If you’re like most businesses, you’re always trying to find ways to improve your hiring process. But how can you be sure which changes will make the biggest impact? One way to find out is to track your hires by month and look for any patterns. This can help you determine which stages of the hiring process are causing delays or leading to bad hires. By making small tweaks based on your findings, you can dramatically improve your hiring process!
What Is Hires By Month?
Hires by month is a metric that tells you the number of hires you have made in any particular month. This metric is important because it allows you to track your progress in meeting your hiring goals. Additionally, it can help you to identify any trends in your hiring pattern. For example, if you notice that you typically make more hires in the summer months than in the winter, you can adjust your recruiting efforts accordingly. Hires by month is a valuable metric for any company that is looking to improve its recruiting and hiring processes.
Why Is It Important For Business To Track Their Hires By Month?
There are a few key reasons why businesses should track their hires by month. First, this information can help to inform future hiring plans. By looking at past hire data, businesses can get a better sense of how many new employees they will need to bring on in any given month. This data can also be helpful in forecasting future trends in the job market.
Additionally, tracking hires by month can help businesses to identify any seasonal patterns in their hiring. For example, if a business typically sees an increase in job applications during the summer months, it may want to adjust its recruiting efforts accordingly.
Finally, monitoring monthly hiring numbers can help businesses to identify any potential problems with their hiring process. If there is a sudden drop-off in job applications, it may be indicative of an issue that needs to be addressed.
By tracking their hires on a monthly basis, businesses can stay on top of these trends and make sure that their recruiting efforts are as effective as possible.
How Do You Calculate Hires By Month?
You can calculate Hires by Month by taking the number of hires in each month and dividing it by the number of months. For example, if you have 10 hires in January and 5 in February, your average would be 7.5 Hires by Month. You may also want to calculate the average number of Hires by Month over a period of time.
To do this, simply take the number of hires in the time period and divide it by the number of months in the time period. This will give you the average number of Hires by Month. For example, if you have 20 hires over a 6-month period, your average would be 3.3 Hires by Month.
What Factors Affect Hires By Month?
The number of hires made in any given month can be affected by a variety of factors, including economic conditions, hiring trends and seasonal shifts in the job market.
Economic conditions can have a major influence on monthly hiring patterns. During times of economic growth, businesses are more likely to expand their workforce and it is reasonable to assume that hiring will increase. On the other hand, in times of economic recession and joblessness, fewer hires may take place as employers become more focused on cost-cutting measures.
Hiring trends can also be an important factor influencing monthly hiring numbers. For example, certain fields or industries may experience greater demand for workers at specific points during the year – such as healthcare or retail, which are typically busier during the winter months – while other industries may experience different seasonal hiring peaks.
Finally, seasonality can affect monthly hiring numbers. For some businesses and industries, certain times of the year bring greater activity than others. For example, companies in the hospitality industry may hire more staff to cope with increased customer demand during the summer months, while retail stores may hire more workers during the holiday season.
Ultimately, there is no one-size-fits-all formula for predicting monthly hiring patterns – but understanding the factors that can influence them can give employers a better chance of making informed decisions about when to hire. Taking into account the economic conditions, hiring trends and seasonal shifts can help employers better prepare for any upcoming fluctuations in their workforce needs.
What Is A Good Hires By Month?
To create an engaged and productive workplace, hiring at a steady, sustainable rate is a must. A good rule of thumb for this rate is one hire for every 10-15 employees by month. The size and type of business are also important factors when determining the right pace of recruiting efforts.
For example, a fast-growing start-up may need to hire at a higher rate in order to effectively keep up with the current demands while an established organization can set their recruitment goals at a more relaxed pace. Ultimately, having the right number of quality candidates on hand helps ensure that your team has the capacity to reach both short and long-term goals.
Examples Of Hires By Month
The chart below shows monthly Hires levels and rates by industry and region.
| Industry and region | Levels (in thousands) | Rates(2) | ||||||||||
| Oct.
