Spending a lot on job boards and advertisements and yet you end up not getting the right talent? Try out something different this time!
Use programmatic recruitment strategy and tools for solving your sourcing problem.
What is programmatic recruitment?
Programmatic recruitment is the use of technology for buying, placing, and optimizing job ads. It is aimed at making sure that your job ad is seen by the right set of candidates at the right time to generate maximum return on your cost and effort. This concept relies on technology and not solely on people and hence supports in better optimization of the recruiting process at the right place. It is more than mere automation. It uses the concepts of big data, targeted job ads, real-time bidding, and campaign optimization all in one go. In short, the reliability of where a job should be posted, how much money should be spent on promoted placement, the range of job boards and sites to be used, and all other factors are based on data and algorithm-based decisions. Hence, it is said to have a direct concoction of automation, BI tools and ML algorithms imbibed into it.
By using programmatic recruitment, crucial decisions can be made in seconds that results in improved efficiency and greater ROI for the recruitment process. Businesses and Fortune 500 companies are using platforms that are based on this concept to reduce cycle time and increase the probability of reaching the right candidates.
To further drill down, let us understand the four key components of programmatic recruitment:
Big data analytics
The benefit that big data offers to the concept of programmatic recruitment is manifold. It uses artificial intelligence to assess data for how, when, and where to post a job for getting the best results which have a direct link to factors like time-to-fill, candidate quality ratio, cost of hire, etc. The combination of data allows the program to immediately assess and create recommendations of where to place a recruitment ad and how to target it for better results. Moreover, the recruiting campaign details are changed continuously to target the right individuals through various channels simultaneously.
Job ad targeting
Most of the times, we tend to ignore the ads displayed in the search engines and public mail sidebars. In fact, ad targeting companies continuously update the profile of the consumer in its database based on the search results and keywords to offer more meaningful and relevant ads to consumers. In a similar way, programmatic recruiting places job ads where they are most relevant. The algorithms work on historical data based on many different attributes. For instance, it ranges from job type and location to experience and skills in order to create the best-targeted ad campaign for every job role on every site. The job ad is then promoted on relevant sites that have historically performed well based on several factors. Moreover, the job ad’s content is customized as well, to derive more efficiency and the data is constantly reviewed to make appropriate changes.
Dynamic budget allocation and bidding
Programmatic recruitment tools track conversions in real time to find the best websites and help to bid like a pro with dynamic bidding tools. This can be integrated with your ATS platforms and other job sites. It uses ‘rules’ to ensure the budget is not drained or unnecessarily wasted on jobs that are easier to get filled. With the help of intelligent algorithms, the daunting task of managing a recruitment advertising budget effectively across different types of jobs and platforms becomes easier.
So far we have come to know that programmatic recruitment improves the ROI of job advertising with algorithmic bidding. However, it is not really programmatic if it lacks ongoing campaign optimization. With this feature, there is an improved optimization in search results and enhanced job visibility. Thus, we can clearly see how programmatic recruitment advertising helps companies optimize their recruitment spending using real-time data.
Apart from this, it offers other benefits too. At the core level, programmatic recruitment manages, optimizes and automates the job posting process for employers resulting in cost and time-saving. It increases applicants across all jobs and helps in finding better quality candidates for difficult positions through advanced algorithmic targeting. Although, it is not very evident to candidates about why they are getting such ads on their screen; however, it is preferred by them as it offers improved experience and relevance to the applicants.
With the influx of programmatic recruiting, the dependency on human intervention has subsequently reduced in good sense. It has taken away the arduous aspects of multiple rounds of calculations and data assessments. However, it is the team of humans who are still responsible and need to be involved to give immediate answers in creating an effective job ad campaign that fosters efficiency. It will be important to see how job descriptions prepared by HR will be tweaked by machines to find the right talent at the fastest speed in the lowest budget.