps to ensure the quality of these hires, as these will be candidates who have a proven record of success.

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