Recruiter.com Group, Inc. (OTCQB: RCRT), a leading hiring platform with the world's largest network of small and independent recruiters, released the results of the October 2020 Recruiter Index®, the seventh installment of Recruiter.com's ongoing survey of its extended network of recruiters and talent acquisition professionals. Last week, Evan Sohn, Recruiter.com CEO, presented the results live on CNBC. Since the survey began in April 2020, the Recruiter Index® has successfully forecast many key job market changes.
On November 11 at 1 PM EST, Recruiter.com CEO Evan Sohn and COO Miles Jennings will host a webinar to take a deep dive into the October Recruiter Index®. Interested attendees can register for the webinar here.
Highlights from the latest report include:
- Only 25 percent of recruiters say COVID-19 is having a significant impact on their recruiting activities right now
- Recruiters report that the majority of candidates are open to hearing about new roles
- Remote work is candidates' primary concern when evaluating job opportunities, followed by compensation
According to the report, recruiters do expect hiring activity to slow down compared to previous months. Only 36 percent said they expect the job market to get hotter, compared to 39 percent in September. Similarly, 30 percent said they expect the job market to get colder, compared to 29 percent in September. The recently released October jobs report suggests recruiters were right, as fewer jobs were added that month than in previous months.
The Recruiter Index® has historically been accurate in predicting workforce trends. For example:
- In the September Recruiter Index®, 77 percent of healthcare recruiters predicted that demand for talent would grow over the next 90 days. This turned out to be correct when the healthcare sector added 58,300 jobs in October, 5,500 more jobs than were added in September.
- In the August Recruiter Index®, 90 percent of manufacturing recruiters said they expected demand for talent to increase over the next 90 days. This turned out to be correct when ADP reported a surge in manufacturing hires in September.
- In the July Recruiter Index®, recruiters signaled a slowdown in hiring activity, with only 39 percent expecting demand for talent to increase over the next 30 days. The July jobs report confirmed that, with 3 million fewer jobs being added that month than in the previous month.
- In the June Recruiter Index®, most recruiters — 51 percent — predicted increasing demand for talent over the next 30 days. The June jobs report confirmed that prediction, with the economy adding a record 4.8 million jobs that month.
- In the May Recruiter Index®, recruiters reported a significant increase in workloads, from 12 open roles per recruiter in April to 15 in May. The Bureau of Labor Statistics confirmed this improvement with its May jobs report, which found an unexpected gain of 2.5 million jobs that month.
Recruiter.com Group, Inc.
Recruiter.com is a hiring platform for the world's largest network of small and independent recruiters. We empower businesses to recruit specialized talent faster with virtual teams of recruiters and AI job-matching technology. Visit https://www.recruiter.com.
For investor information, visit https://www.recruiter.com/investors.html.
Please follow social media channels for additional updates:
- LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
- LinkedIn Company Page: https://www.linkedin.com/company/1240434
- Twitter Company Page: https://twitter.com/recruiterdotcom
- Facebook Company Page: https://www.facebook.com/RecruiterDotCom
Company Contact:
Recruiter.com Group, Inc.
Phone: (855) 931-1500
Investor Relations:
Dave Gentry
RedChip Companies, Inc.
Phone: (407) 491-4498
Cautionary Note Regarding Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the Recruiter Index's accuracy and continued accuracy, expected improvements in the job market, the effect of COVID-19 on the economy, the demand for talent, and the trends in remote work. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future developments, or otherwise, except as may be required by law.
