Online job boards are changing, and it could be good news for HR. Take the recent announcement made by one of the major classified sites:
Yahoo HotJobs unveiled a new pricing option for companies: Instead of paying for each ad, they’ll be able to pay based on candidate response.
Calling the model “pay per candidate” pricing, Yahoo says the format will give businesses greater control over their budgets and ensure they only pay if the ad attracts qualified applicants.
Employers can set up a customized questionnaire to filter out candidates who don’t belong and avoid being charged for them. Also, the system allows companies to set a cap on the number of applications that are allowed to go through.
Recruiters do have to pay up front by purchasing “credits” from Yahoo. But credits aren’t deducted until a candidate submits an application or clicks through to the company’s Web site. Unused credits can be transferred to other job listings.
Hot Jobs is the first of the “big three” job boards (the other two are CareerBuilder and Monster) to announce a switch to pay per candidate pricing. Experts predict the model will become more common as job boards try to compete with cheaper recruiting methods like Craigslist and social networking sites.
