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Saturday, January 29, 2022

Are Job Boards the Best Way to Find Insurance Talent?

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Have you ever heard someone in your company say, “Let’s launch a wide network to find candidates.” If so, then job boards are your network, a big trumpet for everyone on the internet to see. It’s kind of mass marketing and a bit like putting up a billboard on the highway. Sometimes it works. Sometimes that doesn’t happen. It depends on who you are trying to attract.

When it comes to job board success rates, what you really ask about is resource management. Posting your jobs on paid sites is just one recruitment tool at your disposal. My team pays for vacancies, but we’ve learned over the past two decades of hiring that every professional has a trick. We apply ROI to each site and track our sources of hiring percentages to determine if third-party job boards are worth the time and money. We can’t let costs get out of hand, and I certainly wouldn’t want to spend money on every site to get the same applicant two to three times.

Determine your ROI

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Cost + Usage + Placement = ROI. You can only assign an acceptable number for your business, but we get 10 times revenue on every job board meaning every $1,000 spent on sites like LinkedIn, Indeed, Careerbuilder, Glassdoor or ZipRecruiter. I want to make at least $10,000 in job placements. Now, you don’t technically have a recruitment fee, but it’s easy to calculate if you assume that if it weren’t for the job board, you’d have to pay an external recruitment fee.

Business councils require a lot of management

Remember that job boards work to make money. They will sell you on the basis that you need to be everywhere and all the time. They want you to buy as many vacancies as possible, sponsor/promote job opportunities at an additional cost and sign long-term contracts to secure your dollars. Other times, they subtly store the cost in their applicant tracking system (ATS), so you don’t feel like you’re paying for it, but trust me, you are.

Either way, the “set it and forget it” mantra used in the Ronco Food Dehydrator does not represent adequate management on your part for three reasons:

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Insurance is a unique industry. Not every job board can generate highly experienced applicants in the industry.

Some job boards are designed to attract a certain level of candidates. It’s really good with lower level staff. TheLadders.com likes jobs over $100,000, and LinkedIn works best for management positions.

Empty work slots are wasted money. Any use of less than 90% means that you have purchased too many slots. It’s best to buy a little less than you think you need and rotate jobs more frequently.

alternative resources

A comprehensive and integrated recruitment strategy requires a multifaceted approach. My goal at Capstone is for job boards to account for no more than a third of our sourcing strategy. In this way we contain costs but also tend to use alternative resources geared toward sourcing insurance talent. If you want to do the same, here are additional tools to consider.

Jobs page. A great jobs page on your own website is a much better investment than a third party post. It increases SEO and drives applicants to your website. It allows job seekers to learn about your culture which creates a better experience for the candidate. Integrates with your broader marketing/social media strategy. Apart from the initial design, it is completely free and easy to maintain.

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your ATS. Recruitment and hiring are two different things. If you rely on job boards to find the most candidates, you’re not hiring when you build, enhance, and manage your candidate database. Just like you connect leads in your CRM for sales, you need to mine for experienced insurance talent and grow your in-house database.

Employee referrals. Have you noticed that some of your best hires come from employee referrals? Strengthen your rewards program and see your current employees take great care of your recruitment initiatives. Even a $5,000 referral bonus, which is really big, has a greater impact on employee retention, engagement, and new hire success than paying more for a job posting or recruiter.

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