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The Recruitics Talent Market Index offers a fresh perspective on talent supply and demand dynamics across industries. It tracks the fluctuating costs of attracting talent through paid advertising across diverse media channels. By focusing on pricing data, the Index complements traditional labor market metrics like job openings and hiring volume, providing a clearer signal of demand for talent, regardless of job posting volume.
August 2024 Key Findings
U.S. Recruitment Costs Show Sharp Divergence Across Industries: Declining Demand in Retail Leads to Lower Talent Attraction Costs, While Hospitality and IT Face Stronger Hiring Competition Amid Economic Shifts.
Modest Increase in Costs: The overall cost of attracting talent in August 2024 increased by 4.9% compared to July, and remained 8% higher than the 2022 baseline. Sector-Specific Insights: The Finance & IT industries are driving up recruitment costs as they increasingly require more specialized expertise. Continued demand for talent in sectors like healthcare and hospitality is also contributing to higher costs. Retail Focus: The retail sector has seen a slowdown in hiring demand, leading to a significant drop in recruitment costs as businesses stabilize their workforces. An increase in applicants has further driven down competition for the fewer non-seasonal roles
