Keys to Job Board Success in 2023:
The beginning of each new year creates a great opportunity to review how you’ve progressed and grown, and also gameplan for where you’d like to improve, or what you’d like to achieve.
When the economy, staffing industry, and job boards are changing constantly, it’s important to make sure you are doing everything you can to be successful with your Recruitment Marketing efforts. Below you can find 3 tips that will help lead you to success on job boards like Indeed and ZipRecruiter in 2023.
- What are your Recruiting Goals? Smart Goals?
- Make sure that your goals are SMART (Specific, Measurable, Attainable, Relevant, Time-Bound)
- Understanding the Basics
- Collect data and take note of your overall metrics from your recruitment budget. Are you investing in the strategies/tactics that provide the most revenue for your company?
- Do You Know How to Manage Your Budget?
- If your cost-per-click increases by 25% month-over-month, is there someone who knows what tactics to implement in order to pivot and have results start trending in a better direction?
Indeed Switching to Cost-per-Application Bidding:
During the second half of the year, at Indeed Works, Indeed released that they will be switching to a Cost-per-Application (CPA) bidding model vs. the traditional Cost-per-Click (CPC) bidding model.
Here at Haley Marketing, we work on optimizing our clients’ budgets to try to get the best CPA possible, while balancing other important aspects such as the quality of applicants and our clients’ overall strategy.
What does this mean for you?
While this switch in bidding models may change how you interact with your sponsored jobs, not too much else has to change. Here are some tips to help transition to this new model.
- Know your current Cost-per-Application: Take your total applications from Indeed and divide the amount of ad spend used over the same duration. For example, if you had 1,000 applications in 2022, and spent $10,000 for those applications – your CPA is $10.00. It’s important to benchmark your results to understand if you are improving or not, and if your strategy has to be adjusted.
- Spend Smarter: Make sure that your CPA’s and apply totals make sense for the types of jobs you are sponsoring. If an Administrative assistant has a CPA of $15.00 – chances are that you are overpaying. If a Forklift Operator position brings in 500 applications in a month – chances are some of that spend could be utilized elsewhere.
- Don’t be Satisfied, Look for Help: If you think your job advertising budget could lead to more ROI, ask for help! At Haley Marketing, our team will gladly take a look at your data to see where efficiencies could be made, or where there are opportunities to capitalize on results.
Big Data: – 2022 vs. 2021 macro trends + December Jobs report
What is the Data Telling us?
Our Recruitment Marketing Team manages millions of dollars in ad spend each year. Because of that, we get a lot of data for different industries in various locations. Here are our top insights from 2022:
- The Labor Market is still very hot. While certain industries start to slow down, such as retail and tech, there is still a huge demand for other areas in Staffing.
- The more information for the job seeker, the better! 49 out of 50 states in the U.S. saw lower cost-per-clicks for their jobs that had salary information in the job title. You can also focus on highlighting other perks and benefits of jobs to showcase why the candidate should apply for your job.
- Here at Haley Marketing we are seeing higher conversion rates over the second half of 2022 (11.6%) the first half of 2022 (10.0%). Conversion rates display the amount of clicks a job needs to accrue before someone applies for the job. This data suggests that candidates are starting to apply more often when clicking on job posts. While this is encouraging, the demand for open job orders is still much higher than the supply of possible candidates.
- Insights from the December 2022 Jobs Report: Our partners over at Appcast, Inc. provide a LinkedIn Live video each month going over the most recent Jobs Report. Here are the top takeaways from last month’s report.
- Although the economy is in a “slow-cession”, the labor market is still super strong. 222,000 net new jobs were added in December 2022!
- Job Seekers still have the advantage over recruiters; there are around 1.7 job openings for each unemployed job seeker.
- December showed a rebound in Prime Age Labor Force Participation. This is encouraging as this metric was decreasing throughout October and November 2022.
- Wage growth is moderating. The FED has to carefully balance wage growth. Too much wage growth can lead to higher inflation rates.
Tip/Trick of the Month:
Collecting Data, Understanding Where You Are, and Where You Want to Be:
The beginning of the New Year provides a lot of opportunities to get more control over your recruitment marketing efforts and create your roadmap to success in 2023.
The first step; collecting data and understanding where you are.
If you don’t know what your current applications per month are, or what your overall cost-per-application is, it can be difficult to figure out how to pivot, and gameplan for the results you want!
Take some time to see what your CPA was over the last 6 months. If your average CPA was $10.00 throughout the past 6 months, and you know you want to increase applications by 100 applies per month in the new year, by doing some simple math you can see that increasing your monthly budget by $1,000 would be a good place to start.
Benchmarking your cost-per-click and conversion rates can be very helpful as well. If cost-per-click increases, the market could be more competitive – how can you pivot to combat that? Or maybe your campaign structure isn’t completely optimized, how can you adjust to drive cost-per-click down?
If your conversion rates are decreasing, is there a specific reason why? Is the position’s salary too low? Are the hours not practical and unrealistic? How can you try to adjust aspects of the position to make it more attractive to job seekers?
By understanding what these metrics mean and what your overall average results are, you can make more data-driven decisions and adjustments to get MORE with LESS.
Are you ready to learn more about how Haley Marketing and the recruitment marketing team can help drive improved results from your job advertising budget? Contact our team today to learn more and set up a free recruitment marketing consulting call!