The number of clicks and applies per job posting rose in 2023, but the median cost per click fell, according to an analysis by Appcast, a provider of programmatic job advertising.
It found the median cost per click for a job ad fell to a new low of 85 cents at the end of 2023 compared to $1.07 in 2022 and $1.10 in 2021.
On the other hand, the number of clicks and applies per job posting increased, ending the year with an average of 4.48 clicks and 0.7 applies per job. This indicates a larger supply of job seekers.
Other findings:
- Appcast reported the median apply rate increased 22.5% from 2022. The apply rate is defined as the number of people who submit an application after clicking on a job ad represented as a percentage.
- The company found the median cost per application fell 29.6% year over year to $19.40 at the end of 2023.
“If you’re in talent acquisition, the past few years have likely felt like a rollercoaster ride,” Heather Salerno, chief marketing officer at Appcast, said in a press release. “For the first time since the pandemic, recruiters are finally seeing signs of relief. We seem to be shifting away from one of the most turbulent labor markets we have seen in decades and experiencing lower costs and better outcomes when it comes to recruiting.”
Appcast’s report examines job ad data from more than 1,300 employers in the US. The analysis includes 379 million job ad clicks and 30.5 million applications.
Overall, the US is on track to achieve the Federal Reserve’s goal of a “soft landing,” according to Appcast. The US avoided a recession in 2023 while interest rates cooled. Appcast also noted that employer demand for workers cooled as interest rates increased and the economic outlook became more uncertain.