Once upon a time, employers would take out newspaper ads to advertise the fact they were hiring. Such ads would run an average of three days and would cost them upwards of $10,000.00. Needless to say, that’s a lot of cash! The objective of this costly venture, of course, was to secure talented applicants who could be whittled down to the perfect candidate for the job.
The only problem, however, was this method banked on the fact that such candidates would just so happen to be reading the newspaper during the three days the ad was running. As you can imagine, the tactic wasn’t regularly successful. In addition to the inability to guarantee a certain number of job applicants, the newspaper ad method lacked a way of tracking how many people actually saw the ads.
In today’s world, employers take advantage of free posting.
Yes, the internet has come along and has afforded us all the ability to send out important messages from our companies at no cost. Social media have especially been helpful in the recruitment game. However, the free online posting method doesn’t always secure the top-of-the-line candidates most business owners covet. In 2019, the pay per applicant model has been proven to provide employers with the best returns on their investments.
What is the pay per applicant model?
“When working off of a per-applicant cost, employers only pay fees when applicants are delivered to their human resources department,” explains PandoLogic, “This not only means that the human resources department no longer has to spend time dealing with less qualified applicants, whether online or in person, but it also means that any job ad campaign budget is not wasted on irrelevant candidates.”
Pay per applicant is not to be confused with cost per click. With the CPC model, you may pay for who clicks on the ad, the problem is, this doesn’t give you the whole picture; just the traffic driving by.
The pay per applicant model provides more bang for a recruiter’s buck. The solution is basically what it sounds like, says PandoLogic, “clients only pay when they receive qualified applicants. In a traditional job board setting, companies pay to have open jobs listed. This may bring in more applicants, but it can also lead to hundreds or thousands of unqualified applicants.”
You need to know how to budget.
While the pay per applicant model is being proven as provider of great results, it’s still very important to budget for your recruitment efforts wisely. How many job positions do you require filling? How long do you intend to operate your hiring spree? What type of candidates would best fill the positions you have available? These are just some of the questions you’ll need to answer to know exactly how much of investment you wish to put into your recruitment efforts.
Of course, the recruitment experts at Hire Value Inc. are here to help you. Please don’t hesitate to contact us today!