Key Advertising Questions Every Company Should Ask When Planning a Recruiting BudgetMarch 20, 2020 at 10:23 AM — Post
Creating a data-centric recruiting budget and plan is an intellectual process – a process that is worth spending time on.
Start by asking Seven Key Advertising Strategy Questions:
1. How many hires did you make in 2019?
2. How many applicants did it take to make a hire? In other words, what is your apply-to-hire ratio?
3. How many clicks, slots, and/or postings did you use to get to those applicants?
4. What percentage of your applicants came from non-advertising sources? For example, resume search, staffing firms, referrals, internal promotions, and moves?
5. How much did an applicant cost?
6. What are your business objectives in 2020? How many hires, broken down by job type and location, will you need to hit your objectives this year? Are you accounting for turnover or churn in your business as you calculate the number of hires you will need to make?
7. What assumptions are you willing to make about your current application rate? Will it increase, decrease or remain stable based on your best guess of market trends? Following current market trends, it’s safe to assume that your conversion rate will go down year over year.
These questions take numerous pieces of data and fuse them together to create a single standard: applicants needed to fulfill your open job needs.
Applicants are the bridge between what you need – hires – and what most job sites deliver: clicks. In order to reach your goals, running the data in a way that job sites can deliver and measure is key to helping them and you hit your 2020 recruiting goals. To learn more about how to build your own media plan, download our guide, How to Build a Top-Performing Job Advertising Plan for 2020.