and insights into the future of TalentFusion
Survey Results: The Next Wave of Hiring Hinges on Social Connection
Amid a volatile economy, we’ve seen massive shifts in the hiring market over the past four years – with trends like the Great Resignation and quiet quitting transitioning to the Big Stay as hiring slows this summer. Since the start of 2024, U.S. worker confidence in their ability to “get or hold a job right now” has taken a two-point dip, according to new data from LinkedIn’s ongoing Workforce Confidence survey, but despite this lack of confidence, organizations are experiencing an entirely different challenge – the skilled talent shortage. Recent reports predict by 2030 there will be a global human talent shortage of more than 85 million people, leaving companies at a loss, unable to find the staff needed to move into the future.
So, what does this mean for those looking for a job, and how will this impact organizations struggling to find top talent? To celebrate today’s official launch of TalentFusion, a company dedicated to pioneering the next generation of Direct Sourcing in contingent workforce talent management, we surveyed 1000 U.S.-based consumers to find out the current sentiment around job hunting, and how the hiring process must evolve for organizations to get top talent on board.
Check out the findings below to learn more.
Job Confidence Is Lacking
Nearly half of adults (45%) are planning to look for a new job in the next 6 months, yet many don’t feel overly confident that their endeavor will be successful. Less than two-thirds (59%) of adults feel confident they could find a full-time permanent job if they were looking – Gen Z (49%) feels the least confident. When it comes to temporary work, very few are confident they could find full-time (3%) or part-time (9%) temporary work. Furthermore, 13% of Americans don’t feel confident they could find any kind of job, showing a clear level of distrust in the current job market, and pointing to a disconnect between the jobseekers and talent shortages.
By far, a lack of available jobs ranked number one as the thing that worries people the most about their future job hunt, and when it comes to biggest pain points in the job search process, most adults ranked the following as the top five challenges:
- Finding jobs that meet my salary expectations
- Finding jobs that align with my experience
- Lack of transparency around the hiring process
- Slow responses from prospective employers
- Not having my resume considered because I don’t have a connection at the company
A Never-Ending Job Search
Timing is a major constraint for Americans when it comes to job searching. More than half (56%) of adults think it would take them over a month to find work if they were looking today, with 13% saying it would take over 5 months.
Americans are not too far off when it comes to time to find a job, a 2023 Josh Bersin study found that it now takes around 43 days on average to hire an employee, one day longer than the previous year. And a more recent survey by ZipRecruiter in Q1 of 2024 found that just 46% of workers found a job within a month, down from 60% in the previous quarter.
This long hiring process could be a detriment to organizations trying to find and hire top talent. A “quick response time from hiring managers” was ranked most important to adults when applying for jobs, over an easy application process, knowing someone inside of the organizations and transparency around the hiring process.
Is Social Media
the Next Job Board?
When looking for a new job, connection is critical, and Americans are turning to social media platforms more than ever before. One in six (16%) adults say looking in job search groups on social media would be the first step they would take when looking for a new job—that number increases to one in five for Gen Zs (21%) and Millennials (20%). Almost half (49%) of adults say they’ve already used social media to find a job. That number jumps to 67% for Gen Z’s, proving the critical nature of social platforms for job hunting for the younger generation, and prompting a need for strategy change for many organizations. The most popular platforms for job hunting outside of LinkedIn were:
- Facebook (33%)
- Instagram (21%)
- TikTok (17%)
- X (14%)
Referrals Are King in
Today’s Job Market
Amid the challenges of today’s hiring landscape, 50% of adults say a referral from a friend would make them most likely to apply for a job, compared to a message from a recruiter (19%) and a job posting on a job board to LinkedIn (31%). If looking for a new job, nearly a third (32%) of adults would reach out to their network as a first step when looking for a new job.
Referrals and networking will continue to be key for organizations to find top talent, but a reference from a current or past employee is not given, and experiences within the hiring process is key to lead to referrals down the line. The top three experiences during the hiring process that would make Americans most likely to recommend the organization to a friend are:
- A clear understanding of company culture
- A reference from someone who works at the organization and has had a positive experience
- Clarity around wage expectations
When looking to combat the talent shortage, building an engaged talent community that spurs referrals should not be underestimated. As hiring becomes more challenging for both organizations and candidates, prioritizing the candidate experience will pay off when looking for key talent.
To learn more about the official launch of TalentFusion, please visit www.talentfusion.com.
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