2018 Third-Party Recruiting Benchmark Report
Each year BountyJobs takes a deep dive into our vast treasure trove of data to curate a report tailored to the top trends and analytics across industries in third-party recruiting. As they’ve been at this for over a decade, they have the largest database chock full of hiring metrics that have been instrumental in forming the recruiting strategies of untold numbers of talent acquisition professionals. They do this because they know that finding the right person for your critical roles is imperative – and is even more of an uphill battle in this ultra-tight hiring market.
The 2018 report analyzes key data such as trends in salaries and fees across industries as well as recruiter performance and a look at where things are hopping geographically. In addition, this report takes a look at the top 5 game changers impacting talent acquisition today…and those that they’ll be keeping an eye on for 2019.
It’s a crucial time in the world of talent acquisition with a historically low unemployment rate and jobs growth and salaries reportedly on the rise. With these developments come other factors core to the current hiring evolution:
- Millennials and Gen Z
- This group consists of relative newcomers and those completely new to the workforce. With this new energy comes a reliance on cutting-edge technology and a myriad of communication options. In addition, this group values a diverse work culture, and a chance for their work to positively impact our world.
- Skills Gap
- The notion of a skills gap, defined as a lack of skilled workers to match open jobs, is a divisive one when looking at the current hiring market. This report, lays out the proposed issue as well as solutions employers are implementing.
- Innovations in Technology
- Along with the low unemployment rate and jobs growth come challenges. Many in talent acquisition are turning to solutions provided by technology to leverage their time – which is now stretched thin, quite possibly more than ever before. This report reviews the top four areas in which recruiting professionals incorporate various technology options to further their productivity…and their reach.
What characteristics makeup employers utilizing the BountyJobs recruiter engagement platform? The report outlines stats such as posting volume (highest number of jobs posted by one employer = 404) as well as size of the companies themselves. Wondering when employers typically go out to search for their critical roles? How about which locations tend to utilize this option more? We’ll go into it in more depth, but California and the Northeast U.S. are some current heavy-hitters.
In this crazy competitive hiring market, only the strongest offers (and recruiters!) survive. Do you know what you’re up against when putting together an offer for that critical role that you needed filled, like, yesterday? Take a look at how compensation packages have changed over the past few years and which perks candidates are not just wanting but are expecting. Hint: work-shifting and relocation are biggies for some.
What about salary averages and trends in fees? The report will give you a year-over-year comparison of both! These findings might surprise you, as reports in the media don’t exactly align. For example, a recent study from the Pew Research Center found that 49% of respondents stated that in the U.S. cost of living is outpacing their wage growth. The report outlines some of the top industries and average salaries for each, so you can compare your offers with solid data. As far as fees go, more surprises abound. Did you know that the majority of premium fees are actually paid for non-managerial roles? Take a look at the full report for a sampling!
When looking at the third-party search landscape, how do you know when to utilize it and when to use your usual sourcing go-tos? We’ll outline a few scenarios, but with such a low unemployment rate as we’re seeing right now, where passive candidates are more often than not going to be your desired target…most recruiting pros need all the help they can get to reel in those dream candidates. Enter third-party search.
We’re about halfway through 2018, so what’s to come for 2019? We’ll briefly outline other emerging trends to be aware of: flat and decreasing salaries, further decrease in unemployment rate, recruiting passive candidates, and ways to combat the competition as this hiring landscape gets squeezed even tighter.
Download the full 2018 Third-Party Recruiting Benchmark Report now to arm yourself with valuable data to create your most powerful hiring strategy yet!