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Online Recruitment - USPublished by: Mintel International Group Ltd. Published: Jan. 1, 2005 - 98 Pages Table of ContentsINTRODUCTION AND ABBREVIATIONS Introduction Other relevant reports Definition Abbreviations & Terms Abbreviations Terms EXECUTIVE SUMMARY Market enters new growth phase Consolidation and specialization Labor, technology trends drive the market New networking opportunities A rapidly growing market Big Three vs. niche players Competition for qualified candidates Consumers seek job information and options Technological advances fuel future trends MARKET DRIVERS Introduction Most Americans on hunt for new job Labor force trends Employment rates sluggish Competition for available jobs remains stiff Low average job tenure means ongoing need for convenient job search tool Trends in corporate hiring practices Figure 1: Share of Internet versus traditional hiring sources, 2002-2004 Graph 1: Share of Internet versus traditional hiring sources, 2004 Figure 2: Total newspaper employment classified advertising expenditures, at current and constant prices, 1999-2004 Graph 2: Total newspaper employment classified advertising expenditures, at current and constant prices, 1999-2004 Job seekers Figure 3: Total online résumés, at current and constant numbers for the U.S. recruitment market, 1999-2004 Graph 3: Total online résumés, at current and constant numbers for the U.S. recruitment market, 1999-2004 Trends in the staffing industry, including online recruiting Demographic factors Figure 4: U.S. population by generation, 2005 Hispanics a prime target Figure 5: U.S. population by race and Hispanic origin, 2000-2010 Figure 6: U.S. population by age and race/Hispanic origin, 2005 Figure 7: Labor force participation, by age and race/Hispanic origin, 2003 A more cost effective recruiting tool Convenience and efficiency Benefits to employers Benefits to job seekers The spread of technology PC market penetration Figure 8: Household ownership of personal computers, 2001-2004 Internet access and broadband connections Graph 4: Internet access trends, by type of access, online U.S. households, 2003 & 2004 Rise of new online communications channels Social networking Figure 9: Leading social networking websites Blogs Privacy and security concerns Figure 10: Attitudes about job hunting, online and offline, August 2004 MARKET SIZE & TRENDS Figure 11: U.S. Online recruitment advertising and membership revenue, at current and constant prices, 1999-2004 Graph 5: U.S. Online recruitment advertising and membership revenue, at current and constant prices, 1999-2004 MARKET SEGMENTATION Figure 12: Total spending on Internet recruitment, segmented by revenue source, 2002-2004 SUPPLY STRUCTURE Introduction Recruitment company competition and trends Sales and market share Figure 13: Annual U.S. online recruitment advertising revenue, 2002-2004 Graph 6: Annual U.S. online recruitment advertising revenue, 2004 Company Profiles Monster.com CareerBuilder.com Yahoo! HotJobs.com Other online recruiting sites 6FigureJobs.com America's Job Bank (AJB) MRINetwork.com Careersite.com Computerjobs.com ConstructionJobs.com Craigslist.com DirectEmployers Employment911.com Futurestep GoJobs.com Hcareers.com Kforce.com Net-Temps.com Techies.com TrueCareers.com Vault.com ADVERTISING & PROMOTION Introduction Internet advertising trends Advertising & promotional activities among online recruiters Monster CareerBuilder Yahoo! HotJobs Niche sites THE CONSUMER Introduction Recent usage of online job searching Figure 14: Online job search in last 30 days, May 2003-April 2004 Frequency of recent online job searching Figure 15: Frequency of online job searching in last 30 days, May 2003-April 2004 Figure 16: Frequency of online job searching in last 30 days, by employment status, May 2003-April 2004 Figure 17: Employed respondents' frequency of online job searching in last 30 days, by gender, May 2003-April 2004 Figure 18: Unemployed respondents' frequency of online job searching in last 30 days, by gender, May 2003-April 2004 Figure 19: Employed respondents' frequency of online job searching in last 30 days, by age, May 2003-April 2004 Figure 20: Unemployed respondents' frequency of online job searching in last 30 days, by age, May 2003-April 2004 Figure 21: Employed respondents' frequency of online job searching in last 30 days, by household income, May 2003-April 2004 Figure 22: Unemployed respondents' frequency of online job searching in last 30 days, by household income, May 2003-April 2004 Figure 23: Employed respondents' frequency of online job searching in last 30 days, by presence of children, May 2003-April 2004 Figure 24: Employed respondents' frequency of online job searching in last 30 days, by