The vast majority of business leaders, 83%, believe attracting and retaining talent is an issue for their organization, according to the Talent Advisory Industry Benchmark study released by Allegis Group Inc. And more than half of organizations reported open positions for which they cannot find quality candidates.

The report also found it takes an average of 55 days to fill full-time positions and an average of 50 days before a new hire is productive. However, applicant quality was the top-rated performance metric – rated 80% more important than speed.

“In today’s increasingly volatile market, hiring the highest quality talent is more critical than ever before,” the report stated. “Businesses face a variety of complex challenges, including fluctuations in the market, the global economy, an aging workforce, and a greater reliance on contingent labor.”

Key findings include:

• 83% of executives believe attracting and retaining talent is an issue for their company.
• 80% of companies cite quality of applicants as a challenge in their current workforce strategy, with 40% reporting it as a significant issue.
• 51% of companies have open positions for which they can’t find quality candidates.
• 72% of hiring managers say they provide clear job descriptions, compared to 36% of candidates who say they are provided with clear job descriptions.
• 43% of organizations say they discovered a new hire did not have the skills he or she claimed.
• Companies report the average time before a new hire is productive at 50 days.
• When hiring managers are completely ready for the new hire’s first day, candidate satisfaction increases an average of 38%.
• 85% of candidates rate consistent communication throughout the process as the top driver of satisfaction with the recruitment experience.

This study was conducted in December 2015 and represents insights from more than 1,400 employers and 13,000 job seekers from North America; Europe, the Middle East and Africa; and Asia Pacific regions.