New research gives insight into the unique challenges that COVID-19 has created, including a decreasing advertising spend, uncertainty and a glimmer of hope
FOR IMMEDIATE RELEASE
STAMFORD, CT— (March 23, 2020) – TAtech, the global trade association for the talent acquisition technology industry, released a report today focused on the far-reaching effects COVID-19 is having on talent acquisition. Citing advertising budget cuts and reduced spend, respondents to a global survey said the coronavirus is having a profound impact on corporate hiring.
Key highlights of the report include:
• Most of those who responded (57%) work for job boards, with over 33% of respondents citing a gross revenue of $1.1 – 5.0 million per year.
• 65% of those who responded stated, “They’re uncertain about the full impact and are waiting for corporate guidance” due to expected changes brought on by COVID-19.
• 82.5% of respondents reported a reduced spend in advertising due to COVID-19, with 37% of individuals stating that spends were reduced up to 50%.
• 77.7% of companies that responded have initiated a hiring freeze due to COVID-19, with almost 80% of respondents citing as the cause a change in company strategy.
• 72% responded that they expect COVID-19 to bring not only new strategies for their business but new opportunities as well.
The complete results of the TAtech COVID-19 Industry Impact Survey
will be published shortly.
TAtech is the trade association for the worldwide community of organizations that provide technology-based tools for recruiting. Collectively, their membership powers or operates on-line products and services for every facet of talent acquisition. Find out more at www.tatech.org.