NEW YORK, April 8, 2014 /PRNewswire/ -- Reportlinker.com announces that a new market research report is available in its catalogue:
2014 Recruitment Advertising Outlook: The Long, Gray Line
This 44-page report is our annual outlook on one of the largest and most important – and often overlooked – online advertising categories. Last year employers spent $16 billion on advertising and marketing to find candidates for open jobs. The overwhelming majority of it went to online media, making Recruitment, at $19 billion, the largest single online advertising category. It also ranks just ahead of real estate as the ad category where businesses earmark the highest percent of their ad budgets for online media (78%).
The recruitment advertising marketplace is almost indiscernible from pre-Internet days, when there seemed to be far more job openings than job seekers. At least it seemed that way in the nation's newspapers, which swelled with help-wanted ads. In today's reshaped marketplace, online job boards swell with help-wanted ads. But the underpinnings of that system are based on the old model of demand outstripping supply, which is no longer true. So things are about to change again.
The recruitment marketplace is being reshaped as a massive number of the unemployed queue up for far fewer jobs than there were a decade ago. For every job opening there is an average of nine candidates – half of them currently employed. The number of openings is 10% below what it was at the peak of newspapers' classified- advertising heyday in 2000 and dramatically lower if you begin counting the "marginally attached" job seekers – the employable women and men who are no longer counted because they haven't found a job in more than 12 months.
Demand has shifted from the employers to the job-seekers, while control has most certainly shifted to employers. In today's radically different marketing environment, the mere mention of a job on Facebook or LinkedIn (often for free) can drive a flood of candidates to complete an application form on an employers' website.
The job-recruitment category is evolving into less of an "advertising" category and more of an internally managed resource for many companies. In fact, classic advertising for jobs represents less than 20% of what employers spend to recruit candidates. If you factor out what employers spend on recruiting services, the "media" portion of recruitment marketing rolls up to a hefty $22.9 billion category this year. Of that, 84% is spent on online media, and of that, half is being spent on so-called digital services like developing websites, search engine optimization, and managing social media. That services portion is growing at the fastest clip – nearly 50% growth in 2014 and potentially tripling over the next five years.
By 2018, we foresee a future where employers will spend 67% of their recruitment marketing budgets on digital services, 23% on classic digital advertising, and the remaining 10% on traditional media advertising. This report details those trends, and takes a deep dive on what's happening with today's job market.
The report offers 75 charts and graphics detailing trends in the underpinnings of the Recruitment space, job openings and the number of candidates applying. It also dissects the various advertising and marketing expenditures across newspapers, magazines, broadcast media, outdoor and online, and further analyzes the growing amount of spending earmarked for "digital services." There are three appendices: Appendix A offers analyses and data on how job openings are determined; Appendix B delivers detailed charts on 2013 Recruitment spending; and Appendix C lists 22 individual job categories (Construction Retail, Transportation & Warehousing, Communications, Utilities, etc.) that show the number of business locations, number of employees, number of job openings by category (executive, managerial, sales, etc.), and marketing expenditures for each.
Executive Summary 4
CHAPTER 1: The Long Gray Line 5
Fig.1:1 Average Job Openings 2013-2014, by Industry Group 5
Fig.1:2 Average Job Openings, 2001-2014 6
Fig.1:3 The Nation's 2014 Long Gray Line – People Competing for Job Openings 6
Fig.1:4 The 2014 'Unemployment Line' by Industry 7
Fig.1:5 Hourly Cost of Robots vs. Humans: No Contest 8
CHAPTER 2: Recruitment Spending in 2014 9
Fig.2:1 Total Recruitment Spending, by Category, 2013-2014 9
Fig.2:2 Total Online Recruitment Spending Compared to Mobile Spending, 2010-2014 11
Fig.2:3 Total Online Recruitment-related Spending, 2012-2014 11
Fig.2:4 Total Local Online Recruitment-related Spending, 2012-2014 12
CHAPTER 3: The (Likely) Future 13
Fig.3:1 U.S. Average Job Openings – 2010-2018 13
Fig.3:2 U.S. Average Cost per Job Opening, 2010-2018 14
Fig.3:3 Total U.S. Recruitment Spending, 2014-2018 Forecast 15
Fig.3:4 Total U.S. Online Recruitment Spending, 2014-2018 Forecast 15
Fig.3:5 Local Online Recruitment Spending, 2014-2018 16
APPENDIX A: The Job Openings Metric 17
APPENDIX B: 2013 Recruitment Spending Estimates 19
APPENDIX C: 22 Employer Categories 23
BORRELL COMPANY PROFILE 45
To order this report: 2014 Recruitment Advertising Outlook: The Long, Gray Line
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