The cost of job advertising doesn’t always come cheap.
But thankfully, there are ways to minimise and reduce expenditure.
According to research, the average cost per hire for employers in the UK is £3,000.
For companies with an in-house hiring team, spending this amount every single time can really impact long-term growth.
While for independent recruitment agencies, knowing better ways to help your clients cut costs can ensure you remain their first choice on every job placement.
So, it pays to swot up.
In this blog, we explain how to reduce cost per hire using some tried and tested methods.
How to Reduce Costs Per Hire: 4 Steps to Streamlined, Efficient Hiring
- Skip the PPC (Pay-Per-Click) Boards
There are plenty of benefits to PPC job boards, including:
- Free advert modification
- Continued promotion
- Tracking and reporting
That said, these benefits come with a cost.
Yes, you’ll extend your reach and generate more interest as a result.
But it’s up to your agency to determine whether or not that increased reach is worth the attached price tag.
Don’t forget that there are plenty of free job board options available to you.
- Don’t Focus Solely on the Same Old Boards and Aggregators
If what you’re doing isn’t working or it costs too much, try mixing it up by:
- Getting social and advertising on sites like LinkedIn and Facebook
- Improve your website, from layout and user experience to load times and SEO (Search Engine Optimisation). Getting found organically can work wonders in the long run
- Trying out a new, more specific job board like WorkInStartups or Zoek
- Get Right Down to the Data
Crunch the numbers and do the research, so that you can continually evaluate whether a job board’s fee is worth it.
Analyse:
- How quickly the first quality candidate was generated
- How many quality candidates were generated by the time the job advert expired/the position was filled
- How much it costs, in total, to advertise the role
- How many views were generated, especially compared to applications made
If you’re not getting enough for what you’re giving, it’s time to go.
Be aware that many paid job boards will offer discounts when you attempt to cancel a plan with them.
Calculate when these discounts are offered and whether they would make a real difference.
If not, leave them.
The key is to avoid putting your budget in the wrong place if you feel your ads will perform better elsewhere.
- Polish Your Job Ads and Get Results More Quickly
It stands to reason that a job position that is quickly filled is a job position that doesn’t need to be advertised for as long.
Polish your job ads and get applications from quality candidates more quickly by:
- Including the right keywords and the right amount – around 5% of the advert to be precise
- Making your job advert the right length – around 300 words is ideal
- Including all the necessary information – like salary and location
- Optimising the job title for candidate searches – using keywords, not fun names
- Removing any biased/exclusionary language – avoid masculine or feminine-coded words
- Enlisting the help of AdBuilder to create consistent, well-structured and well-written ads – you only need 10 minutes
Return on Investment Is Absolutely Crucial
Whatever you’re spending to get your job adverts seen, the best thing you can do is ensure that you’re getting a good return on your investment.
Regularly review your budget and analyse your budget.
If you can find ways to place candidates more quickly and for less money, your company or agency will continue to grow.
In other words, make changes swiftly and hire efficiently.
For more support on how to reduce cost per hire and writing strong job ads, get in touch with AdBuilder today.
