Updated on: January 5, 2022
Published on: May 20, 2020
As anyone who has had to hire an employee knows, it can be difficult to find qualified candidates for open positions. Great people have a huge impact on how well companies perform, making recruiting one of the most important investments a company can make. Let’s look at how you can improve recruiting ROI by saving both time and money filling roles.
Challenge #1: Finding the Right Pool of Talent is Tough
According to a recent study, 74% of companies admit to hiring the wrong candidates every year - and the cost is high. The price to replace a bad hire can cost 30% of the previous hire's annual salary, according to the US Department of Labor. Why is this so common? Sometimes the best candidate in a pool of talent isn't the best candidate that might be out there. This makes attracting the right pool of potential hires essential.
Challenge #2: Reducing the Cost of Recruiting
There are many factors in calculating how much it costs to hire a new employee. While there might be some variations depending on the job, many companies follow a similar process when recruiting. Some of the most common hiring costs include utilizing 3rd party recruitment experts (for small businesses that do not have a Human Resources team), which can be anywhere from 15 to 25 percent of an employee’s annual salary. Companies that have a dedicated team must pay the HR department’s salaries. Recruiting also includes the cost for setting up the job ad, advertising it on job sites and career events, conducting background checks, screening, and interviewing the candidates.
Job site fees are another major cost center when advertising open roles. Getting the word out and attracting the right group of applicants generally means needing to advertise on several job sites. Indeed, for example, charges based on a pay-per-click model. Monster charges a flat fee for a certain time period for each position. While there are some free job boards out there, the most popular and successful are pay-to-play. Paying for multiple different job boards can add up fast.
Challenge #3: Spending Too Much Time Managing Open Roles
Aside from the monetary cost, managing postings on numerous job sites is prohibitive. You don’t have time to manually post on numerous boards, setting up accounts on each one, filling in the same info over and over again, aggregating incoming applications. Reaching the right audience using an array of job boards just isn’t the easiest route to take.
Technology to the Rescue
As any advertising pro will tell you, technology has answers. Before the rise of the internet, advertisers had to manually contact publications and other places they wanted to advertise and set up deals to buy ad space on their website. With the invention of programmatic advertising, much of the work in ad buying was automated and made much easier. Not only that, but it was improved through the use of AI and algorithms that learned how to best match advertisers with websites and audiences that resulted in the best results. The same is now true for how recruiters can post and advertise their jobs.
How JobTarget Programmatic Saves Time and Money
JobTarget solves these common recruiting challenges in several ways. First, when you decide to post through JobTarget, you can post to 25,000+ job boards in a single transaction. No more managing postings on multiple sites with different logins and accounts. This alone is a major time saver.
But beyond that, JobTarget’s programmatic technology uses algorithms to identify which job boards are returning the best results and funneling more of your ad spend to those boards. These algorithms also use aggregate data to identify which boards are best for certain jobs, industries, seniority levels, etc. Hiring for an engineer? JobTarget can filter which boards you advertise on automatically to find the best applicants. This helps speed up recruiting and reduces your cost per hire.
“Not only does Programmatic help lower your cost to hire by eliminating wasted spend on underperforming job sites, but it also helps recruiters save time and resources by automating the process of getting your job ads in front of qualified candidates quickly,” Programmatic Product Manager Steve Mastin says.
Demonstrated ROI Through Analytics
JobTarget provides detailed analytics about how each Programmatic posting is performing. You can see how much you’re spending to help you show cost-per-hire savings. You can adjust your budget easily and turn on and off listings in a click. This level of control means you save time managing listings, so posting 50 jobs can be almost as easy as posting 5.
