The world’s largest job matching and hiring site, Indeed, is taking another step forward in its Pay for Results pricing option to help employers focus their efforts on acquiring qualifying applications to help their companies succeed. Indeed’s adaptation is in response to four out of five U.S. employers reporting that they prefer a recruiting model where companies only pay once they receive a high-quality candidate. With over 300 million unique monthly visits, Indeed is poised to better connect employers with prime applicants in a manner that saves their businesses time and money.
The post pandemic job market has left employers and job applicants in uncharted territory with both job hunting and recruiting procedures changing substantially. Both sides have identified frustrations with the process. A U.S. employer survey conducted by Indeed found that more than 43% of employers have lamented the increase in time it takes to hire applicants with another 41% of employers saying it is only getting harder to find quality candidates to interview. On the other side, over 60% of job seekers have reported having negative experiences with potential employers.
Today’s Hiring Process Falls Short
The hiring process has long failed to keep up with the rapid shifts we’ve seen in the job market. Many recruitment sites, including Indeed, started by implementing a pay per click model with job applications. This template made no guarantees of companies acquiring quality candidates, despite the volume of clicks their listings garnered. Companies could spend a hefty penny before seeing results. Indeed’s new options are in direct response to this sizable concern.
If hiring speed is your company’s concern, Indeed designed their Pay Per Application (PPA) model to help secure complete and quality applications in a timely and efficient manner. Under this model, an application cost is determined at the time a job is listed. The price is based on market conditions for that specific job. If the job listing is unique to the area it is being posted to and there are many candidates seeking that type of employment, a job sponsor can expect a lower application cost. However, if there are multiple listings that match the same job description and only a few candidates seeking that type of career, job sponsors can expect a higher application cost to correlate with the demand.
Indeed Offers New Options To Meet Your Company’s Priorities
With PPA, several tools are implemented on the backend to ensure that only qualified applications are getting through, including deal breaker screening questions, which recruiters can set up to automatically reject submissions that do not meet a job’s mandatory criteria. To make sure there are no surprises when it comes to costs, job sponsors can choose to receive a specific amount of applications. Alternatively, they can choose to receive an undefined number of applications until a job is manually paused or closed by the job sponsor. Indeed will allow recruiters to reject an application that does not fill a job’s criteria for up to 72 hours before getting charged for receiving that submission.
Indeed will also offer a Pay Per Started Application (PPSA) option that is aimed to provide a job sponsor with started applications on an accelerated timeline. Job sponsors will be charged each time a job seeker clicks a button to initiate the application process. In this instance, instead of spacing a listing’s budget across a formulated timeline, dynamic price setting can lead to getting budgets being spent faster or slower than before.
It’s Time To Adapt to Market Demands
According to a survey conducted by Indeed, more than 96% of employers desire a site that can help match them with quality candidates. With millions of companies still hiring, Indeed’s Pay for Results option provides employers resources to skillfully reach those applicants. The timing could not be better as shifting demographics in the U.S. threaten to further impede the job market. A shrinking labor force will only increase the need for competitive job recruitment tools.
Recruiting candidates can also be laborious, taking more than a month to fill a position in some cases. PPA and PPSA options were designed to save employers time and money with crafted tools built for bringing you more quality applications while making sure that qualified candidates see and find your company’s job listing. Today, the market is as competitive for organizations as it is for candidates. Unequipped companies risk losing talent if they are not utilizing algorithms to drive their listings to qualified candidates.
By William Tincup
William is the President & Editor-at-Large of RecruitingDaily. At the intersection of HR and technology, he’s a writer, speaker, advisor, consultant, investor, storyteller & teacher. He's been writing about HR and Recruiting related issues for longer than he cares to disclose. William serves on the Board of Advisors / Board of Directors for 20+ HR technology startups. William is a graduate of the University of Alabama at Birmingham with a BA in Art History. He also earned an MA in American Indian Studies from the University of Arizona and an MBA from Case Western Reserve University.
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