Do Job Boards Work?

Did you know that 68% of employers are dissatisfied with the job boards they are currently using? The number one reason is low applicant quality. Metrics to consider when determining the value of your current job board are time-to-hire, quality of hire, cost-per-hire, cost-per-application, and app-to-hire ratios. If you're not sure if your job boards are performing as they should be, ask yourself these questions: What problem or challenges do I have recruiting? Is my current job board solving my problems? Does my job board work? If the answer is no, you're not alone. Here are five questions to ask yourself in order to evaluate if your job board is working and worth the investment: What is my time-to-hire? Bersin by Deloitte research shows that, on average, companies take 52 days to fill a single role. Estimate job posting and advertising costs plus time-to-fill metrics to determine your budget for job advertising. For example, if your organization needs to hire 50 people and it typically takes three months per hire, you may want to budget for $150 (50 X 3) per job posting, assuming a one-month-per-post formula. Determining your time-to-hire by role allows you to properly scope out your cost to make a hire. If you are overspending in areas that are making hires for you in a timely manner, then it may be the time to part ways. Do I have quality over quantity candidates? How many resumes do you go through to make one hire? This varies by the quality of candidate that you are receiving per job board. 1-800-CONTACTS, for example, used to filter through 30 resumes to find one qualified glass technician. After partnering with Glassdoor, they only had to go through six resumes to find a qualified hire. Pro Tip: Partner with job posting sites that have an employer branding component where candidates can save you time by self-qualifying for roles! How does my cost-per-hire stack up? According to Bersin by Deloitte research, the industry standard is about $4,000 per hire. TMP Worldwide is an agency that helps employers break down their spend by channel and optimize recruitment marketing programs. According to a recent Brandon Hall Group research report, TMP Worldwide found that Glassdoor's cost-per-hire was significantly lower than other sources and that Glassdoor enjoyed a much better applicant-to-hire ratio (47-to-1 versus 100+-to-1 via other sources). Download the report here. Pro Tip: Geography can also greatly impact hiring data. Do your homework and see how long it takes the overall market and your competitors to fill positions in your geographic area. How much am I actually spending per campaign? Compare pricing per vendor to see what you are getting from each. Identify how many jobs you are able to list per campaign and compare analytics tools that each vendor provides. Can you look at the candidate demographics for users visiting your page? What analytics are provided and can you test products for free to determine if there is value for your organization? With Glassdoor, you can sign up for a Free Employer Account allowing you to unlock analytics to candidate demographics and job activity at no charge. Pro Tip: Did you know that 69% agree their perception of a company improves after seeing an employer respond to a review? Responding to reviews on Glassdoor is free and is a great way to influence candidates at the moment they're deciding whether or not to work for you. Are my app-to-hire-ratios getting better or worse? Analyzing the quality of candidates you're seeing allows you to improve app-to-hire ratios over time. Measuring what happens once you make a hire can help. We all know that top priority is getting butts in seats, but if you are spending money replacing hires, the chances are that the quality of hire coming in is not quality or cut out for your culture. Most companies do their budget and recruitment planning at the end of the year to get accurate hiring and retention data. For example, if your attrition rate at the end of the year is 15 to 20 percent, multiply that by the number of employees and include them in your hiring goals for the next year. This is the total number of employees needed just for back-fills for the organization to maintain its current size.