While a programmatic system makes recruiting a lot easier, it is not a replacement for a human being at the wheel. Some systems require extensive programming, but even the higher quality ones like Talentify need somebody to provide it with goals in order to ensure that you are not overloading your budgets month to month.
Estimating Your Budget
We’ve gone into much greater detail in another article about how to properly estimate your budget with a high degree of accuracy, but here are the basics.
The trick to appropriate budget estimation is to collect the correct data and apply it against any significant changes that have happened between periods. A smart strategy starts by breaking down your costs into internal and external costs, then further subdividing into relevant categories to ensure that you can make small adjustments rather than sweeping changes.
Some of the many year over year changes to consider are the size of your business, updated goals, industry trends, and job demand. Part of the reason to use a programmatic recruiting system is to ensure that your recruiting team can stay abreast of these sorts of trends and adjust accordingly.
Of course, budget estimation isn’t the only aspect of budget maintenance.
Balancing Jobs With Budget
One of the most important considerations you should keep in mind is that the number of jobs you are trying to fill can drastically change your budget projections and also your effectiveness.
Keep in mind that your budget needs to take into account what the real cost per qualified candidate is in your area and industry, not to mention seasonal variances. Remember: average is not average. What might be the mean or even median cost for the country, state, or even county may not be even close to your actual cost, so it’s crucial that you work with real data for your company and not generic numbers.
For example, let’s say that you have 10 jobs to fill and you want 10 candidates for every job, so 100 candidates total. Further, you have budgeted $325 per job for your search, meaning that you are looking to spend an average of $3.25 per qualified candidate. While this would be ideal, and in some areas even possible, in many places that might not be enough to get you the number of candidates that you’re looking for.
You might find out that in order to get the number and quality of applicants that you need, you might have to spend $6.50 per qualified candidate, which is better, but obviously would require doubling your budget. Programmatic can help you to make smart choices, but it’s vital to understand that you’re still the key decision maker when it comes to balancing the possible with the desirable, goals with realities, and jobs with your budget.
Your Part in All of This
We talk a lot here about the automation that programmatic platforms can give you, but that doesn’t mean that you’re entirely off the hook. The machine can learn how to achieve your goals in the most efficient way possible, but it can’t decide on those goals for you.
The first thing you should do is keep a watchful eye on performance. If you’re not getting the number of sponsored candidates you would like, take a look at your budget to see if you’re not ranking high enough in searches. Compare your results to how your campaigns have performed previously, and if you don’t have that data available, it’s time to start building it now.
Secondly, review on at least a monthly basis to ensure that you’re advertising for the jobs that you want and a price that you can handle. Your programmatic system will keep doing what it does until you tell it to do something else, and the best way to get the most out of it is to ensure that you look at the previous month’s (and year’s, when possible) performance, re-evaluate what your company needs at the moment, and determine whether now is the time to be sponsoring job posts.
Finally, be sure there are systems in place to allow you to follow up with the results that you get. The AI in a programmatic recruiting platform can adjust your budgets to get the best results for the lowest price, but it can’t connect you with candidates or hold interviews. Time kills all deals, and with the time your recruitment team is saving using a programmatic system, they can be finding and engaging with the best possible applicants to fill key roles throughout the company.