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Submission to Placement ratios are up 50% between 2021 and 2023.
This calculates the amount of submitted candidates it takes to fill a position. Based on Hirewell’s data and averages it across all positions worked.
2021: 5:1
2023: 7.5:1
2 things this does NOT mean:
❌We got 50% worse in our vetting.
Pre-emptive anti-self-own and troll defense but I know one of you jokers were thinking it… 🙂
❌Every opening requires more submissions.
This is an average across total data of everything we’ve worked on. Thousands of submissions averaged over hundreds of positions. Not every opening.
What is happening?
👉More openings canceled mid search.
This is not a knock or complaint about anyone who had to pull a position back. It’s the reality of this shaky market.
👉More shifting requirements mid-search.
Sometimes business requirements shift and a different position is needed after interviews started. Other times the requirements weren’t nailed down from the start.
👉Increased fear of making the hire wrong.
Extra steps and slower processes cause candidates to fall off. Last minute second guessing and rules out cause a need for more funnel.
The one unifying thing we all need to recognize is that inefficient processes are a drag on everyone’s time. Hiring execs, interview teams, internal recruiters, external recruiters, and job seekers.
Interview teams are taking more away time from the real work and deliverables they need to do.
Recruiters (internal and external) are spending 50% more time to get the same results.
Job seekers have to pursue that many more opportunities to land a job.
The takeaway:
👉Companies are struggling. But the market fear is causing them to decrease efficiency instead of increase it.
Something to think about.
Full episode of The 10 Minute Talent Rant, Ep 69 "Hiring Shouldn’t Be An Experiment" available here.
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Submission to Placement ratios are up 50%