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Recruitment Spending On the Rise
(August 20, 2008)
Over The Next Four Years, It Is Expected That Total Recruitment Spending Is To Increase 25 Percent, From $58 Billion in 2008 to $73 Billion In 2012
Research and Markets (www.researchandmarkets.com/reports/c89110) has announced the addition of new Borrell Associates report 2008 Outlook: Online Recruitment Advertising to their offering.
This report details how $58 billion will be spent in 2008 on recruitment advertising across all media, local and national. Opportunity abounds online: nearly half the job seekers who have Internet access are not using online media to look for a job. So despite the fact that recruiters are currently spending nearly 60% of their budgets on online media, a potential swelling of the online job-seeker audience might attract even more spending.
The employment sector will change dramatically in the next five years. January 1, 2008, marked the date the first baby boomers became eligible to collect Social Security. As they begin to exit the job stage over the next several years, recruiters will have a harder time finding professional level candidates to replace them. The challenge is a big one: There are more than 77 million baby boomers and only 49 million in the Gen X group to bridge the 11-year gap before Gen Y and its 74-million-strong work force can start making an impact.
Companies will be rethinking their recruiting strategies. Over the next four years, we expect total recruitment spending to increase 25 percent, from $58 billion in 2008 to $73 billion in 2012. The beneficiaries will be online media and full-service employment agencies. Online spending will increase 23.5 percent to a record high of over $11 billion. Opportunity abounds online: nearly half the job seekers who have Internet access are not using online media to look for a job. The main losers of recruitment revenue will be large-circulation newspapers, which will see their job related revenues decline by 12 percent over the next four years.
The variations we see within online recruitment media indicate greater traction among smaller, targeted job boards. The general job boards such as Monster and Hot Jobs, while loaded with listings and users, frustrate many recruiters due to the sheer number of unqualified resumes that they generate.
While the general boards are working to improve their filters, tighter, more focused niche boards will generate most of the growth in the recruitment arena. There are job boards for specialty jobs such as tax accountants, IT people and plumbers.
There are sites geared toward hourly and part-time positions and there are sites focused on demographic and lifestyle groups such as retirees and stay-at-home moms and dads or residents in a particular geographical area. The rise of social networking sites such as Linked In and management tools for "active job seekers" will increase the options for recruiters and jobseekers alike.
Finally, video is the hottest new tool in the arsenal for both employers and recruiters. Total ad spending for online video was $522 million in 2007 and is expected to reach $10 billion by 2012. A significant portion of the early spending on video ads is going to job and employer-related video. Hundreds of major companies have added short-form videos to job sites expounding the virtues of working at their companies. The full 29-page report is loaded with facts, 15 charts and tables, and analysis on this fast changing business category. http://www.researchandmarkets.com
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