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Save Time and Money While Recruiting
Published on: May 20, 2020
As a hiring manager or owner of a company, you know firsthand how difficult it can be to find qualified candidates for open positions. Many employers are challenged in their decisions, like where to invest to grow the company, and one of the most important investments is in the hiring of qualified candidates.
If you have tried to find a good candidate in a pool of unqualified talent, the options are limited. Sometimes you end up hiring the best person you can find at that time, not necessarily the best fit for the position. As an employer, how do you ensure that you are accessing the best pool of candidates? According to Fast Company, up to 95 percent of companies admit to recruiting the wrong candidates every year. This happens for a variety of reasons, often from not posting job advertisements on the right site.
How Much Does Recruiting Cost?
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: In order to get the word out about the position, it will have to be advertised on several job sites. Indeed, for example, charges based on a pay-per-click model. The employer sets an initial budget and then it is reduced every time a person clicks on the job posting. As the employer’s budget decreases, the ad gets pushed down on the website’s job list, meaning the right candidate might never see it. Another popular job listing website, Monster charges a flat fee for a certain time period (60, 90 days, etc.), for each position. The job listing goes up along with thousands of other jobs each day and become less relevant as the job gets older.
How to Decrease Hiring Costs
The total cost of hiring varies by job position, and if it is a replacement rather than a new position, it costs even more. Employee turnover ends up being extremely costly for a company. Utilizing JobTarget Programmatic can reduce the costs of sourcing new candidates while also finding the best prospects for the job.
Use JobTarget’s Programmatic To Save Time and Money
It is evident how much time and money companies spend trying to find qualified candidates. Programmatic uses data and technology to find the best candidate for the positions you need to fill. By focusing the placement of your job ads solely on the sites that are generating candidates, you’ll optimize the return from your advertising budget and reduce the cost-per-applicant. When we asked Programmatic Product Manager, Steven Mastin, about Programmatic’s capability to save, he said, “ 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 jobs ads in front of qualified candidates quickly.” Programmatic also has the ability with some job boards for sponsored postings. This means that with sites like Indeed, your posting would have preferred placement over a normal advertisement.
How Does Programmatic Work?
Programmatic’s large network of job sites and machine learning capabilities make sure your job ads get in front of qualified job seekers, whether they’re searching for a large job board or industry specific site. With this service your posting will be automatically managed and posted to over 50 job sites. We use proprietary data analytics and formulas to match your job to the best sites to find highly qualified candidates. If sites aren’t performing for your job posting, the posting budget gets moved to sites that will produce results. With Programmatic, there are no long-term contracts, it is based on demand to fit your needs and recruiting budget. You only advertise when you need to fill a position to a targeted audience that will get you results.
JobTarget provides detailed analytics to get you the best applicants. Our system automatically manages the job post campaign for you to get you the right candidates for your open job position, saving you considerable time and money.
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