SilkRoad, a leading global provider of cloud-based talent management software recently conducted a study of over 700 of its customers in how they hired new employees in 2011.
The participating companies ranged in size from as few as 100 employees to much larger companies, including:
• 10 of the Fortune 500
• 50 of the Fortune 1000
Combined, the data gave insight into:
♦ 222,308 job postings
♦ 9.3 million applications
♦ 147,440 interviews
♦ 94,155 hires
An overview of the study can be found at Silk Road's Website.
When you take a look at this data, the information is stunning.
Perhaps the most revealing item of information is that there were 222,308 job postings yet only 94,155 new hires. What that tells me is that only 42% (94,155/222,308) of all job postings actually resulted in someone getting hired. In other words, of every 10 job postings online, does that mean only 4 are for real opportunities? That is how I view the data.
The Bureau of Labor Statistics has quoted over the years that over 70% of all jobs are found through networking. Yet, many people are failing in the job search because they are spending 80% of their time searching for jobs online.