2021 |
June
2022 |
July
2022 |
Aug.
2022 |
Sept.
2022 |
Oct.
2022(P) |
Oct.
2021 |
June
2022 |
July
2022 |
Aug.
2022 |
Sept.
2022 |
Oct.
2022(P) |
|
| Total | 6,460 | 6,456 | 6,238 | 6,334 | 6,096 | 6,012 | 4.4 | 4.2 | 4.1 | 4.1 | 4.0 | 3.9 |
| INDUSTRY | ||||||||||||
| Total private | 6,104 | 6,033 | 5,846 | 5,919 | 5,716 | 5,621 | 4.8 | 4.6 | 4.5 | 4.5 | 4.4 | 4.3 |
| Mining and logging | 21 | 30 | 25 | 20 | 22 | 20 | 3.6 | 4.8 | 4.0 | 3.3 | 3.5 | 3.2 |
| Construction | 362 | 352 | 384 | 349 | 359 | 332 | 4.9 | 4.6 | 5.0 | 4.5 | 4.7 | 4.3 |
| Manufacturing | 481 | 481 | 428 | 461 | 401 | 429 | 3.9 | 3.8 | 3.3 | 3.6 | 3.1 | 3.3 |
| Durable goods | 271 | 245 | 240 | 267 | 219 | 228 | 3.5 | 3.1 | 3.0 | 3.3 | 2.7 | 2.8 |
| Nondurable goods | 210 | 236 | 188 | 194 | 183 | 201 | 4.5 | 4.9 | 3.9 | 4.0 | 3.7 | 4.1 |
| Trade, transportation, and utilities | 1,354 | 1,277 | 1,277 | 1,303 | 1,236 | 1,247 | 4.8 | 4.4 | 4.4 | 4.5 | 4.3 | 4.3 |
| Wholesale trade | 171 | 171 | 165 | 164 | 158 | 164 | 3.0 | 2.9 | 2.8 | 2.8 | 2.7 | 2.8 |
| Retail trade | 867 | 790 | 782 | 794 | 756 | 751 | 5.6 | 5.0 | 4.9 | 5.0 | 4.8 | 4.7 |
| Transportation, warehousing, and utilities | 315 | 316 | 330 | 345 | 322 | 333 | 4.7 | 4.5 | 4.7 | 4.9 | 4.6 | 4.7 |
| Information | 119 | 116 | 101 | 106 | 102 | 93 | 4.1 | 3.9 | 3.3 | 3.5 | 3.4 | 3.1 |
| Financial activities | 218 | 210 | 223 | 233 | 234 | 204 | 2.5 | 2.4 | 2.5 | 2.6 | 2.6 | 2.3 |
| Finance and insurance | 137 | 145 | 148 | 158 | 148 | 127 | 2.1 | 2.2 | 2.2 | 2.4 | 2.2 | 1.9 |
| Real estate and rental and leasing | 80 | 65 | 76 | 75 | 86 | 77 | 3.5 | 2.8 | 3.2 | 3.2 | 3.6 | 3.3 |
| Professional and business services | 1,310 | 1,263 | 1,258 | 1,192 | 1,137 | 1,123 | 6.1 | 5.7 | 5.6 | 5.3 | 5.1 | 5.0 |
| Education and health services | 826 | 914 | 862 | 878 | 840 | 816 | 3.5 | 3.8 | 3.5 | 3.6 | 3.4 | 3.3 |
| Educational services | 118 | 111 | 103 | 105 | 96 | 96 | 3.2 | 2.9 | 2.7 | 2.7 | 2.5 | 2.5 |
| Health care and social assistance | 708 | 803 | 760 | 773 | 745 | 720 | 3.5 | 3.9 | 3.7 | 3.7 | 3.6 | 3.4 |
| Leisure and hospitality | 1,179 | 1,167 | 1,071 | 1,132 | 1,140 | 1,130 | 8.0 | 7.4 | 6.8 | 7.2 | 7.2 | 7.1 |
| Arts, entertainment, and recreation | 156 | 180 | 160 | 156 | 158 | 136 | 7.3 | 7.8 | 6.9 | 6.8 | 6.8 | 5.8 |
| Accommodation and food services | 1,023 | 987 | 911 | 976 | 982 | 994 | 8.1 | 7.4 | 6.8 | 7.3 | 7.3 | 7.3 |
| Other services | 234 | 221 | 217 | 244 | 244 | 226 | 4.2 | 3.9 | 3.8 | 4.3 | 4.3 | 4.0 |
| Government | 356 | 423 | 392 | 415 | 380 | 390 | 1.6 | 1.9 | 1.8 | 1.9 | 1.7 | 1.7 |
| Federal | 46 | 43 | 45 | 38 | 43 | 42 | 1.6 | 1.5 | 1.6 | 1.3 | 1.5 | 1.5 |
| State and local | 310 | 380 | 348 | 377 | 337 | 348 | 1.6 | 2.0 | 1.8 | 1.9 | 1.7 | 1.8 |
