Tactics to Keep ROI Consistent with Increasing Job Board Costs

Tactics to Keep ROI Consistent with Increasing Job Board Costs

The year 2023 has led to a lot of changes in the staffing industry. Recruiting is still a challenge, with unemployment still at an astounding 3.8%, and the labor market is still growing with new jobs every month.

Given the uncertainty in the economy and companies becoming more cost-centric, the task of keeping your ROI consistent with increasing costs can be daunting, whether online or in person.

We will explore a few tactics to help scale your ROI in order to keep up with increasing job board costs.

  1. Benchmark and Set SMART Goals:

One of the best ways to ensure your ROI is staying consistent is to obtain benchmarks from your internal data and use that to create effective strategies and goals.

How many applications does it take for a job to be filled on average? How much revenue is brought in per placement filled? What marketing efforts are leading to the most qualified candidates? Your team can even look at revenue brought in from certain company efforts and then use a cost-benefit analysis to see where there is opportunity for growth, and where there is reason to adjust strategy.

Asking yourself these questions and having the data on hand can help you understand what needs to be done to keep revenue up. Your company can then create SMART goals, having a better plan on how you’re going to keep driving revenue.

  1. Optimize Job Postings and Strategy:

There are many reasons to take the time to optimize your job posting advertisements. You get better and quicker results for your team, but it can also help with your costs on the job boards. These are three areas to look at to start optimizing your job postings:

  • Ensure that the job title is similar to what job seekers are searching for on the job boards.
  • Ads/posts that are newer generally have lower costs and better traction. Keeping ads fresh with a posted date of within 2 weeks can help here.
  • Not overfunding campaign spend. This may take some more time and testing, but overfunding your campaigns on the job boards may just lead to a higher cost, but not necessarily more results.

Finally, optimizing your job spend strategy to account for runaway jobs and poor-performing jobs can help create an automated process to use your funds more efficiently. At Haley Marketing, we achieve this by implementing “Rules” with programmatic software.

  1. Candidate Database Management:

Don’t forget about the candidates that are already in your database! Reengaging with past candidates in your database is a great way to source candidates for specific job orders. It is a cost-effective tactic that can quickly give you qualified candidates without adding more to your costs.

  1. Social Media and Content Marketing:

It’s important to diversify your company’s recruiting efforts and social media platforms are an awesome way to do that. Platforms like Facebook, LinkedIn, and others can be a great way to interact with passive candidates. Not only can this lead to more candidate leads, but it strengthens your company’s overall employer branding as well.

  1. Referral Programs:

Referral programs can be used for both clients and candidates. By leveraging the networks of your current employees and clients, you can expand your company’s reach with a fairly quick and cheap investment.

Offering incentives like referral bonuses or prizes can help motivate referrals and bring your company more business, whether that is candidates or potential orders.

Reviewing the Four Pillars of Recruitment Marketing

Here we review what Haley Marketing deems the Four Pillars of Recruitment Marketing. A successful, effective recruitment marketing strategy doesn’t just excel or focus on one of these pillars but will have a combination of all four that supplement and enhance each other.

  1. Career Sites

Think of your Career Site as your company’s “online store”. It is important that your career site is optimized for job seekers, making it easy for candidates to quickly find helpful and valuable information. If your site is conversion rate optimized, it boosts the candidate’s overall experience interacting with your company.

  1. Social Recruiting

Social Media is a massive part of our lives and culture, whether personally or professionally. Having a presence on social media not only allows you to have stronger relationships with your stakeholders, but also opens up the door for more networking, potentially reaching passive candidates or clients, and helps with your company’s overall reputation. With Social Recruiting, it is crucial to have an effective strategy and corresponding content to help boost your efforts.

  1. Recruitment Advertising

Your recruitment advertising is where you get to create a specific strategy for job board advertising, tailored to how your company operates. You can get creative with how you set up your job spend efforts, ensuring that you are prioritizing the most important, profitable positions, while also ensuring there is traction for more evergreen, common orders. Using data and specific tactics can help improve your ROI from recruitment advertising.

  1. Employer Branding

Often overlooked, employer branding may be the deciding factor between working with your staffing company over another. Employer branding focuses on the less tangible aspects of a job, such as the company culture, mission, and values.

When a job seeker is faced with two similar positions with two different companies, chances are they will go with the company that seems more desirable for which to work.

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!

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