US labor market continues to stabilize

app castGlobal leader in recruitment marketing technology and services releases findings from 8th annual report “Recruitment Marketing Benchmark Report” Downloaded by nearly 7,000 talent acquisition professionals last year, the annual report examines 2023 job advertising data from more than 1,300 U.S. employers. 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. This happened for various reasons.

• 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 declined, mass resignations have ended, and wage growth has correspondingly slowed.

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, giving recruiters more flexibility in a cooling but still historically “tough” market. 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 the year, the median CPC was $0.85, a new low compared to $1.07 in 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 ad, expressed as a percentage.
• The median cost per application fell to $19.40 by the end of 2023, a 29.6% decrease compared to 2022.

This report provides practical advice for employers to increase the efficiency and effectiveness of their recruitment marketing efforts while optimizing their budgets. This includes detailed metrics on job seeker activity by state, job-specific charts and data, and a current breakdown of desktop and mobile application rates. Insights into when job seekers are more likely to apply for a job.

“For anyone in talent acquisition, the past few years have probably felt like a roller coaster ride,” says Heather Salerno, chief marketing officer at Appcast. “For the first time since the pandemic, recruiters are finally feeling some signs of relief. We are emerging from one of the most turbulent labor markets in decades, and when it comes to recruiting, we are seeing lower costs and better outcomes. Appcast’s annual report shows employers are leveraging data to drive strategic conversations, improve hiring efficiency, and benchmark performance among peers. I will make it possible.”