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October 2018

In This Issue - Click on Article Title for More
 
Monthly Article : #AskingForAFriend
Description: Industry experts answer your questions on challenges you are facing in sales and recruiting.  If you have a question, please email to pat@neffdowning.com.  We will solicit answers from industry experts.

October Staffing Question:

Question    
A job board we rely heavily on for pipelining candidates has informed us of increased rates for 2019. How can we maximize our "spend" without increasing our budget?   

Answer: 
Whether you are experiencing a price increase, or its taking more paid postings to get the volume of candidates you need, now is a great time to re-evaluate your strategy when it comes to your job advertising. Are you optimizing your advertising dollars? 
  1. Know how many applications you need. The average number of applications that generates one hire for each open position in your organization is a foundational metric that is absolutely necessary to have to begin optimizing your recruitment advertising spend. The metric is based on historical hiring data and typically varies by job type, location and requirements.
  2. Measure your Return on Investment. If you are tracking acquisition source in your ATS, you should be able to determine the gain (or loss) against the amount of money invested. What is yielding you your highest return? Your lowest? Use the answers to these questions to create a scorecard and build your strategy going forward.
  3. Adjust for low-yielding ads. Do not just mindlessly copy and paste a job description. Put some thought into how you can improve the activity of the postings you do utilize.  Ask your job board vendor how you compare to your competitors and what you can do to improve your results.
  4. Consider investing in your website SEO. Many job seekers are "Googling" keyword terms to find companies that are hiring. Speak with a marketing expert about your options to drive more traffic to your own website's job postings. 
The bottom line? Job boards can be extremely beneficial if you use them properly, and this begins with finding the boards that are going to provide the best results for your business. If you follow these 4 steps, you greatly increase your odds of maximizing your spend while finding the candidates you need. 

Update: Last month we tackled how to get a call back from an unresponsive customer. One of our readers submitted this success story:

Client that wasn't returning calls after several successful placements.  I set up meeting with one of the candidates placed last week, brought her and HR Manager some novelty give a ways,  HR contact was out of the office so I didn't see her.  Yesterday got email thanking me, sorry I haven't been in touch but it's been quiet on the hiring front, but here are two new roles I need help with. Thanks for your suggestion.


(Answers provided by Rachel Modrak, a trainer, speaker, and consultant focused on the Staffing Industry. After 20+ years of working for leading national and global staffing organizations she created Apex Staffing Consulting Group to provide strategic solutions that solve problems. Rachel can be reached at Rachel@apexscg.com or 908-377-3465).   
 
 
Staffing Company Valuations - Limit "Dependence"
 
Buyers hate risk and any "dependence" means added risk to buyers. If you want to increase your valuation, decrease your dependence. Every business has the potential dependence on key customers (customer concentration), key employees and the most common dependence - owner dependence particularly with controlling the customer relationships. But in the staffing world, certain tactics that may have helped you grow your business, may need to be reconsidered when you get within a few years of your exit. Limit your exposure to revenues dependent on Vendor Management Services (VMS), H-1B Visas, 1099 contractors, and Women/Minority/Veteran owned status.
(Fact provided by Bob Maiden, Stony Hill Advisors)
 
 
Employee Lawsuits, Complaints and the Definition of a Claim: WHY TIMELY REPORTING IS CRITICAL FOR EMPLOYERS

Did you just get served with a lawsuit? Have you received notice that a former employee filed an administrative complaint with the EEOC? Did an employee or customer verbally tell you they felt your conduct was discriminatory? Each of these scenarios likely requires you to promptly contact your insurance company and report the occurrence as a claim to qualify for coverage. Read more...

 
3 Strategies to Fill Job Orders Faster

How are you filling all your open job orders right now?
  • Posting more job ads?
  • Increasing your spend on Indeed and other pay-per-click sites?
  • Desperately posting jobs on social media?  

Learn more...

 
 
How to Maximize Your Facebook Business Account for Recruiting

Recruiters use a variety of methods to source new candidates and stay connected with the ones in their pipeline. Everyone is familiar with using LinkedIn for recruiting passive candidates - but not everyone is on LinkedIn. Not to mention, how many times are you sourcing for a forklift operator on LinkedIn? Probably never!  With more than 2 billion users on Facebook versus 500 million on LinkedIn, there is a large pool of passive and active candidates on Facebook. How many? Only 36% of active job seekers are on LinkedIn whereas more than 83% of active job seekers use Facebook. Additionally, Facebook has the most evenly distributed gender and age demographics of any social network. Read more...
 
 
How Does Employment Practices Liability Insurance Work?

EPLI covers the bills when an employee sues an employer over an employment-related issue.  EPLI is different from Employer's Liability Insurance which covers lawsuits over workplace injuries.  The policies cover directors and officers, management personnel, employees, former employees, and may also cover seasonal employees, leased employees, and independent contractors.  Employment practices liability is generally not covered by general liability insurance. Learn more...
 
 
2018 Calendar of Events

November 1, 2018
NJSA Education & Training Conference