The dynamics of locating quality talent are changing. As the hiring market evolves in this new decade, we’re seeing a big change in job seeking, hiring, and employment habits. Awareness of the state of the market will be a requirement to succeed in the future. Here are some stats to give you a better idea of the right way to proceed.
Applications and the Hiring Process
- Employers say the hiring process takes 27 days on average.
- 29% of Millennials and 46% of GenZ use mobile to apply for jobs.
- 54% of Gen Z won’t complete an application if the methods seem outdated
The stats above demonstrate that the hiring process isn’t especially short, but younger people in the workforce are looking for efficient, digital communication. They want a streamlined application process that they can begin and work through from the comfort of their home. Increasingly, Gen Z would like that digital process to continue through the entire hiring exercise.
However, this ease of application and hiring doesn’t make these younger job seekers any less selective about the opportunities they pursue nor does it make them lower their employment expectations.
When Gen Z are asked what information sources for jobs they trust most:
- 62% say referrals
- 56% choose job boards
- 55% say company websites
- 55% choose career centers
- 51% say hiring events
- 87% of workers whose first job matches their education level continue to be appropriately employed 5 years later, and 91% of those appropriately employed at 5 years were still appropriately employed at 10.
Many established employees are prepared to make a change in their career, which will force companies to bring young individuals into the workforce. These GenZ hires will be using a variety of different means to find advantageous employment.
However they find these jobs, they’ll need to make sure that it’s appropriate employment. If they land the right position, the odds say that they’ll still be appropriately employed for their skills level years later.
- 41% of Millennial graduates expect to make $60-85k in their first year of work.
- 70% expect to make $60k or more.
- 55% of Gen Z employees and 38% of Millennials expect to work for their current employer for less than 3 years.
- 25% of Gen Z employees and 39% of Millennials expect to work at their current company for 5 years or more.
These skilled job seekers will be looking for good benefits and pay right away and they’ll continue to migrate from position to position in order to further their careers.