A global financial services analyst has reported that companies are spending more than expected on online recruitment, and that figure is expected to increase even further this year.
John Janedis, a senior analyst at financial services firm UBS Securities said that the recruitment industry is performing 'far better' than he expected, and that firms across the globe are injecting more money than anticipated into their online recruitment processes.
Mr Janedis wrote in a research paper into online recruitment, "It appears as though the cyclical growth in the near-term is better than we expected, pressure on pricing has abated and the non-U.S. business is accelerating in some markets."
Mr Janedis predicted that online recruitment spending will rise by 19 per cent over the course of this year, hitting $2.1 billion (£1.27 billion). This is an increase of four per cent from his earlier estimate of 15 per cent growth.
These predictions follow recent findings showing that job opportunities across the UK increased by nine per cent in March when compared with the same period last year, according to recruitment firm Monster's latest Employment Index for the UK.
Geoff Newman, from online recruitment company Recruitment Genius also believes the online recruitment industry is set to boom.
“Online recruitment has taken off whilst offline media spend has fallen significantly. This is purely because the merits of online far outweigh offline. However shortly this rise is going to be compounded as demand for staff rises and the fear and cost of recruiting online is removed. It’s an exciting time for anyone in the online recruitment arena.”