Just two years ago, US marketers spent over $16 billion on programmatic ads. By 2023, it is estimated that the figure will increase to $133 billion, accounting for approximately 91% of the overall expenditure on digital advertising. This showcases the growing popularity of programmatic job advertising and the importance of implementing it into recruitment practices.
Yet, some have hesitancy with incorporating programmatic job advertising into their recruitment strategy. Many companies adhere to established practices that have always been “tried and true” and expect to continue producing results in the future. With all of the changes in the job market, adjusting strategies to meet the market, fulfill hiring goals, and attract high-quality candidates is essential. Could it be time to consider a change?
If a company is reluctant to change the routine of recruitment strategies, digging into programmatic job advertising and the benefits are a great first step. Read on for an overview of what programmatic job advertising is, its significance, and the compelling reasons hiring professionals should implement it today.
To simply define this method of recruitment marketing, programmatic job advertising automates the process of buying ads on performance-based job sites. This makes job advertising affordable and more efficient to manage. But don’t think that all human control will be lost. Hiring professionals can set the parameters for every job, including budget spend, hiring goals, and even the CPA goals for every job.
At the start of the 2000s, more of the “post and pray” job advertisements started moving to a “pay-for-performance” model of job advertising. What that meant for recruiters is that they could indicate and set exactly how much they wanted to invest and then measure with greater accuracy what it costs to hire every individual – instead of simply paying a fixed amount and hoping for results.
In 2012, Recruitics launched the first programmatic job ad buying technology for recruitment which revolutionized the industry and allowed talent acquisition professionals to take the guesswork out of previous recruitment methods. Over the years, programmatic job advertising has evolved, improved, and has become a smarter way to manage recruitment marketing by maximizing the impact of investments.
Hiring costs have risen dramatically during the last few years as demand for candidates has climbed. The average cost-per-hire is $4,700, and it takes 36 to 42 days to fill the average position in the United States. Also, on average, 40% of job advertising spending is misused. Using a programmatic job advertising system can drastically reduce and even eliminate wasted spend in hiring budgets.
Programmatic also allows talent acquisition professionals to control every dollar spent out of the job advertising budget. Companies can set a pre-established set of rules and track real-time performance data to determine how each job ad is doing. If a job ad is not performing well, it can be optimized.
Competition among employers for talent is fierce. If a company is spending aggressively to appear at the top of the list, but not generating good leads on quality candidates, the campaign is not providing a good return on investment (ROI). Programmatic job advertising eliminates overpaying for applicants and helps the organization reach its hiring objectives cost-effectively.
By utilizing programmatic job advertising, organizations can shape the results according to their needs. This flexibility enables them to align budget utilization with their hiring priorities effectively. By implementing automated rules, employers can stop campaign spending on specific job postings once predetermined budget thresholds or application targets are met. As a result, each campaign tells a distinct story and contributes to the overall top-line metrics, enhancing the effectiveness and efficiency of the recruitment process.
By adopting a pay-per-click model that charges exclusively for clicks that generate the desired applicant volume, unnecessary expenses incurred from attracting irrelevant candidates can be completely eliminated. This approach ensures efficient allocation of budgets and maximizes the recruitment strategy.
Most companies have already made programmatic job advertising a significant part of their recruitment marketing strategies. If an organization is still on the fence, it’s time to reconsider just how much they may be at a disadvantage in this candidate-driven war for talent. The time is now to take action, improve recruitment results, and give the recruitment team greater efficiency.
Fear of the unknown holds companies back from utilizing new(er) tactics. But hiring professionals don’t have to give up existing annual job board contracts or processes that are working to test programmatic – at least until companies can compare results.
The utilization of end-to-end analytics empowers organizations to make informed and intelligent media buying decisions based on the quality of candidates sourced from various job sites. Analyzing the number of hires or placements generated from each source for specific job types makes optimizing budget allocation possible. For instance, if a particular source is underperforming in attracting suitable tech candidates, funds can be reallocated to job types that have demonstrated successful outcomes.
Tip: Partnering with an analytics provider enables companies to access comprehensive recruitment marketing data, allowing for granular tracking of metrics at the individual job, job site, and job category levels.
This data-driven approach facilitates a deep understanding of media source performance and enables strategic planning for future talent acquisition initiatives. By leveraging historical metrics and identifying the most effective platforms for advertising specific job types, organizations can confidently forecast the number of applications required to meet hiring goals and make informed decisions, avoiding a hit-or-miss approach.
It’s also crucial to prioritize data collection and ongoing analysis, considering that programmatic performance can exhibit fluctuations influenced by factors such as day of the week, month of the year, seasonal patterns, and emerging trends. By consistently monitoring and evaluating this data, organizations can gain valuable insights into the dynamics that impact programmatic effectiveness and make informed decisions accordingly.
As mentioned above, when utilizing programmatic job advertising, hiring professionals can allocate their financial resources precisely to hit hiring goals without any unnecessary expenditure. This approach empowers companies to exercise complete control and flexibility over the job ad budget on a daily, weekly, monthly, quarterly, and annual basis.
To optimize programmatic job advertising, focus on the job site that yields the best results. While no universal approach optimizes performance on every job site, focus on the job site that attracts top applicants. It is crucial to analyze the performance by source, investing heavily in sources that generate the best results – as certain job sites may excel for specific job types. In a competitive labor market, optimizing strategies to attract an interested pool of candidates is an opportunity companies must pay attention to.
A rule-based buying platform is instrumental in shaping results to align with hiring goals. Without it, achieving desired performance becomes challenging – with popular job types consuming the majority of the budget while tougher-to-fill positions lack the necessary visibility.
While avoiding excessive optimization, adapt your programmatic job advertising strategy to align with the job market, hiring needs, and evolving candidate behaviors. Monitoring campaign performance and adjusting according to specific business goals are vital for exceptional recruitment outcomes.
Tip: Ensure to only choose one optimization at a time. This allows hiring professionals to see whether the changes are working or not. If multiple changes are made simultaneously, it can be hard to determine which shift produced results conclusively.
Programmatic job advertising should be a piece in the entire picture of your recruitment marketing strategy. The most effective recruitment marketing efforts include a strong employer brand to source and engage talent, which gets companies more quality applicants based on programmatic job ads that are laser-targeted to produce results.
Recruitics is pioneering the scientific approach to recruitment marketing, and we are here to accelerate your hiring success. Taking a truly data-driven approach to recruitment marketing helps companies attract and hire great talent most efficiently and cost-effectively.
Don’t be afraid to try programmatic job advertising today – learn to trust the data and become a hero within your company! Reach out to Recruitics to learn more about implementing programmatic into your recruitment strategies and how it can help you win talent.