| State and local education | 155 | 193 | 169 | 185 | 156 | 178 | 1.5 | 1.9 | 1.6 | 1.8 | 1.5 | 1.7 |
| State and local, excluding education | 156 | 187 | 179 | 191 | 181 | 170 | 1.7 | 2.1 | 2.0 | 2.1 | 2.0 | 1.9 |
| REGION(3) | ||||||||||||
| Northeast | 991 | 933 | 906 | 898 | 893 | 812 | 3.8 | 3.4 | 3.3 | 3.3 | 3.3 | 3.0 |
| South | 2,677 | 2,700 | 2,612 | 2,618 | 2,547 | 2,464 | 4.9 | 4.8 | 4.6 | 4.6 | 4.5 | 4.3 |
| Midwest | 1,342 | 1,373 | 1,328 | 1,397 | 1,268 | 1,289 | 4.2 | 4.2 | 4.0 | 4.2 | 3.8 | 3.9 |
| West | 1,450 | 1,450 | 1,393 | 1,422 | 1,388 | 1,447 | 4.2 | 4.1 | 3.9 | 4.0 | 3.9 | 4.1 |
Strategies To Improve Hires By Month
To improve hires by month, there are a few strategies employers can use:
Develop an effective recruitment process:
Companies should ensure their recruitment process is efficient and streamlined in order to attract quality candidates. This includes creating job postings that clearly explain the position requirements and expectations, identifying key skills needed for the role, and having a prompt response time for applicants. Also, employers should ensure their recruitment process is fair and unbiased, to ensure all qualified candidates have an opportunity to be considered.
Leverage online recruiting platforms:
Employers can utilize online job boards, such as Indeed and Monster, or social media sites like LinkedIn to reach the largest possible candidate pool. This also gives employers access to potential candidates who may not find traditional job postings.
Utilize employee referral programs:
Companies should create an incentive for their current employees to refer qualified people for open positions. Employee referrals can be a great source of quality hires, and can save companies time since the employee already knows about the position and the company.
Create a great employer brand:
Employers should create an attractive job description and company culture to attract potential candidates. This can include emphasizing the mission of the company, highlighting benefits and perks, or promoting career development opportunities. Companies can also share positive reviews from current employees on their website or social media profiles in order to attract top talent.
By utilizing these strategies, employers can effectively increase their number of hires each month and ensure they are getting the best possible candidates for the job.
Conclusion
By understanding how to use the data you already have, you can make great strides in improving your hiring process. Hires by Month is a valuable tool that can help you do just that. By taking the time to understand your hires-by-month data, you can identify trends and improve your hiring process accordingly. With a little effort, you can ensure that you are making the best possible decisions for your business.