Companies looking for new hires are placing more of their pleas online than on newsprint - a study by Borrell Associates notes that nearly $6 billion of media spending is now devoted to internet job ads. Borrell says that recruitment has become the first major advertising category to “slip from the iron grasp” of traditional media and become “majority controlled” by online. By the end of 2006, Borrell says, recruiters were spending more for online media than for any other medium, including newspapers: $5.9 billion for online, compared with $5.4 billion for newspaper ads.
Borrell also expects:
-- Online job ads to grow at a compound annual growth rate of 10.3% over the next five years, approaching $10 billion by 2011.
-- Metro dailies will lose 20 percent of their annual recruitment revenue from 2006 through 2011.
-- Despite the growth of online job sites, of the estimated 24.4 million adults who planned to look for a job in 2006, only one-third – 8.4 million of them – planned to use the Internet in that search.
-- Recent partnerships between newspapers and online job sites like Monster.com and Yahoo’s HotJobs signal that they may need each other to continue to grow.
The full report is not available online.