Inaugural Report Points to Surging Market Prices to Attract Talent in Healthcare, Hospitality and IT in August, While Retail Prices Cool
Recruitics, a leading recruitment marketing and AI analytics platform, today released its first-ever Talent Market Index Report, which is designed to offer a monthly update on talent attraction prices and labor market trends. The data highlights notable shifts in hiring intensity across industries and provides insights to help employers address recruitment challenges and take advantage of talent acquisition opportunities.
The August 2024 Talent Market Index Report reveals a clear divergence across industries, with retail experiencing a sharp reduction in talent attraction prices due to stabilized hiring demand following an early holiday hiring surge, while sectors such as healthcare, hospitality, and IT face rising prices as competition for skilled talent intensifies.
“We created the Talent Market Index Report to help provide actionable insights and inform recruitment strategies by going beyond the existing jobs numbers and offering a deeper dive into what’s happening in the labor market with industry-specific hiring trends,” said Adam Stafford, CEO of Recruitics. “The August Report data shows that while retail is enjoying what is likely a brief period of price stabilization, sectors like healthcare and IT see escalating expenses as they vie for a shrinking pool of skilled professionals. This shift points to the need for adaptable, data-backed hiring strategies in a time of increasing competition for talent.”
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Sector-Specific Highlights:
- Overall Trends: Market prices to attract talent continue to trend upward year-over-year while month-over-month changes diverge across industries.
- Retail: Market prices decreased sharply by 40.73% over the past month and by 56.39% over the past year, reflecting a stabilization post-aggressive early holiday hiring and moderated inflation. An increase in applicants has further driven down competition for the fewer non-seasonal roles that opened through August.
- Transportation & Logistics: Prices decreased 5.07% month-over-month and 24.67% year-over-year, indicating a steady decline in industry hiring costs as supply chain disruptions moderate and high interest rates weigh on consumer demand.
- Hospitality: A 33.8% reduction in prices in August indicates a slight market correction following peak summer hiring. However, the sector remains robust with service roles in high-demand and hiring costs sharply up 223.67% year-over-year as travel has rebounded post-pandemic.
- Healthcare: Market prices increased by 11.88% month-over-month and 35.12% year-over-year, driven by continued demand and competition for healthcare professionals amid demographic shifts and evolving care models.
- IT & Related: Although talent attraction prices in IT showed only a small increase of 0.53% in August, they have surged 112.39% over the past year after initial waves of post-pandemic layoffs in tech, fueled by the need for expertise in AI, cybersecurity and cloud computing.
- Finance & Operations: A minor 2.20% decrease in August reflects a cautious hiring strategy. Yet, the sector has seen a 48.33% year-over-year increase in talent attraction prices, driven by the demand for roles in data analytics, regulatory compliance, and sustainability.
The Talent Market Index Report leverages billions of data points from job advertisements and proprietary Recruitics data, tracking key metrics such as Cost per Click (CPC) and Cost per Application (CPA) across diverse job categories. By analyzing these factors, it serves as a complement to traditional economic indicators like the Bureau of Labor Statistics jobs report and ADP payroll data to help inform trends in employer hiring and provide added context to what’s driving labor market shifts.
Looking ahead, Recruitics will continue to track fluctuations in talent attraction costs across various industries via the Talent Market Index Report, offering a unique lens on the evolving labor market. As economic conditions shift, businesses can rely on this data to adapt their recruitment strategies and stay competitive in attracting top talent.
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