onboardiq on-demand jobs report (october 2016)
TRANSCRIPT
ON-DEMAND JOBS REPORT (October 2016) 2
WhatA study of hiring trends among a cohort of 22 on-demand companies in the U.S. that have processed nearly 250,000 applicants and hired more than 27,000 people in 2016
GoalTo analyze data on job applications, hires, and time to hire to understand the health of the on-demand industry
https://www.onboardiq.com/jobs_report
CONTEXT
On-Demand Market Broader Economy On-Demand Labor
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22.5mCustomers
178k Payrolls
4.6% Unemployment
Labor market narrowing 2014 > 2016 ↑2.5%
2016 Wages
Spending$57.6b
24%American Workers
Harvard Business Review BLS JPMorganPew Research Center
50% Turnover
0.7% | 0.4%Non-employed / Employed
APPLICATIONS VS. HIRES 5
● Monthly applications decreased 14% Jan - Oct● Applications increased 24% YoY to October● January was 21% higher than 2016 average● Spikes due to summer seasonality
Applications 2016
Hires 2016GROWTHVARIED
6“The rate of new applicants seems steady to us, but what has changed is what we assume to be the selectivity of applicants. Perhaps this has to do with people applying to lots of gig-economy opportunities and feeling out the process.
Hiring automation has allowed us to streamline the onboarding flow and thus reduce churn.
Mark SchindlerDriver Experience ManagerGroupon To Go
HIRE RATE 8
11.2%
RATEHIRE
● 11.2% average hire rate for 2016● Between 10.1% and 12.9% ● High rates in summer and growing
SILICON VALLEY
7.4%
RATEHIRE
11.2%
RATEHIRE
Silicon Valley
United States
Time to Hire Hire Rate
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11.2% Valley October Hire Rate
↓67% Time to Hire in 2016
10 Days October Time to Hire
-1% ApplicationsSeptember to October
11.8% Hire Rate11.4% in September 11.2% 2016 average
+4% HiresSeptember to October
OC
TO
BE
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ON-DEMAND IS
COMPANIES ARE MATURING
APPLICANT POOL MAY BE LEVELING OFF
VALLEY FIRMS REACHING PARITY
EFFICIENTINCREASINGLY
THRIVING
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WHAT’S NEXT?
Understand the interplay between factors → Predictive Modeling
● How does the number of applicants affect the time it takes to make a hire?● What will changes in the time to hire mean for the overall hire rate?
Use behavior to predict hiring success early → Machine Learning
● Interview no-show rates● Responsiveness to communication
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THANK YOU!
Want a copy of our full On-Demand Jobs Report?
Visit: https://www.onboardiq.com/jobs_report
Questions?
Email: [email protected]
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