HR plays a critical role in building and retaining a strong company culture. Especially in these times when the pandemic has created new types of problems and challenges for companies and employees, the crucial role of HR departments has been better realized by businesses.
Through powerful HR practices and the right use of tools, companies can increase their profits, productivity, and satisfaction.
If you want to build a strong HR strategy for your business, you should definitely follow some statistics and trends to further educate yourself on the subject.
Here are some HR statistics that can help you achieve a better HR strategy for your business:
The HR Market Statistics
1- The HR software market is expected to pass $10 billion by 2022.
2- 10.4% is the projected compound annual growth rate of the HR market.
3- 9.4% is the projected increase in the size of core HR software from 2017 to 2025.
4- 13% is the forecast growth rate of the market for talent management tools.
5- $13.8 billion is the projected total value of the market for hosted HR software.
6- 74% of businesses plan on increasing spending on HR technology.
7- 44% of talent managers look to cloud solutions to increase efficiency and productivity.
8- 35% of those, on the other hand, see the cloud as a way to reduce costs.
9- 58% of companies use HR technology to find, attract, and retain talent.
10- $1 invested into wellness intervention programs for high-risk employees produces a 5x result.
11- $1 of spending on employee wellness, including healthy employees, leads to a $1.50 return on investment.
COVID-19 HR Statistics
12- 96% of HR professionals in the US think that they have effectively handled new ways of working during the COVID-19 pandemic. Compared to the US, the numbers are in the UK are (84%), Australia (80%), and Germany (66%).
13- 40% of managers said that they doubt their ability to manage workers remotely, and 38% of those said that employees perform worse when working remotely.
14- 94% of US workers have adjusted well to new ways of working, according to HR professionals.
15- 28% of employees across all income ranges said that their employers have done nothing in response to the COVID-19.
16- 69% of employees stated that the pandemic has been “the most stressful time of their entire professional career.”
17- With 60%, maintaining productivity is the biggest challenge that HR professionals think they will face because of the outbreak.
18- Flexible work policies (78%), healthcare and other benefits (64%), and the financial stability of the organization (55%) are the aspects that HR professionals in the US think will impact a company’s ability to attract and retain talent.
19- More than 75% of HR professionals, however, did not plan to provide child-care assistance post-COVID. These include the provision of work-from-home benefits to workers with children at home.
20- 16% of employees said that their companies offered additional sick leaves (paid or unpaid) as a result of the concerns during the pandemic.
21- 79% of HR professionals in the US think that their companies have the technology to navigate a changing work environment.
22- Remote collaboration is the top technology investment because of the outbreak.
23- 80% of employees and 92% of managers think that they are not prepared for the future of work.
24- 60% of CEOs want to prioritize teaching employees the necessary skills for the future of work.
25- 22% of American HR professionals will be investing in learning programs for reskilling and mobile platforms.
HR Recruiting and Hiring Statistics
26- 50% of job seekers have had a negative experience during a hiring process and 50% of respondents had declined a job offer due to a poor experience.
27- 70% of the global workforce is made up of passive talent who aren’t actively job searching, and the remaining 30% are active job seekers.
28- 87% of active and passive candidates are open to new job opportunities.
29- The number one reason people change jobs is a career opportunity.
30- The number one way people discover a new job is through a referral.
31- The top channels people use to look for new jobs are online job boards (60%), social professional networks (56%), and word of mouth (50%).
32- Employee referrals are a top source of quality hires along with social networks and internet job boards.
33- Companies can expand their talent pool by 10x by recruiting through their employees’ networks.
34- The most important factors in accepting a new job are compensation (49%), professional development (33%), and better work/life balance (29%).
35- 89% of talent says being contacted by their recruiter can make them accept a job offer faster.
36- 35% of employees refer to help their friends. 32% do it to help their company. 26% do it to be seen as a valuable colleague. Only 6% do it for money and recognition.
37- Talent is 4x more likely to consider your company for a future opportunity when you offer them constructive feedback.