Smart recruitment marketers know that recruitment budgeting can make or break a hiring campaign. Making data-driven decisions may mean the difference between fulfilling or falling short of hiring targets.
Budgeting intelligence for recruitment is a useful best practice for optimizing recruitment investments. It can be easily integrated into an existing recruitment strategy using a unified platform.
Challenge: Different channels have different pricing
Candidate sourcing channels often have varying pricing models (Pay Per Post, Cost Per Click, Cost Per Applicant, etc.), which can make cost comparisons challenging for recruitment marketers who are unprepared.
Moreover, every recruitment scenario is different. Cost evaluation should take into consideration the hiring goals of a company. Recruitment marketers who don’t keep this in mind may end up falling prey to common misconceptions about recruitment costs — such as the notion that comparing channel costs is like comparing apples to apples, or that cheaper is always better.
This may also lead to poor practices in recruitment costs, such as:
- Incorrect tracking – Not all data is measured.
- Incomplete information – A lack of data prevents accurate measurement of recruiting costs.
- Blended numbers – Channels are not evaluated separately, and comparisons are drawn from mixed sources of data.
This brings us to a readily available solution. Not surprisingly, it involves the strategic use of data.
Solution: Use standardized cost benchmarking via a unified platform
Proper cost evaluation can only happen if recruitment marketers work with a standardized benchmark. This is calculated using existing sources of data via a unified platform, such as TMP Programmatic Jobs. TMP generates useful insights and automatically deploys recruitment budgets in the most effective way.
Among the key benefits of TMP Programmatic Jobs are:
Advanced cost calculus / benchmarking
Despite numerous variables in each campaign — such as hiring targets or publisher pricing models — TMP allows for cost comparison in a meaningful way. Recruitment marketers get a customized, unique overview of their current budget, as well as powerful tools to zoom in on specific pricing areas.
What happens once the flow of insights is set up? Optimization. With quality data and benchmarking capabilities in tow, recruitment marketers can track and adjust throughout the entire recruitment funnel. TMP optimizes recruitment budgets for Quality of Hire (QoH) instead of number of clicks.
TMP Programmatic Jobs features automated bidding adjustments that deliver tangible results for recruitment teams based on set parameters. There’s no need for recruitment marketers to focus on publisher-sided investment optimizations and forecasts — it’s all automated within the platform. This includes real-time adjustments that continuously leverage new data as it becomes available.
The features above allow recruitment marketers to successfully navigate variation in cost models, plus establish best practices for data-driven campaigns, including:
- End-to-end tracking – Collecting data across the entire recruitment funnel.
- Funnel optimization – A/B testing for all stages of the funnel.
- eCPH tracking – Establishing effective Cost Per Hire (eCPH) as a baseline metric.
Bottom line: Compare costs across all channels to generate maximum business insight
Cost benchmarking is one of the many ways that a unified platform helps optimize recruitment investments.
Hiring companies and candidates benefit from TMP Programmatic Jobs. HR executives gain a bird’s eye view of recruitment initiatives, job candidates and even new hires. TMP Programmatic Jobs helps them improve ROMI (Return on Marketing Investment). Established benchmarking allows them to always have data on hand when talking to top level management.
HR practitioners gain an overview of channel performance and cost, which keeps optimization in progress. Automated bidding and forecasting remove any guesswork and monotony from their daily tasks, keeping them focused on higher-level decisions and face-to-face interactions.
A unified platform allows recruitment professionals to tackle big challenges that not only impact their organization, but also candidates who are seeking their ideal roles.
Thanks for reading Part 2 of our series of Programmatic Jobs blogs. Stay tuned for Part 3 coming in a few weeks!
- TMP Programmatic Jobs – Part 3: Business Intelligence - March 18, 2020
- TMP Programmatic Jobs – Part 2: Budgeting Intelligence - February 19, 2020
- TMP Programmatic Jobs – Part 1: Campaign Automation - January 28, 2020
- Putting Candidates at the Center of Your Recruitment Strategy - December 17, 2019
- In Pursuit of Perfection: Using Testing for Conversion Rate Optimization - November 22, 2019
- Job Content 101: How to Optimize Job Ads for Results - November 5, 2019
- Recruitment Automation: How to Automate Applicant Sourcing - October 22, 2019
- Recruitment Analytics 101: How to Collect and Analyze Data for Recruitment Success - September 11, 2019
- Recruitment Funnel: How to Optimize the Job Applicant Experience - August 19, 2019
- Mastering Recruitment Touch Points: 3 Ideas to Facilitate the Job Seeker Journey - December 18, 2018