In this comprehensive and data-enriched guide, we'll unravel the complexities of job board sponsorship costs.
This journey will help you make more informed decisions about your recruitment advertising spend, arming you with insights and understanding to streamline your recruitment processes.
Whether you're at the helm of a blossoming start-up or a growing SMB, one thing's for certain - deciding where to allocate your recruitment budget is a critical aspect of your talent acquisition strategy.
It can be the difference between attracting top talent or struggling to fill crucial vacancies, thereby influencing your overall business success.
The cost of job board sponsorship is a riddle wrapped in a mystery inside an enigma.
For instance, sponsoring a job on Indeed can set you back anywhere from £5 to £500 per day, with the variance depending on the role and location.
LinkedIn, on the other hand, operates on a pay-per-click model, and they're not shy about letting you flex your financial muscles.
Your daily budget on LinkedIn can range from a modest £10 to a substantial £1,000.
To give you a sense of perspective, Appcast reported in 2020 that the average cost per click on job ads across all industries was a mere £0.37.
However, the average cost per application was a considerably more substantial £12.07.
While these numbers might seem small in isolation, remember that they multiply when hiring for multiple roles or over an extended period.
Attracting the right talent is a delicate balancing act, teetering between quality and quantity.
While a wider net might attract a substantial volume of candidates, it's not a guarantee you'll snare the right ones for your roles.
A survey by Software Advice added some colour to this discussion.
The survey found that while Indeed delivered a staggering volume of candidates, only 34% of these candidates were classified as 'good quality'.
A lower cost per click might result in a higher volume of applications, but it doesn't necessarily equate to top-tier talent.
Glassdoor, on the other hand, while known for its premium pricing, has a solid reputation for delivering high-quality candidates.
A single job post can cost up to £599. But is it worth it?
According to a study by Greenhouse, candidates sourced from Glassdoor were 30% more likely to be hired, and the hiring process was 30% faster compared to other sources.
Understanding job board sponsorship costs is crucial when shaping an effective recruitment strategy.
LinkedIn's Recruitment Agency Trends report revealed that a significant 72% of UK recruitment agencies planned to increase their spend on job boards.
It's safe to say job boards continue to be a potent tool in the talent acquisition arsenal.
But job board sponsorship is just one piece of the recruitment puzzle.
A holistic and effective recruitment strategy marries job board sponsorship with robust recruitment software.
Here's where GoHire's Applicant Tracking System (ATS) comes into play.
An ATS can streamline your hiring process, enhance the candidate experience, and potentially drive down recruitment costs.
Users of GoHire have reported a 60% reduction in their hiring time and savings of up to £2,000 per hire in recruitment agency fees.
It's a game-changing combination that redefines your recruitment strategy and gives you an edge in the talent acquisition battle.
With over 40,000 job boards worldwide, the landscape of job board sponsorship costs can look like a daunting maze.
A single number from the Bureau of Labor Statistics helps bring things into perspective - as of February 2023, the average cost per hire in the US is $4,129.
But this cost is not a static figure and can fluctuate based on the job board you opt for.
Consider this - Monster reported that in 2022, companies spent anywhere between $375 to $999 for a 30-day job posting.
Dice, a popular tech-focused job board, charges $395 for a single job posting, which stays live for 30 days.
Niche job boards can be more wallet-friendly, with prices ranging from less than $100 to several hundred dollars per post.
The GoHire starter plan is only $89 a month, which includes 3 active job posts with one-click job posting to 15+ job boards.
While the cost of job ads varies significantly across different job boards, it's crucial to remember that the pricing model each platform employs also impacts the overall cost. There are primarily three types of models: flat-rate pricing, pay-per-click, and pay-per-applicant.
As the world’s largest job site, Indeed allows businesses to post jobs for free with visibility in search results.
However, sponsored postings start from a minimum budget of £5 a day for pay-per-click advertisements.
For competitive industries and roles, this can quickly rise to a much higher daily cost.
However, Indeed also offers an Indeed Hiring Platform where you can post jobs for free and only pay when you hire, starting from £100 per hire.
The costs associated with LinkedIn's job postings can vary depending on the location, role, and competition for the job post.
Generally, job slots are sold in packages and can range from around £400-£500 per job slot, per month.
LinkedIn also offers a pay-per-click model, where the cost per click (CPC) starts at £1.50.
Glassdoor offers a pay-per-click model, similar to Indeed.
The average CPC for a job post ranges from £0.15 - £1.50, depending on the industry, role, and location.
Monster's pricing structure is based on a flat-rate system.
A single job post for 30 days will cost around £130, with discounts available for buying job posts in bulk.
This platform operates on a tiered pricing model based on the number of jobs you need to fill.
Prices start from £99 per month for a single job slot and can go up to £299 per month for 20 job slots.
These costs are significant, particularly for small and mid-sized businesses (SMBs) or startups, where budgets may be tight.
Moreover, the costs of advertising on multiple job boards can quickly add up.
Now, this is where GoHire's value proposition stands tall.
GoHire's easy-to-use platform integrates with the top job boards globally.
With their "Growth" package priced at £149 per month, you get unlimited job postings to multiple job boards, including all the above and more.
This cost is significantly lower than what you'd spend sponsoring a single job post on each of these boards individually.
The cost of sponsoring job posts on leading job boards is just the tip of the recruitment iceberg.
Beyond these explicit costs, businesses must account for the implicit costs such as time spent crafting job descriptions, screening and interviewing candidates, and onboarding new hires.
According to a study by Oxford Economics, the true cost of hiring a new employee in the UK is approximately £30,000.
This cost includes advertising expenses, agency fees, and the logistical costs of interviews, among other factors.
And let's not forget the potential costs of a bad hire, which can lead to lost productivity, low morale, and further recruitment expenses.
A study from the Chartered Institute of Personnel and Development (CIPD) found that the average cost of a poor hiring decision at the mid-manager level with a salary of £42,000 can be up to £132,015 when considering the total potential costs.
This makes it all the more important to get your hiring strategy right the first time around, and GoHire can play an integral role in achieving this.
From streamlining your hiring process to offering robust features like customisable careers pages, GoHire provides you with all the necessary tools to hire effectively.
Furthermore, GoHire's transparent pricing and cost-effective packages add considerable value by enabling businesses to optimise their recruitment expenses.
So, while costs are an unavoidable part of recruitment, the right tools and strategies can ensure that every penny is well spent.
As we conclude this in-depth exploration of job board sponsorship costs, it's clear that understanding the costs involved and focusing strategically on quality are integral to successful recruitment.
A higher investment in job board sponsorship doesn't necessarily guarantee better outcomes.
It's about making the right investment at the right places to attract quality candidates that fit your unique business needs.
Complementing this approach with a comprehensive recruitment software like GoHire can supercharge your recruitment strategy.
The blend of strategic spending on job board sponsorship and an efficient ATS ensures a holistic approach that optimises not just costs, but effectiveness and efficiency as well.
Remember, finding the perfect candidate can lead to sustained business growth, a thriving company culture, and help propel your business to new heights.
This guide equips you with insights and data to make more informed decisions about job board sponsorship costs.
Here's to smarter hiring and recruiting success!