With the media buzz earlier this summer about startup layoffs and the looming threat of recession, many of us in talent acquisition have been left wondering what’s to come. Last month, we were joined by Andrew Flowers, Labor Economist at Appcast, to talk us through the intersection of recruiting and economics.
While Andrew notes the potential for a mild recession in the future, there is still a broad-based demand to hire workers and insufficient labor to meet the need. Many economists believe that the labor market is depressurizing instead of deflating.
Beyond a tight labor market, organizations have faced high recruiting costs during the pandemic. While the costs have cooled, the ‘cost per click’ for job advertisements more than doubled from 2020 to 2022. A slight uptick in apply rates since the spring is a welcome sign for organizations as they work to fill roles.
Check out the full meeting to learn more about Andrew’s economic predictions and observations on recruiting. And for those who will be joining us for our Leadership Meeting in October – we’re excited to announce that Andrew will be there to give us an economic update and lead a discussion around its impact on recruiting.
