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North America Online Recruitment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Job Type and Application

North America Online Recruitment Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Job Type and Application

  • July 2021
  • 72 pages
  • ID: 6134749
  • Format: PDF
  • The Insight Partners

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The online recruitment market in North America is expected to grow from US$ 12,009.85 million in 2021 to US$ 18,273.05 million by 2028; it is estimated to grow at a CAGR of 6.2% from 2021 to 2028. Digitalization of all business processes including recruitment is also bolstering the growth of the industry. Digital transformation is changing how businesses work (internal) or communicate with their customers (external). However, in most situations, digital transformation entails purchasing software and data technologies such as recruiting solutions and online recruitment channels, to reduce or remove administrative activities and improve operational performance within and across departments and hiring teams. There are various benefits of digitalization or shifting to the online mode of recruitment such as: Better productivity and time efficiency: In a variety of ways, online recruiting aids in the speeding up of everyday hiring procedures. Companies can automate administrative tasks such as keeping track of applicant paperwork or arranging interviews. Online recruiters use applicant tracking system (ATS) solutions to screen candidates quickly since the ATS stores all of the requisite candidate data in one location. They will not have to read a resume before moving on to the candidate’s cover letter, portfolio, or appraisal because it will be on the same page. Recruiters are not the only ones that profit from online recruitment systems. Candidates can also apply quickly since the processes include auto-filling application forms and one-click apply buttons. Other factors promoting the digitalization are improved candidate analysis and access to vast number of applicants, among others. The above-mentioned factors are promoting the digitalization in recruitment process among companies across the globe, thereby fueling the growth of the online recruitment market.

It is becoming apparent with the COVID-19 pandemic spreading across the United States significant challenges are faced by all industries.Thus, any impact on industries directly affects the economic development of North America.

The US is the world’s worst-affected country by the COVID-19 outbreak. The consequent economic downturn has led to the rise in number of jobless candidates by more than 14 million in the country, which reached 20.5 million in May 2020 from 6.2 million in February 2020. As a result, in 2020, the rate of unemployment increased from 3.8% in February to 13.0% in May in the US; the rise in unemployment rate continued in April as well with 14.4%. This also led to a standstill in recruitment process across the region thereby impacting the online recruitment market. However, post Q3 2020, the number of COVID-19 cases in the US started declining, thus triggering gradual normalization of economic activities in the country. This resulted in rise in demand of products and services across the region. Moreover, with the improved vaccine distribution and administration drives, the US witnessed a more than expected increase in job openings in February 2021. According to data released by the Job Openings and Labor Turnover Survey (JOLTS), in 2021, the number of job openings rose to 7.4 million in March 2021 from 7.1 million in February 2021. Nonetheless, the labor market has a long way to go before resuming its late-2019 status. The US hiring rate increased to 4% in February 2021 from 3.8% in February 2020. To hire people easily and rapidly while maintaining social distancing, the demand for online recruitment rapidly increased across the region.

The permanent segment led the online recruitment market based on job type in 2020.A permanent job, also known as a full-time job, is an employment arrangement in which a person works for an employer and is paid directly by them.

Unlike a temporary or contract employee who is employed to do a job for a certain period, a permanent employee’s employment does not have a fixed end date.Permanent is described as working 35 hours or more per week, according to the Bureau of Labor Statistics (BLS).

The Affordable Care Act describes permanent workers as those who work an average of 30 hours a week for the purposes of determining employer required payments for larger employers.The cost for hiring permanent employees is high as there are number of processes to be followed to ensure the proper selection process.

Companies are increasingly adopting online recruitment process to reach a vast pool of talent. The online recruitment also enables the companies to automate applicant tracking and other monotonous and mundane tasks in the recruitment process. Thus, the above-mentioned factors are contributing to the growth of the online recruitment market over the years, which is ultimately drives the online recruitment market.
The overall North America online recruitment market size has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.

The process also serves the purpose of obtaining overview and forecast for the North America online recruitment market with respects to all the segments pertaining to the region.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.

The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the North America online recruitment market. Glassdoor, Inc.; iPlaceUSA, Inc.; itForte; Info Edge (India) Ltd. (naukri.com); LinkedIn Corporation; SH Inc; and StepStone GmbH are among a few players operating in the North America online recruitment market.

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