Cost-per-hire decreased by 50 per cent in 2009-2010 compared to one year earlier
Cost-conscious employers are cutting back on traditional branding activities at Canada’s colleges and universities, turning instead to social networks to conduct "social recruiting," according to new report.
The 2010 Campus Recruitment and Benchmark Survey Report, released by the Canadian Association of Career Educators and Employers (CACEE), found more employers will be trying to engage graduates online in an effort to save money.
"Canadian recruiters will visit fewer campuses this year, as they increasingly turn to popular social media websites, like Linked In, Facebook and You Tube to find their hires." said Paul Smith, executive director of CACEE.
In 2009, recruiters visited and posted jobs at an average of four campuses. In 2010, they targeted only two campuses and posted jobs at three. Conversely, 34 per cent of recruiters turned to social networks in 2010 — a significant jump from the 23 per cent who did online recruiting in 2009.
The report, which surveyed 654 employers, also predicts the Class of 2011 will find a flat job market, with frozen starting salaries, sluggish hiring rates and disappearing signing bonuses.
However, findings from the study also suggest that a new war for talent may be emerging. Top performing graduates from the Class of 2010 reported they received multiple job offers, leaving employers to turn to second tiers of candidates, or missing their marks altogether
In 2009, 77 per cent of employers filled their available new graduate positions, while only 72.5 per cent of new graduate jobs were filled in 2010. The primary cause of candidates rejecting job offers involved being pursued by another employer.
"A labour market becomes more competitive at the top first, and then gradually opens up to other candidates as demand remains unmet," said Ricci. "We may be seeing the beginning of the return to the aggressive markets of a few years ago — we’ll need to monitor another cycle to know for sure."
Other highlights:
• Most new graduate recruitment for 2009-2010 was concentrated in Alberta and Ontario, accounting for over 75 per cent of all college hires reported in 2010.
• The average starting salary for new campus hires with a university degree in 2010 was $48,817, ranging from $40,458 for those entering retail sales positions to $75,000 for those entering investment banking.
• The average cost-per-hire for the 2009-2010 recruiting season was $4,638, down almost 50 per cent from the year prior.
