It’s a question that seems obvious, but can be used to gain critical insight into your recruiting and hiring processes: how attractive is this job I posted to job seekers?Determining a job posting conversion rate will allow you to see which job postings are doing well and which could use some help to attract more applicants.
The fact is that it is currently a job seekers’ market, in part because the pandemic has shifted how people feel about the way they work. Prospective candidates, for example, may no longer be open to accepting a position that requires them to be in the office five days a week. This is just one example of things that job seekers may now consider before submitting their applications. Other factors will include an agency’s culture, perceived diversity, growth potential of the job, and of course, salary and benefits.
Furthermore, your organization probably has a finite amount of money to spend on recruiting a given requisition. This, in addition to the burden created by prolonged vacancies, means it’s in your best interest to make jobs as attractive as possible the first time around, so you can hire a qualified candidate quickly and continue to be productive.
So how do you determine if your job is attractive? Start with its conversion rate, or the number of job post viewers that turn into applicants. Use the following formula to determine what the conversion rate is for a post:
_____________________ x 100% = Your conversion rate
# of job posting views
How attractive is your job?
- 3% conversion rate or higher: This is a great conversion rate. Applicants are interested in this opening and it’s likely to yield highly qualified applicants. If the job posting has less than 25 views, it may benefit from some advertising; otherwise, nothing needs to be done. Good work!
- 1-3%: This conversion rate is sufficient – applicants are interested in your job and you will likely find an eligible candidate; however, the post may benefit from additional advertising spend, or an improved job description.
- Less than 1%: This job posting is not doing well. The interest is not there and that’s unlikely to change with advertising spend; the job needs to be restructured.
NEOGOV's 9 Box demonstrates the conversion rate theory in practice.
You’ll also want to consider how many views your job posting has. If it’s fewer than 75, but you have a decent conversion rate (1-3%), it might be worthwhile to put some advertising dollars behind the job posting. If it’s less than 1%, however, you’ll want to skip ahead straight to restructuring the job.
What does restructuring a job mean? The hard truth is that some jobs are just not attractive to applicants. Maybe you’re requiring five days in the office, like we mentioned before. Perhaps the job doesn’t come with great pay, benefits, or the timing is unappealing (off hours or only part-time). Increasing pay or perks that come along with a certain job will likely increase interest in the role, but if that still doesn’t work, you may need to eliminate the position altogether and figure out another solution for getting the work done.
Using an applicant tracking system that can track your job posting conversion rate and then quickly allow you to advertise across multiple job boards can make your life a lot easier. Learn how Insight’s Job Boost feature can help you accomplish just that.