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2 Ways to Eliminate Wasted Spend from Your Recruitment Budget

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2 Ways to Eliminate Wasted Spend from Your Recruitment Budget

Your recruitment budget may be tight right now, but you can’t afford to go dark. Instead, make sure you have a strategy in place to manage your spend smarter so you can properly allocate and pace it.

To avoid wasting precious time, resources, and dollars:

1. Stop runaway jobs.

There’s nothing to be gained from sponsorship money, once you reach your targeted number of applications or spend your budgeted amount on a job. Have the right system to deploy your funds and track your ROI.

How many times have you received way too many applications for an open job? Not only are you wasting money, but your team of recruiters isn’t able to keep up with the avalanche of applications. The team gets discouraged and doesn’t follow up with people who want to work for you.

Having the right technology in place to automatically stop the sponsorship on a job when it reaches your target goal of applications, then you’ll reduce wasted spend and move that money to other jobs that need the sponsorship money. For example, when your job reaches 50 applications, leverage software that automatically stops the sponsorship of that job because you know that’s how many applications your team needs to find enough quality applicants.

2. Kick start underperforming jobs.

If a designated amount of time has passed and a job still doesn’t have enough applications, it’s time to kick things up a notch. Keep your costs per applicant and per hire low and your conversion percentages in a top bracket. This example is the opposite of a runaway job, and here’s how it works.

If your job doesn’t have enough applications after a certain number of days, how can you automatically increase the sponsorship on that job? For example, let’s say you need at least 5 applications in the first 2 days of sponsorship, if your posting doesn’t deliver that number, then the software automatically increases the budget on that job. The market is telling us that’s a harder-to-fill job and needs more money.

Make sure you have the technology to automate both of these processes.

Programmatic job advertising helps ensure that your team has a solid system in place to get more ROI from your recruitment spend. We want to eliminate or reduce the wasted spend in your recruitment budget.

  • It’s not a panacea, but in many cases, programmatic job advertising yields excellent results. Programmatic job advertising won’t find a hidden treasure chest of candidates but when used the right way, it’s going to increase your ROI. Either by getting more out of your current Indeed or ZipRecruiter spend, testing new job boards to reach a wider audience, or using its automated features to perform tasks and functions much faster than any human could.
  • As jobs close, they automatically stop receiving sponsorships. And as new positions are posted, your team simply follows an already-established system. Which gives your recruiters more time to actually recruit. Instead of spending time posting jobs, monitoring results, and taking them down, your team can only post jobs once and they will automatically flow through the software and have your budget applied.
  • Jobs go straight from your ATS to the software to specified job boards. There’s no longer a need to coordinate myriad boards or manually copy and paste data. By having all information centralized, coordination becomes much simpler.
  • Source tracking enables your team to easily trace which candidates are quality and which ones will become placements. They will know exactly which job board each applicant came from. This is the key to tracking quality. If you have the source tracking in place to determine which source brings the lowest cost per quality applicant or lowest cost per hire, then you’ll be able to make data-driven decisions.

If you know how to beat your competition to the best talent as soon as new jobs open up, your business will grow. Technology like programmatic job advertising may sound complex, but it’s really that simple.

Need Help with Getting More ROI from Your Recruitment Spend?

Are you ready to learn more about optimizing your talent acquisition budget? How about having a team of industry and tech experts at your service, so you don’t have to sweat all the details?

Contact the job advertising experts at Haley Marketing today – we’re ready to help!

 

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