Internet Recruiting in the Banking Industry

By Pearce, C. Glenn; Tuten, Tracy L. | Business Communication Quarterly, March 2001 | Go to article overview

Internet Recruiting in the Banking Industry


Pearce, C. Glenn, Tuten, Tracy L., Business Communication Quarterly


The Internet has brought about changes in the job search and application process. For this article, recruiters at several large commercial banks in the US were interviewed on the usage of Internet recruiting tools. The interviews identified a number of trends that are fairly uniform across these banks, including the following:

1. Recruiters are using the Internet at an increasing rate.

2. While job site services are popular, most recruiters we interviewed preferred using the corporate Website.

3. The percentage of Internet-recruited applicants actually hired varies widely and is still a small percentage of the whole.

4. Diversity programs are not hampered by Internet recruiting.

Keywords: Internet recruitment, banking industry, Internet job sites

INTERNET RECRUITING GAINED acceptance in the mid-1990s, particularly for recruiting information technology applicants, but was not widely used until recently. Along with benefits to retailing, marketing research, and advertising, the Internet also offers recruiters speed, low advertising costs, and access to a large pool of job applicants. Such benefits have made Internet recruiting popular among human resource professionals regardless of industry. Hays (1999) estimates that $1.7 billion will be spent yearly on Internet recruiting by 2003. When compared to the $205 million spent in 1998 (Hays, 1999), the tremendous growth is apparent.

Murphy (1999) estimates that there are at least 100,000 separate site on which to advertise available positions and post resumes. The major career job sites include monster.com, career-path.com, careerbuilder.com, hotjobs.com, headhunter.net, and careermosaic.com. While many sites do not monitor information such as the number of searches conducted using keywords ("marketing" or "finance," for example), those that do report the following as the most popular position categories: computer, engineering, accounting and finance, and marketing and sales. However, there are also multitudes of job- and industry-specific Websites.

As the job search process changes, those entering the job market should be aware of these changes. Job seekers can use the Internet to find and apply for scores of available positions. However, understanding how employers are using the Internet to recruit will be imperative in developing solid job-seeking strategies. Similarly, recruiters will need to determine the most effective techniques for generating applicant pools on the Web.

Benefits of Internet Recruiting

Internet recruiting has many benefits for both the recruiter and the job applicant. Some of these benefits--speed and cost, for example--offer clear advantages over other recruiting methods.

The Recruiter's Perspective

Internet recruiting is made up of two primary segments: corporate Websites and Web-based job sites. Rudich (2000) says that the greatest benefit for recruiters is the cost savings. He notes that a single position ad in a Sunday newspaper could run $1000 or more while posting an ad on a job site typically costs between $100 and $300 a month. When compared to professional headhunters (search firms), the cost savings are even greater. Bayne (1997) reports that the average executive search firm charged 30% of the first year's annual compensation package for each person hired.

In addition, recruiters may receive applications the same day a position is announced (Rudich, 2000; Weingarten, 1998). Furthermore, the number of applicants may be far higher than with other methods, providing the organization with more qualified candidates from which to choose (Caggiano, 1999; Weingarten, 1998).

The Job Seekers Perspective

Job seekers can now search available positions according to their personal selection criteria. Job sites provide users with the technology to search for jobs by location, position type, position requirements, and salary (Murphy, 1999). …

The rest of this article is only available to active members of Questia

Sign up now for a free, 1-day trial and receive full access to:

  • Questia's entire collection
  • Automatic bibliography creation
  • More helpful research tools like notes, citations, and highlights
  • Ad-free environment

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Internet Recruiting in the Banking Industry
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Full screen

matching results for page

Cited passage

Style
Citations are available only to our active members.
Sign up now to cite pages or passages in MLA, APA and Chicago citation styles.

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

"Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited passage

Welcome to the new Questia Reader

The Questia Reader has been updated to provide you with an even better online reading experience.  It is now 100% Responsive, which means you can read our books and articles on any sized device you wish.  All of your favorite tools like notes, highlights, and citations are still here, but the way you select text has been updated to be easier to use, especially on touchscreen devices.  Here's how:

1. Click or tap the first word you want to select.
2. Click or tap the last word you want to select.

OK, got it!

Thanks for trying Questia!

Please continue trying out our research tools, but please note, full functionality is available only to our active members.

Your work will be lost once you leave this Web page.

For full access in an ad-free environment, sign up now for a FREE, 1-day trial.

Already a member? Log in now.