The freelance gig economy is here to stay but recruiting metrics benchmarks regarding this elusive, on-demand industry have remained unclear. It’s been over 10 years since the first key players of the gig economy took to the market - first Airbnb in 2008, then Uber in 2009 and Lyft in 2012. Not only did this dramatically change the market landscape but also the global workforce. Today, the on demand economy is nearing $57 billion annually!
Now, over a decade after the birth of the on-demand industry, seventy-eight million people, or 59 % of the workforce, are hourly workers. Companies still using pre-2008 hiring tactics are experiencing serious challenges. They are unable to hire qualified workers quickly enough or unable to source candidates efficiently. The reason for this is that companies don’t realize that they are now competing for the same candidate pool. Today’s job seekers have more job opportunities to choose from. With the proliferation of technology, job seekers now also have more ways to apply for these jobs, and these recruiting metrics benchmarks show this. The days of “now hiring” signs and paper resumes are becoming a thing of the past and pose as the costliest bottleneck for hiring.
The new recruitment industry benchmarking report that offer new insight into the hiring practices of the largest on-demand companies
In November of 2018, Fountain published the Modern Hiring Guide which gathered all the data we collected on the major hiring trends, recruiting metrics benchmarks, and put together a battle plan for businesses to prepare for hiring in today’s landscape.
We’ve now gone a step further and are presenting the first-of-its-kind look at hard data on the fastest-growing companies - The Ultimate Hiring Benchmark Report. The on-demand industry and gig economy has redefined company growth is based on their ability to automate their hiring process. By transforming traditionally manual tasks into automated tools, on-demand companies have turned an operational bottleneck into the fuel that drives their growth.
Recruiting metrics benchmarks are meant to answer useful questions about your business and help you understand how you compare. The problem is, however, how are other businesses able to compete with these large, on-demand companies who hire so effectively when they don’t know how they measure up?
This is where The Ultimate Hiring Benchmark Report comes into play. Our goal is to provide you with a cohesive look at the industry leaders in the on-demand industry, as well as the relevant recruiting metrics and benchmarks that you care about. Our focus is the on-demand industry because the way in which they have redefined company growth is based on their ability to automate their hiring process. By transforming traditionally manual tasks into automated tools, on-demand companies have turned an operational bottleneck into the fuel that drives their growth. We want to share their tactics so that you can increase your hiring efficiency and compete effectively for the same, hourly labor pool.
The metrics included in this recruiting industry benchmarking report were gathered from Fountain’s internal data on some of the fastest-growing on-demand companies like Lime and Deliveroo. The industries vary, but all of these companies share the same business goals: they offer direct-to-consumer services and rely on hourly workers as the backbone of their business model.
Our recruiting metrics benchmarks are unique to businesses that rely on hiring hourly workers, are looking to hire faster, or are trying to scale their workforce quickly and efficiently. As a result, this recruitment industry benchmarking report is meant to be used by businesses looking to compare their metrics to the industry leaders and learn how to improve their own efforts.
Ready to take the next step in dramatically improving your hiring process and cutting your hiring costs? Contact the Fountain team for a demo and increase your hiring efficiency by 400%. See why Fountain is the recruitment software of choice for companies like PICKUP and Deliveroo.