KRT’s first blog post of 2016 is not about what has happened in recruitment marketing, but rather where it is going. Call it predictions, a forecast or BS, these things will be top-of-mind at every conference and webinar and come up in conversations with your colleagues.
1. The Unemployment Rate Will Dip Below 5 percent.
The last time we saw unemployment below 5 percent (end of 2007) was before the mobile revolution, before a world of PPC domination, before every recruiter had a LinkedIn profile, and before the word “Startup” was part of the talent acquisition vocabulary. Now, without any disruptive economic events, unemployment could reach 4.6% by June, according to a regression model using data going back to October 2009, when unemployment reached its peak of 10 percent.
As cliché as the term has become, a new “war for talent” is what we can expect this year. Many companies will experience challenges hiring at more intense levels, making every investment dollar for sourcing talent that much more important.
What happens when unemployment rates drop? Low unemployment rates will decrease the volume of inbound qualified applications and increase the probability of your current employees leaving for something else. Remember all that chatter in 2009 about only hiring employed candidates (crazy talk during a time when unemployment had not seen rates that high since 1983)? Well in 2016 you almost won’t have a choice, and your employees will be a bigger flight risk than before.
It will be exciting for us here at KRT to be part of a new generation of products and solutions to contend for the best candidates out there.
2. Programmatic Media Will Become a Household Name For Talent Acquisition Professionals.
While you might have heard about programmatic advertising by now, you still may not know exactly what it is. Even if this is your first time hearing about it, programmatic advertising will be a huge buzzword in 2016 and for good reason.
Programmatic advertising is by far the best way to improve PPC job board performance and leverage each and every penny of your recruitment media investments for all of your open jobs, especially the hard-to-fill ones. Programmatic is almost self-explanatory – it’s programming your media investment to do exactly what you want it to do, which is generate qualified applications for those jobs that need them most.
First off, with programmatic advertising, we can say goodbye to click data as a benchmark for performance. Programmatic recruitment advertising uses tracking technology to record completed application data from your ATS to make incremental performance enhancements to your PPC media campaigns. These optimizations include where best to advertise, how much to invest and when to remove a job because it reached the needed application threshold. This way you don’t overspend for jobs that don’t need applications or flood a recruiter with too many candidates. It’s no secret, computers are smarter (and faster) than humans.
Programmatic advertising is no stranger to KRT. In 2015, we launched our PPC Portfolio Manager™, bringing technology, market-leading analytics, and great strategy together under one roof. Our programmatic services include a team of seasoned media experts that are part of a group of industry thought-leaders who are pioneering programmatic advertising for recruitment.
3. Data Will Go From Nice-to-Have To Must-Have.
Data has been on several “New Year” hot lists for the last few years. However, it’s now boiled to a point where you will be left behind if you don’t have resources in place to measure your talent acquisition investments to make better decisions. Of the 12 trends to look for in 2016 by Dr. John Sullivan, he listed shifting to data-based decision-making in recruiting as number one.
Not only are we using data to help significantly improve our media services with PPC Portfolio Manager, but it will also be hard for talent acquisition teams to make it through 2016 without using data for things like measuring investment performance, forming a business case or predicting outcomes. In 2016, and beyond, you should have quick and easy answers to questions like, “How many apps do we need to make one hire?” and “What is our average CPA by source, job category and location?”
We predict that 2016 will be the year where visualizing large data queries with meaningful, digestible interpretations will be an X factor for the truly skilled number crunchers out there. In measuring application flows and their costs for 50 locations, would you want a table of 80,000 rows of numbers, or an interactive, color-coded map that sums up application, CPA and CPH data in real time with one click? This is not the future. This is today.
Data is so important to KRT, we make all of our employees go through advanced Excel training and become certified in Google Analytics. Also, KRT Managing Partner Ryan Christoi, will present his session, Revenge of the Nerds, The Evolution of Recruitment Marketing Analytics, at the Social Recruiting Strategies Conference in San Francisco on January 28. Make sure to catch his presentation and learn what an attribution model for recruitment is.
There are a number of additional trends to watch for in 2016, but these three factors will play a very large role in how sourcing talent is impacted in 2016.
KRT is ready and excited! Are you? What are your recruitment marketing predictions for 2016?
To learn more about how programmatic works for job ad buying, register for our webinar with Appcast on May 24!