Appcast releases 2024 Recruitment Marketing Benchmark Report, revealing research and key insights into the state of the labor economy and its impact on talent acquisition
Lebanon, New Hampshire, February 6, 2024 /PRNewswire-PRWeb/ — Appcast, the global leader in recruitment marketing technology and services, today announced the findings of its 8th annual Recruitment Marketing Benchmark Report. This annual report, downloaded by nearly 7,000 talent acquisition professionals last year, examines his 2023 job advertising data from more than 1,300 employers in the United States. The report's findings are based on an analysis of 379 million job ad clicks and his 30.5 million applications.
The U.S. economy is now on track to achieve the Federal Reserve's goal of a “soft landing,” according to Upcast's team of labor economists. In the United States, high interest rates and market forces have cooled inflation, while avoiding a recession in 2023. Meanwhile, the labor market remains strong (very low unemployment and strong labor supply), but not as “hot” as in previous years. The translation is:
- Higher interest rates and an uncertain economic outlook have dampened employer demand for workers. Similar declines are true for both employee attrition and job openings.
- Last year saw a significant recovery in labor supply due to increases in both the female and immigrant workforce.
- Turnover rates have fallen, the “mass resignations” have ended, and wage growth has slowed accordingly.
Cooling labor market brings some relief to hiring budgets
One of the most important outcomes of the cooling labor market is that talent acquisition teams will be able to stretch their budgets even further, allowing recruiters to This means that people will be able to receive more “return''. standard.
- The number of clicks and applications per job listing increased, with an average of 4.48 clicks and 0.7 applications per job at the end of the year, indicating an increase in the supply of job seekers.
- Median cost-per-click (CPC) for job ads continued to decline in 2023. By the end of 2023, the median CPC hit an all-time low. $0.85compared to $1.07 2022 and $1.10 In 2021.
- The median application rate increased by 22.5% from 2022. “Application Rate” is defined as the number of people who submit an application after clicking on a Job Advertisement, expressed as a percentage.
- The median cost per application (CPA) is $19.40 By the end of 2023, it will be down 29.6% compared to 2022.
Plan a winning formula for successful recruitment
The Appcast Recruitment Marketing Benchmark Report provides practical advice for employers to increase the efficiency and effectiveness of their recruitment marketing efforts while optimizing their budgets. Insights include:
- Detailed metrics on job seeker activity, including application rate and CPA broken down by state.
- Job-specific charts and data breaking down factors such as CPC, adoption rate, CPA, mobile adoption rate, and more for over 20 different jobs.
- A breakdown of current application rates for desktop and mobile, and why mobile application rates will decline slightly in 2023, from 67% in 2022 to 62.07% in 2023.
- Insights into when job seekers are most likely to apply for jobs.
“For those working in talent acquisition, the past few years must have felt like a roller coaster. For the first time since the pandemic, recruiters are finally seeing some signs of relief. After one of the most turbulent working environments, The market we've seen for decades is lower costs and better results when it comes to recruitment. ” he said. Heather Salerno, Chief Marketing Officer at Appcast. “Appcast's annual report provides data to employers to facilitate strategic conversations, improve hiring efficiency, and benchmark performance among colleagues.”
Click here to download the 2024 Recruitment Marketing Benchmark Report.
methodology
Appcast analyzed pay-for-performance job ads for each major job category. Period-based posts and slots are not included. This study only considered job ads that were purchased on a performance basis (cost per click (CPC) or cost per application (CPA)). Job advertisements using easy application technology are excluded from this report. All data is from long-term applications/ATS ads. Mobile data includes iPads and other tablets.
About App Cast
Appcast is a global leader in recruitment marketing technology and services.in July 2023, Appcast has acquired Bayard Advertising, a pioneer in the recruitment marketing field. With advanced technology, unparalleled market data, and a team of the industry's best recruiting marketers, Appcast's technology and services drive recruiting outcomes for more than 2,000 clients.Applicast's head office is Lebanon, New Hampshire There are offices everywhere North America and Europe. Appcast is a subsidiary of Stepstone Group, a leading digital recruitment platform that connects companies with the right talent and helps people find the right job. For more information, please visit http://www.appcast.io and follow X. @appcast_io.
media contact
elizabeth buchantiGabriel Marketing Group (for Appcast), 407-463-8865, [email protected]
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