If you’re an employer or candidate in 2024, you’re no stranger to the challenges filling the job market landscape. At HumCap, we’ve peered into our crystal ball to reveal the trends haunting employers, HR professionals, and job seekers alike. Let’s unmask these frightening challenges and explore how to turn your hiring process from a nightmare into a dream come true.

The Numbers Don’t Lie: A Statistical Reality Check

Let’s start by looking at some eye-opening statistics:

  • As of 2024, it takes an average of 200 calls to secure a single hire.
  • Each job posting attracts over 270 applicants on average, many of whom are unqualified or not local to the job’s location.
  • The number of resume submissions needed to make a hire has increased over the years:
    • 2017-2019: 13-14 submits
    • 2019-2020: 20-21 submits
    • 2022-2023: 40 submits
    • 2024 (as of October): 28 submits
  • The average time to fill a position is now 45-60 days, with hiring managers often delaying decisions due to market uncertainties.

These numbers paint a clear picture of the increase of challenges that today’s recruiters and hiring managers face. Now, let’s dive into some more pains employers are experiencing today.

The Return to Onsite Work Dilemma Continues

One of the most persistent issues in the current job market is the clash between employers’ desire for a full return to onsite work and employees’ newfound appreciation for flexibility. Many companies have called their workforce back to the office, but they’re encountering resistance from employees who have grown accustomed to remote work. This disconnect is creating a rift in the talent pool, with some top candidates losing interest when faced with rigid onsite requirements.

Our recruiters have witnessed firsthand the power of flexibility in attracting and retaining talent. Employers who offer some form of hybrid work or flexible scheduling are more likely to succeed in today’s competitive market.

The Challenge of Combined Roles

Many employers are attempting to create the perfect employee by combining two distinct roles into one job description. This approach to job creation is leading to a difficult search for candidates with an extremely specific and often unrealistic combination of skills.

Not that unicorns aren’t out there, they can be found, but understanding this challenge is paramount. Our recruiters have been tasked with finding these rare individuals, and it’s proving to be a significant challenge. The key to overcoming this issue? Employers need to reassess their needs and consider splitting roles or providing training opportunities to develop the unique skill sets they require.

The Salary Expectation Gap

Another common pain we’ve observed is the expectation of top-tier talent without the willingness to raise salaries accordingly. This disconnect is leaving hiring managers wondering why they can’t attract or retain the best candidates.

In today’s competitive market, compensation is more important than ever. Our recruiters have seen countless qualified candidates lose interest when presented with underwhelming pay. To avoid this issue, employers must align their salary expectations with market realities, consider the total value of their benefits offering, or risk losing out on top talent.

HumCap’s Approach to Modern Recruiting Challenges

At HumCap, we’re well-equipped to handle these recruiting challenges. Our team of expert recruiters employs the following strategies:

  1. We advise employers on work arrangements that appeal to modern candidates.
  2. We help employers refine job descriptions to attract realistic and qualified candidates.
  3. We provide market insights to ensure competitive salary offerings.
  4. We navigate the increased volume of applications to find the true gems.
  5. We work efficiently to reduce time-to-hire and keep top candidates engaged.

As we approach the end of 2024, remember that you don’t have to face these recruiting challenges alone. HumCap is here to guide you through the complexities of talent acquisition, ensuring that your company doesn’t miss out on great hires and opportunities.

Don’t let recruiting challenges hold your organization back. Contact HumCap today, and let’s hire your next unicorn!