Online Recruitment increases exponentially
In a recent article “online Job sites overshadow newspaper classifieds”, author Rob McGann identifies that the battle between the leading online job marketplaces may have a negative impact on newspaper classifieds revenues.
It was found in a report by research company Corzine that the revenue growth rate for Careerbuilder, Monster, and HotJobs (all popoular online recruitment sites) outstripped their newspaper classified counterparts by 3 to 1 in the third quarter of 2004.
Furthermore, Online job boards posted an even larger percentage growth in recruitment volume. Corzine chief executive Bruce Murray projects that online job board recruitment revenue and volume growth will continue to significantly outpace print newspaper classifieds beyond the end of 2005.
"As online job boards gain more volume, consumers will gravitate to them in even greater numbers. It's the kind of thing that, taken as a whole, hurts overall print newspaper sales, where you don't look in the Sunday classifieds anymore for job listings", said Murray.
In addition to online job boards and recruitment sites, it was noted in an article by Drew Robb that an ever-increasing number of companies are setting up career portals on their corporate web sites to cut costs and reduce the time to fill empty positions.
"Over the last 10 years it has gone from a fairly uncommon practice to a prevalent one, particularly among the Fortune 500 and [Forbes'] Global 2000," says Michael Moretti, a research analyst for HR.com.
It seems that although these large online job portals are difficult to bring into being due to large time and money barriers, the reduced ongoing costs have persuaded large multinational firms to make the switch online.
So whether it be to online job boards or intra-company online job portals, there has definitely been a shift away from the traditional print based recruitment methods towards the infinite complexity of the online environment.
