IBISWorld Procurement Research Analyst Syed Ali Khan shares with employers that online job posting services have become increasingly popular as a way to attract candidates, particularly those who are looking for seasonal work and new college grads seeking their first job.
Syed advises that, “Prices for job posting services have been increasing in the past three years, and IBISWorld forecasts them to continue growing in the three years to 2019.” The reason for this increase can be attributed to a rise in market demand stemming from an expansion in the use of online resources for securing talent in a candidate-driven market.
As part of their research, IBISWorld has identified the top three most used job posting models and pricing models so employers can focus their efforts strategically this year. Their team of analysts also shares the pros and cons of each service to help control talent acquisition budgets.
The most popular curated job posting services include CareerBuilder, Monster, LinkedIn and Indeed, which are suitable for general advertisements that attract a diverse talent network. Niche job posting services like Snagajob and Health eCareers are designed to focus on specific career types and industries, narrowing the candidates, but providing skills that are closely aligned with hiring needs.
IBISWorld data shows that pricing for a job online for 30 days averaged around $165 in 2007 and is expected to rise to $205 by the year 2019, which is still far below the average price for a newspaper job posting, contracting with staffing agencies, or using executive search services to secure a candidate.
The pricing models that are used for online job posting include three tiers, including subscription, pay-per-click, and fixed per ad pricing. Syed shares that, “many of the largest job boards provide a combination of these pricing methods, allowing buyers to pick the one that works best for them.” Before purchasing job posting services, companies should optimize their job ads, and make sure they are using the right service and pricing structure to meet their needs.