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Soaring recruitment costs in 2021

Soaring Recruitment Costs of 2021

If you’re a recruiter, you probably noticed the soaring recruitment costs of 2021. In 2022, this is a pain point top-of-mind for hiring managers. According to Appcast’s 2022 Recruitment Marketing Benchmark Report, the median price per application in 2021 increased to 43%. Appcast attributes this increase to a discrepancy between the number of available jobs and the current labor supply. In addition, the price of online ads increased by 14% during the pandemic.

According to Appcast, job seekers are increasingly searching for new positions on their mobile devices, with more than two-thirds of clicks (68%) and applications (67%) coming via mobile.

So, what can hiring managers do to avoid the soaring recruitment costs of 2021?

In 2022, data is everything. So one of the most proactive measures recruiters and hiring managers can take to combat the soaring recruitment costs seen in 2021 is to streamline their CRM so that their teams run on data.

Not to mention, virtual hiring is also here to stay. So even in a world where there are no global pandemics, the after-effects of the past two years will be long-lasting.

Another facet to consider is the increase in internal hiring. According to LinkedIn data, internal mobility has been up 20% since the onset of COVID-19. Mark Lobosco, Vice President of Talent Solutions at LinkedIn, says, “Our data show that employees stay 41 percent longer at companies that hire internally than those that don’t. As companies continue to experience the benefits of internal mobility, we’ll begin to see it shift from an ad hoc solution to an essential corporate strategy. This will lead to HR and L&D partnering closer than ever before to understand existing skill sets better, address skill gaps in their organization and build more robust internal mobility programs.”

And finally, a great way to expand a shrinking labor pool is to develop skill sets. The Society for Human Resource Management, SHRM, says that adaptability is the #1 trait among successful candidates. Hiring Managers want candidates who can be a jack of all trades.

We hope this article gave you a good sense of where to go this year to combat the soaring recruitment costs of 2021. At APC, we value our candidates’ desire to find that perfect match opportunity for their career needs. Visit our job board today and see our variety of openings in various industries from engineering to IT. Additionally, you can read all of our thought-leadership pieces on our blog. We also have segmented topics to reflect business intelligence toolsdata science, and management/data governance.

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