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How Much Time is Your Team Wasting Managing the Recruitment Budget?

recruitment-budget-management

How Much Time is Your Team Wasting Managing the Recruitment Budget?

Time is money.

This old adage never gets old or loses its “amen” factor. And circa mid-2021, the challenge of efficiently managing your talent recruitment budget has never been greater, including the time spent by your staff as they strive to find the right talent while staying within budget parameters.

Job board costs are rising, and how much more expensive is it to get the same candidate that you were recruiting 6 months, 12 months, 2 years, 5 years ago? Does it make sense for your team to spend more time managing that increasing recruitment budget or should they spend more time recruiting the people who want to work for you?

As things reopen and a new, post-pandemic climate takes shape, what’s a business to do?

Keep your pipeline full.

No small task at any point, but especially now. As businesses recover from Covid-19, for many, recruiting and building talent bench strength means doing more with less. The harsh reality is that a significant number of potential candidates remain in no hurry to reenter or move forward in the workforce, as uncertainty remains.

They’re uncertain about the vaccine. They’re enjoying the summer. Their bank accounts are filled with government assistance.

It’s unknown when that flip will switch back or if it will be a gradual increase in candidates coming back to the job market.

With more open jobs, especially in manufacturing / warehouse, what can you do?

How can you get more bang from your recruitment marketing buck?

Despite the current challenges, there are tips you can follow to balance staff time and budget dollars and achieve optimal results from your recruitment budget.

  • Know your metrics. Take the time to accurately define and balance them so you can maximize your cost per application. And not only your cost per application, but your cost per quality application and cost per hire.
  • Set budget limits for each open job. Stick to them while revisiting them periodically in case you have to pivot – just as you do with all other KPIs. By staying on plan, you increase the efficiency of your recruitment process and make better, more balanced use of HR staff time. Know how much you want to spend on each job. Know how many applications you need for each job.
  • Stop manually posting. It’s too cumbersome (seriously, have you actually posted a job on a job board by hand? It takes time!) Instead, use automation, so your recruiters can devote their time and talent to other, more business-critical functions. Create “buckets” of jobs to automatically filled based on your criteria. Automate job title testing. Or, use software to post ads in multiple cities, Make it as simple as possible for your jobs to appear in your desired target markets.
  • Use data to your advantage. Analyze it and manage it well. Don’t just let it sit on a shelf – physically or online. Utilize technology and data-driven decisions to better manage both your ad spend and your staff time. It’s not enough to rely on gut instinct alone.

Get to know programmatic software and job boards

It’s a big word, but it’s a helpful word. Programmatic software makes your spend more efficient, and programmatic job boards can be a valuable addition to your recruitment marketing toolbox..

  1. Using Programmatic Software to Manage Your Current Recruitment Spend: this solution focuses on using programmatic software to collect data that decide where to post your jobs, at the lowest cost, for the quality and quantity you need. This solution works well with managing budgets on Indeed and ZipRecruiter as well as supplementing with other sources (Jobcase, Nexxt, Talent.com, Talroo).
  2. Using a Programmatic Job Board as an Additional Source of Candidates: similar to how companies have budgets with Indeed, ZipRecruiter, etc., having a budget with a programmatic job board (partner network of hundreds of job boards/aggregators/niche sites) brings unique benefits. The programmatic algorithm is their differentiator. It makes decisions faster than any human can to get your jobs to the right people at the right time. Look at Appcast, Recruitics, PandoLogic, Joveo

Do you need expert help in navigating programmatic software and job boards and other innovative tactics for successful, cost-efficient recruitment marketing? If so, you can count on the Haley Marketing team to help you save time, improve your ROI, reduce wasted spend, and get the right people applying to your jobs. Contact us today to schedule a free recruitment marketing focus call.

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