Five people get voted into the HHOF per year.
In baseball players need to receive a 75% approval rating by the voters to get voted in.
Over the last decade this is how many currently retired players got elected to the HOF in baseball.
2, 4, 4, 3, 1, 4, 3, 0, 1, 2
With that format over the last ten years only 24 players have been voted in. The standards are much higher in baseball.
First, it's a max of 4 players elected every year, not 5.
And the NHL has similar voting, in that the 18-member selection committee must vote 75% in favour of a player. Granted that is a much smaller pool than the baseball hall of fame, and don't disclose voting, which is definitely something that could be done.
And for the record, here is the HHOF's number of elected going back 10 years (only counting men, as the women inductees don't count against the 4 limit):
3, 3, 4, 3, 4, 4, 3, 4, 4, 1
And I'll also note I too think they induct too many players, and a lot of the recent ones are rather questionable, but that is not relevant here.