When it comes to your business, your people are your most valuable commodity. And to find the right people, you need to promote your roles in the right channels. There are a plethora of options out there for posting jobs and connecting with potential hires.
Unsure of where to start? To help you make an informed decision on where to advertise your roles we’ve compiled a list of different job board models.
1. Pay per post
This model is straightforward and involves the purchase of a single job slot or multiple job slots for a fixed period of time, usually 30, 60 or 90 days.
Examples – Monster, CareerBuilder
Benefits – Simple model allows companies to only pay as specific hiring needs arise.
Drawbacks – Doesn’t take into account industry challenges or unique requirements of a role.
2. Pay per click
Employers select a budget and are charged on the basis of how many people clicked through to the job post.
Examples – Indeed
Benefits – You can set your own budget
Drawbacks – Clicks do not guarantee applications. Depending on the job and industry the conversion rates from clicks to applications can vary massively.
3. Pay per application
This is a less common model where companies pay only for the applications they receive.
Examples – Jobbio
Benefits – Extremely results driven approach means companies are only paying for the people who apply to their roles, not just click on them.
Drawbacks – As the model is based on actual applications rather than just views or clicks, the cost can vary. In this way it’s less straightforward than a pay per post model but tends to yield more tangible results.
4. Pay per hire (Recruiter model)
Generally, outsourcing your hiring to a recruitment agency means you only pay when a candidate is hired.
Examples – Morgan McKinley
Benefits – Recruiters do all the heavy lifting in terms of advertising the role, sourcing qualified candidates and screening applications so they align with salary expectations, location, etc.
Drawbacks – Agency fees can be up to 20% of the candidate’s starting salary for a role. Research shows that candidates favour the direct approach and usually prefer to deal with hiring managers directly.
4 key questions you need to consider when choosing a hiring solution:
What is your current cost per hire?
Consider all the elements that make up your recruitment process and estimate the cost of each. This will help you to determine the value of a particular solution. Don’t just consider the price of the solution itself but also the model.
How specialist/skilled is the role or roles you’re recruiting for?
You need to set realistic expectations here. If you’re hiring entry level customer service candidates you can expect a much higher volume of applications than if you’re attempting to engage a more skilled demographic such as java developers. Research the average application number according to your location and skills level.
What are the demographics of the jobs board / platform you’re considering?
It doesn’t matter how many people are using this platform if these people aren’t aligned with your hiring needs. What skills do these candidates have? What industries are they interested in? How many years of experience do they have on average?
What is a realistic timeline?
How urgently do you need to fill this role? If it’s a crucially needed hire, this may warrant a higher price point. Consider how long you are willing to wait to start receiving applications and equally, how long you can leave the role live for without damaging your employer brand. A good candidate experience requires timely responses to applications.