In the next 5-10 years, the baby boom generation – persons born between 1946 and 1964 – will begin to retire. When they do, the composition of the labor force will undergo significant changes. In 2010, it is widely believed that the number of jobs will greatly exceed the applicant pool. What does it mean for traditional recruitment strategies, like job boards and print ads?
To answer these questions, look no further than your own day-to-day activities. If a candidate isn’t actively looking for a job, then that candidate isn’t going to look in the newspaper want-ads or spend free time searching for jobs. Instead, employers are going to need to find the candidates in the proper places at the right times. And how do they do that? The same way consumer marketers do – become visible in our lives. And everyday, we are using search engines.
Google and Yahoo! Search (formerly Overture) are the prominent and highest trafficked search engines, delivering the largest reach. Google serves up 59 million unique visitors each month and performs more than 200 million searches per day, while Yahoo! Search Marketing draws on the strength of the Yahoo! Network – the number one Internet portal.
While Google (with GoogleBase and other initiatives), Yahoo (with HotJobs), and other search engines will continue to try and reach the dwindling niche of active job seekers, they are realizing the larger market will be in passive seekers. The number of people who will be actively searching will continue to dwindle in the coming years. Meanwhile, HR departments seem to have grasped the importance of Search Engine Optimization for their career sections, but they have just begun to incorporate these types of strategies in their recruitment plans.
One increasingly effective method of passive candidate mining involves Pay Per Click advertising, or PPC. PPC is a marketing strategy that allows you to bid for placement within the search terms that users select. You create your own ad, choose keywords to determine where the ad is shown, and pay only when someone clicks it – delivering a higher return on your investment. This model enables you to adjust the maximum price paid per keyword. In addition, it lets you specify a maximum spending ceiling, so that you can control your campaign budget and influence your ad position.
And, since you only pay when users click on the search listing, you spend nothing for the impressions. As a result, pre-qualified users (qualified by their own search keywords) view the PPC result, and you receive complimentary branding even if the users do not click on the listing.
Companies have every right to question any media plan that does not include PPC as everyone knows that PPC yields a more stable, predictable return. A new world of recruitment is coming, and the smart companies (and their agencies) have already begun to adapt. Passive Candidate Mining is the forefront of recruitment marketing’s next generation, and Pay Per Click advertising is the first major component. Are you prepared?
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