Benchmark Report Finds 50% of Winning Candidates are Identified Within 7 Days: BountyJobs
AUSTIN, Texas April 19, 2019 –
BountyJobs, Inc., leading provider of a third-party recruiting platform for collaboration between employers and search firms with over $2 billion in placement fees to recruiters and the world’s largest recruiter marketplace, released the findings of their annual report for third-party recruitment benchmarking.
The report, which serves as the primary go-to source of analytics for top talent acquisition professionals, supplies data covering top-performing industries and roles. Third-party search is often representative of the most challenging and hard-to-fill jobs in the employment market; this annual report looks at not only recruiting performance but also agency compensation, salary ranges, and incentives to attract candidates. From SMB to Fortune 1000 organizations, these industry trends permeate every decision made regarding recruiting and hiring. In an increasingly challenging market, these toughest roles are the tip of the spear.
The report also analyzes valuable data ranging from marketplace dynamics to recruiting performance and is correlated to best practices impacting recruiting today. Deep dives into salary and fee metrics are studied as an empowering tool to those creating attractive offers in the current challenging employment climate.
Additional key findings and analysis include:
- Roles going out to search don’t look like they used to. Nontraditional jobs are increasingly going out to third-party search; running the gamut from non-managerial to senior executive as more organizations are utilizing this important lever to identify desired candidates.
- The top three industries dominating the salary scale, Pharma & Biotech, Information Technology, and Healthcare closely match the top industries leveraging third-party recruiting as a solution in hiring for hard-to-fill roles.
- Competitive industries are pros at leveraging recruiter fees to incent recruiters to source their roles quickly with stellar candidates. Pharma & Biotech takes advantage of the powerful impact of offering higher premium fees, designated at 25% or above of the role’s salary, by utilizing them 78% of the time rather than the market average of 30%.
- While 70% of the time-to-fill process is spent reviewing resumes, the winning candidate hits the employer’s inbox within seven days of the job posting on BountyJobs. This astounding insight reveals that the candidate submission aspect of the process only takes up one-third of the overall recruiting process. The other two-thirds is interviewing and decision making. As the hiring landscape becomes increasingly competitive, employers must prioritize slashing their time-to-fill to better snag the ideal candidate before a competitor does.
Also uncovered in the report were core perks that persuade passive candidates to jump ship for other roles; a must-know as the employment market grows progressively tighter.
“Even for these hardest to fill jobs, 50% of the time the winning candidate is in the hiring manager’s hands within the first week of being posted on BountyJobs,” said Jerry Aubin, CEO of BountyJobs. “The desired candidates for these critical roles are out there and are identified quickly via our solution that matches carefully vetted recruiters to the right jobs. It’s the decision-making process that largely needs some shoring up to compete effectively in this employment market in attracting and retaining these candidates.”
BountyJobs’ library of analytics spans over more than a decade of robust activity within the company’s marketplace. This marketplace is a key component of its solution, allowing employers to post their most challenging permanent positions for contingent third-party placement assistance. The technology then uses proprietary algorithms to surface the recruiters most able to fill that position, providing statistics on past performance that enable the employer to make an educated choice and improve their chance of filling the role. With over 10,000 active recruiters on the platform, the job order volume is reflective of a robust marketplace that is now estimated at 10 times the size of the nearest competitor.