Recruitment Technology company Appcast’s benchmark report has suggested that COVD-19 and Work-From-Home (WFH) has resulted in a soaring rise in Recruitment costs.
COVID has presented many businesses across the world with a whole plethora of unforeseen issues, making it one of the most challenging times for modern businesses. The benchmark report saw that cost-per-application (CPA) rose by 43% in 2021 compared to 2020, as did cost-per-click on job applications which saw a huge increase from 11% in 2020 to a staggering 54% in 2021.
The increase in demand post-COVID for workers, coupled with the desire for additional extras like WFH options, have created a perfect storm for a candidate driven market, where candidates have enough options to afford being super selective over what jobs they choose and then negotiate on selective options.
This means employers have to work extra hard on not only creating a strong employee value proposition, but also increase their recruitment marketing spend to counteract the increase in the overall cost-per-hire (CPH).
Just to add weight to the notion that candidates are looking for a more flexible work-life-balance, the report also found that job ads that included ‘remote working’ or ‘work from home’ within them, actually resulted in a much lower CPA and an increase of around 12% in the application rate of candidates.
Essentially, those companies that are able to allow this kind of remote working, should. Clearly the candidates are keenly interested in this particular type of working model.