race/Hispanic origin, May 2003-April 2004 Internet users' use of online recruiting sites Figure 25: Use of online recruitment sites for information or applying for a job, August 2004 Internet users' attitudes about job hunting Figure 26: Attitudes about job hunting, online and offline, August 2004 Figure 27: Attitudes about job hunting, online and offline, August 2004 Outcome of online job hunting Figure 28: Outcome of online job hunting, August 2004 Figure 29: Outcome of online job hunting, by age, August 2004 Figure 30: Outcome of online job hunting, by household income, August 2004 Figure 31: Outcome of online job hunting, by region, August 2004 Figure 32: Outcome of online job hunting, by educational attainment, August 2004 Job sites visited Figure 33: Job sites visited, August 2004 Type of job searched for Figure 34: Types of jobs searched for, August 2004 Localized search or willingness to relocate Figure 35: Search for local or jobs requiring relocation, August 2004 Conclusion FUTURE & FORECAST FUTURE TRENDS Introduction Broadband changes everything, again Expanded use of blogging and social networking New search and tracking technologies End of the browser? Highest growth careers "Shopping" for jobs Producing qualified candidates MARKET FORECAST Online recruitment advertising/membership revenue Figure 36: Forecast of U.S. online recruitment advertising/membership revenue, at current and constant prices, 2004-2009 Graph 7: Forecast of U.S. online recruitment advertising/membership revenue, at current and constant prices, 2004-2009 Forecast Factors APPENDIX: TRADE ASSOCIATIONS APPENDIX: RESEARCH METHODOLOGY Consumer Research Sampling & Weighting Presentation & Definition Further Analysis Trade Research Informal trade research Formal trade research Desk & Internet Research Sources Definitions Forecasts APPENDIX: WHAT IS MINTEL? Mintel Reports Global New Products Database Comperemedia® Mintel Services POS+ Mintel Consultancy AbstractThe online recruitment market has seen some significant changes from 1999 to 2004. The economic downturn of 2001-2003 markedly affected both revenue streams and the supply structure of the industry. In 2002, for instance, revenues actually fell by nearly 20%, while at the same time record numbers of job seekers were posting résumés to recruitment websites. This began to turn around in 2003, and revenues for 2003 and 2004 are at or above 2001 levels. And the revenue outlook is good, as more and more companies and job seekers move their career advertising online. According to industry experts, 96% of Fortune 500 companies now use some sort of online recruitment process.Market shake-out due to the downed economy drove many recruitment sites into bankruptcy or out of business altogether, creating an opportunity for larger players to acquire or affiliate with the remainder. The outcome has been the emergence of an industry dominated by three major players: Monster, CareerBuilder and Yahoo! HotJobs, which together account for about 55% of revenues. The remainder is accounted for by a plethora of smaller, industry- or sector-specific sites that appeal to a specialized clientele-the Big Three are thus actually losing some ground to these niche sites. The economy is showing signs of a recovery, though job growth remains slower than corporate growth and unemployment has remained at a relatively fixed rate over the past year. Online recruitment, however, is positioned to grow more quickly than other economic sectors. It is predicted that online advertising overall will exceed $16 billion by 2008, adding more than $10 billion from the industry's total revenues today. Recruitment advertising will likely be the single largest segment of this sector. Mintel forecasts that recruitment advertising and membership revenue will reach nearly $5.9 billion in 2009.
While the use of online recruitment sites is growing in popularity, job seekers are not relying exclusively on this channel for their job hunting activities. A majority of respondents to Mintel's exclusive online survey state they "prefer to use several methods to look for a new job." Mintel's survey also reveals that some 43% of respondents had some success in their online job searches, either by scheduling an interview or by being hired for a full- or part-time position. It is likely the case that both passive and active job seekers find online searches relevant, since the potential return far outweighs the expense of the services, which are usually free. One in five respondents indicated they had no success whatsoever in their online job hunting endeavors, which could signal a need for more rigorous screening systems, or application systems that cater to the most highly qualified candidates. |
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