Fixed Fee Recruitment vs The Usual SuspectsAdam Rhodes
Here at i4 Resourcing we harp on about Fixed Fee Recruitment (also known as Flat Fee Recruitment) because it’s simply the best. The return on investment with Fixed Fee Recruitment far outweighs most other methods and the proof is in the pudding. In this post we go into more detail and breakdown why this method of sourcing new staff is worth every penny.
Cost Per Candidate
When it comes to ROI from a financial standpoint, we only want to know the cost of filling a job. Every hiring business has a recruitment budget. Whether it’s £0 or £100,000, they have a rough idea of what they would like to spend to get their next member of staff through the door. Let us take a look at the different methods of recruitment advertising and see what you typically get for your money.
Newspaper Recruitment Advertising
For a standard newspaper job advert you could spend anywhere between £200 to £800. Local newspapers are usually affiliated with an online job board or have their own. Unfortunately they don’t have the reach compared to some of the big players like CV-Library, TotalJobs and Reed. In September 2018 we published an article called The Decline of Printed Newspaper Sales & Rise of Digital Media. It goes into detail of how the once mighty have now pretty much fallen.
Just 15 years ago when I first looked for a job I turned to the newspaper. Now I work in an industry where I only see negative press. Statements along the lines of throwing money into a black whole. Some of the worst case scenarios involve companies paying upwards of £350+vat for a single advert seeking entry level workers and receiving no applications whatsoever.
There are however specialist publications that yield better results. These tend to be more industry specific newspapers and magazines with a more targeted audience. For arguments sake, lets say you wish to advertise for an Equine Veterinary Surgeon. Advertising in the Horse & Hound magazine or similar is far more likely to secure you applications than a general newspaper.
Executive Search or Managed Recruitment Service
We are not blind to the benefits of using a recruitment agency or consultant. The return here can be huge depending on the role. At i4 Resourcing we like to be open and honest. If somebody wanted to advertise for a Senior Software Developer or Aerospace Engineer we would point them in the direction of a specialist company who could assist.
That isn’t to say an advert will not deliver. But the likelihood of somebody in those types of roles actually looking for a new job is very slim. They’re quite well paid and often get looked after.
The cost of using a recruitment company varies greatly depending on the role and location. You will be charged anywhere between 10 – 25% of the role’s annual salary as a finder’s fee. Should you be looking for a Warehouse worker to be paid £20,000 per annum this will see a fee of £2,000 or more for getting them through the door.
Online Job Board Advertising
The world wide web has grown exponentially and so has it’s uses. One of it’s greatest uses for businesses across the globe is job advertising. Over 50% of companies will use the internet when looking for their next hire.
Versus other methods of advertising it is fast, cheaper and easy to manage. The only problem is, where do you advertise? There are millions of options out there for posting job adverts online but only a handful of them deliver. Want to know which website is best to advertise on? Call an expert today on 01603 415 100.
Standard job websites cost £75 to £200 and almost all of them have an introductory offer. Adverts mostly stay live and online for 4 to 6 weeks and pushed further down the ranks as time goes on. Take a look at our job board comparison page to get an understanding of what each can offer.
As with printed media like newspapers and magazines, there are more specific websites for the specialist roles. With these you can expect to pay a bit more to get your advert online and in front of the right people.
Fixed Fee Recruitment
Of course we have saved the best for last! Fixed fee recruitment holds gold for the best return on investment recruitment wise. Not only does it utilise the most effective advertising methods of our time but cuts the price dramatically too.
I won’t bore you with all of the details about how Fixed Fee Recruitment works. You can go through our website to figure that out. I will however throw some figures at you from one of our recent campaigns. A Newcastle based company on the look out for an Area Sales Manager chose our Full Network package.
This enabled their listing to go live on all of the following boards and pulled in the accompanying number of applications:
- Jobsite – 109 applications
- Glassdoor – 1 application
- CV-Library – 39 applications
- i4 Jobs – 4 applications
- Reed.co.uk – 59 applications
- Jobcentre Plus – 3 applications
- Indeed – 42 applications
The campaign cost our client just £395+vat and they received in turn 257 applications. That’s an incredible £1.53 per candidate. If said client went direct to CV-Library it would have cost them £3.82 per candidate. More than twice as much. We’ll leave the maths to you when comparing Fixed Fee Recruitment with a managed executive search.
The level of confidence we have in Fixed Fee Recruitment is through the roof! So much so, we have a risk free option where you pay nothing up front and are only invoiced when satisfied. Click here to see our Pay on Performance advertising option.
If you are looking to increase your brand awareness an executive search may not be the way to go. With this method of recruitment it is highly targeted to the role itself and your company identity is often hidden. Any form of printed or high impression online media will assist with building your brand.
When something like a newspaper is physically held it has a more lasting impact than something viewed on a screen. Newspapers and magazines are limited to the number of print runs and then the distribution itself. Adverts see in the flesh do catch the eye more easily.
The great thing about advertising online through a reputable job board is the number of users. Here you have the potential to get your name and logo in front of millions of people in a matter of weeks.
Asset To Your Business
Every type of recruitment advertisement provides some kind of benefit to your business regardless of how small. Using a recruiter may not add a brand awareness value to your company. But it will find you the perfect person for the job. Placing an advert in a newspaper may not drive in big numbers but it will help people recognise you as a business.
With fixed fee recruitment you can get all of the above and much more. This strategy for sourcing staff allows you to build your brand, secure quality hires and build a talent pool. With your own talent pool you aren’t restricted to a single hire. Imagine having 20 of the same role to fill and having to pay a recruiter fee on each one? Or you can place a single ad across multiple platforms and fill all of the vacancies for less than £500.
Fixed Fee Recruitment Management vs Other Methods
Managed Recruitment Service
We’re not going to lie here. The most well managed form of recruitment is a Managed Exec Search. These people do absolutely everything for you up until the interview. Sometimes they even do that. Nothing else compares when it comes to organisation and taking a load off your hands.
Online Job Board Advertising
When you choose to advertise online direct to the job boards, applications will come in via email. You will also have the ability to view applications within the websites themselves. But when you go from advertising on one board to two, you’ve just doubled your workload.
Newspaper and Magazine Job Advertising
This is nothing compared to printed media advertising. Should your advert perform as well as the salesperson involved told you it would, you’ll be inundated with phone calls, emails, people knocking at the door and more. We all know this is unlikely to happen. But as far as job advertising goes, this is by far the least organised to stay on top of applications. Get your pen and paper at the ready because that’s as far as your application tracking technology goes on this route.
Fixed Fee Recruitment Advertising
What more do you want than low cost recruitment advertising that drives great results? Surely it isn’t greedy to want it all to be beautifully organised too? Today is your lucky day! Nearly every single flat fee recruitment package comes with an Applicant Tracking System (ATS). We’re proud to say that every advert we put out have all applications driven into an easy to use and manage piece of software.
You can access this online anywhere in the world and it allows you to see, filter and manage all applications from your campaign. Sounds neat huh? This is definitely the cherry on the cake for an almost already perfect product.
Are you looking to advertise?
Our team are experts in all things recruitment advertising. If you are looking to advertise a vacancy within your business make sure you speak to us first. You can contact the team on 01603 415 100, via email by clicking here or using the chat in the bottom right corner of your screen (when we’re online of course).
If you’re already sold on the idea of Fixed Fee Recruitment, head over to our Prices & Packages page to place an order online. Should you decide to give us a call and we like you, we may let you in on some special offers!
Thank you for read and we look forward to hearing from you!