What did you do last Sunday? If you were one of the 114.4 million (total average) Americans watching Super Bowl XLIX, then you’re well aware of the new commercials that aired Sunday night. Whether you were a fan or the commercials or not, there’s one thing no one can deny—the advertisements were ridiculously expensive…and competitive!
It costs loads of money to get your word out there to the public, especially on the biggest day for TV commercials. It might be worth it for your business if you have the money (unless you're Nationwide Insurance, but that’s still up for debate), but what about for the smaller businesses? Is advertising worth the cost and if so, through which media channel?
These are some thoughts to consider during the recruiting process. ROI is important for every business and it should matter the most when you’re investing on building the core of your company—your employees. Why spend more on advertising for an open job posting, if you’re only going to get a handful of candidates to choose from? There are ways to get more “bang for your buck,” as well as ways to increase your talent pool when recruiting.
What Companies Are Spending…
Software Advice, an HR and recruiting technology research firm, released a report that shows the numbers of (unnecessary) money being spent, by small businesses, on sourcing candidates. Here are some of their key findings from the report:
“Companies surveyed spend, on average, $86 on advertising for EACH new hire.”
“Small companies spend MORE on average for each new hire than large companies.”
“72% of respondents said job boards were a primary advertising channel for their companies.”
Most Popular Advertising Channels
While job boards seem to be the most common way for companies to advertise their open positions, not everyone utilizes their recruiting with a cost-efficient effort. Using end-to-end hiring management software that allows you to utilize numerous job boards is the best way to get the most out of your hiring budget.
It’s not difficult to get more “bang for your buck” while you’re sourcing candidates and searching for that next great hire. You just have to know where to look and how to weigh your options if you decide to implement a hiring platform. Save money today and maybe someday you’ll have that extra dough to advertise with the big dogs during Super Bowl Sunday. Crazy things have happened before! (Like a child dying at the end of a Nationwide commercial)
Don’t waste any more money! Download our free eBook below to learn how to save money on your recruiting process.