Appcast Research white paper shows recruiting costs “skyrocketed” in 2021 while more jobseekers took their job hunt online
BRIDGETOWN, BARBADOS — With recruitment costs rising worldwide, jobseekers becoming more selective amid the “Great Resignation” and global inflation creating an uncertain economic environment, it may be time for Caribbean employers to consider alternatives to the traditional hiring process.
Many Caribbean nations have stuck to more long-held recruitment processes — primarily through newspaper advertisements, word-of-mouth referrals or, in some cases, the use of local employment agencies.
In recent times, some companies have also posted openings to social media like Facebook, but in many instances, job postings online have fallen short in favor of traditional media.
But Glassdoor, an international company review site, asserted, “Posting jobs in the newspaper classified section has gone the way of the VCR.
“In order to truly stay competitive in the race for top talent, nearly all businesses need to invest in online job advertising.”
Many newspapers charge per line for printed job advertisements, and printing physical flyers can likewise be pricy when taking into account costs for graphic design, paper and ink.
While some traditional media outlets offer online job postings at an additional cost, international organizations like KellyOCG have offered data showing how companies can actually save more by utilizing an online talent acquisition service, which can reach a wider talent pool and reduce reliance on expensive recruiters.
In one particular case study, KellyOCG noted it was able to save a U.S. pharmaceutical company some $550,000 in just the first year alone by providing a personalized talent acquisition solution.
Modern solutions for recruitment
A recently published white paper by Appcast Research also made the case for a move towards online talent acquisition solutions as opposed to traditional outlets.
“Job seekers continued to move job search activities to mobile devices in 2021,” the organization reported.
“The share of clicks that occurred via mobile device rose to over 68 percent and the share of applications to 67 percent.”
Additionally, “Recruiting costs skyrocketed in 2021. The median cost per application (CPA) rose a dramatic 43 percent, from $19.96 to $28.47.”
Commenting on the findings, Joseph Boll, CEO, Caribbean Employment Services Inc., said it makes a compelling case for Caribbean companies to consider better recruitment solutions.
“Many of our region’s employers are still recovering from the effect of the coronavirus, eager to maximize savings and reduce expenditure,” said Boll.
“This is the opportune time to explore online talent acquisition services such as CaribbeanEmployment.com that help companies achieve exactly that.”
Appcast Research’s “2022 Recruitment Marketing Benchmark Report” - https://info.appcast.io/whitepaper/2022-recruitment-marketing-benchmark-report-website