Every year, business leaders grapple with budget processes – perhaps none more important than those related to talent acquisition. How do you plan and spend strategically, and funnel desired candidates into your open positions?
A key metric to understand and utilize to your best advantage is jobs to budget ratio. When you master it, you’ll find that you’re getting more out of your job advertising spend and generating a greater ROI. Here’s a snapshot of what it all means and how to make it work for you:
It all boils down to dollar value per job.
When you’re not seeing needed results from your job ads, your initial reaction often is: “We need to bump up our budget.” And maybe you do. But before you drive yourself too deeply into red ink, stop and consider how many jobs are included in your current spending plan.
- Often, a better solution is to think more jobs, not more budget. Focus on putting more jobs into your ad campaign. You can do so using a number of tactics, such as sponsoring more jobs or trying different job titles or geographic locations. Yes, it’s the opposite of what the job boards are saying, but we are seeing it work for our team at Haley Marketing! Watch this video to learn more!
- Put technology to work for you. The right software is critical. If you haven’t already done so, now is the time to think about adding programmatic advertising to your recruitment marketing strategy.
Stay data driven.
As you work to maximize your jobs to budget ratio, continue to make decisions based on data. Plan for A/B testing when it comes to such considerations as titles, locations and salaries. This became more important than ever as the talent market tightened in 2021, a trend that has overlapped into this year.
- Job titles must equate to what candidates want. Research this and then test it. This is another area where automation can be a godsend. For instance, one company saw greatly improved results after adding the word “truck” to its class A and other driver jobs. Always put yourself in your candidates’ shoes – and mindset. And you won’t know if your results are improving unless you run tests.
- Here are two more helpful tips: If your open position is remote, put that in the job title. Not surprisingly, the word “remote” was like gold in 2021. And, know the current market salary rate for jobs in your location. Candidates firmly control the market right now, so if you’re not competitive when it comes to wages, you’re not a contender.
Need More ROI from Your Job Advertising?
To learn more about jobs to budget ratio and all the ins and outs of successful recruitment marketing in 2022 and beyond, reach out to the Haley Marketing team. Let’s talk about your goals, challenges and vision in a free, 30-minute focus call. We can work with you on the right planning, strategy and execution … because no matter how intimidating it may be at times, success is well within your reach. Why not get started today!
