Important Statistics That Reveal Top Challenges Hiring Managers Face While Hiring in 2023

There are several important statistics that reveal the top challenges hiring managers face while hiring:

1. Time to fill: According to the Society for Human Resource Management (SHRM), the average time to fill a job opening is 42 days. This extended time frame can be a significant challenge for hiring managers, especially if they are in a competitive job market where top candidates are quickly snapped up by other companies.
2. Finding qualified candidates: The SHRM also reports that finding qualified candidates is the top recruiting challenge faced by hiring managers. With a shortage of skilled workers in many industries, hiring managers often struggle to find candidates who possess the necessary skills, experience, and education for a particular role.
3. Competition from other employers: In a competitive job market, companies often find themselves competing with other employers for the same pool of talent. According to a report by the job board Indeed, 58% of employers say that competition for talent is their biggest hiring challenge.
4. Cost of hiring: Hiring can be an expensive process, especially when considering the costs of job postings, recruiting software, background checks, and other expenses. According to the Society for Human Resource Management, the average cost per hire is $4,129.
5. Retaining employees: Even after hiring top talent, retaining them can be a challenge for employers. A study by the Work Institute found that the average cost of employee turnover is 33% of an employee’s salary. This cost can be significant for companies, and many hiring managers struggle to retain employees over the long term.
6. Diverse hiring: Achieving diversity in hiring is another challenge that hiring managers face. A report by Glassdoor found that 67% of job seekers consider workplace diversity an important factor when considering job offers. However, many companies struggle to achieve diversity in their hiring practices.

Overall, these statistics highlight the top challenges hiring managers face while hiring, including finding qualified candidates, competition from other employers, and the cost of hiring and retaining employees.