Over the past two years, the Director of Talent Acquisition at 7-Eleven has been working on something that might scare the Monsters and CareerBuilders of the world…actively measuring the effectiveness of job boards. With 128 open positions at their corporate office and plans to expand the number of stores this year, 7-Eleven began to look at the exorbitant $500,000 yearly spend on job boards and ask…”Is this worth it?”
What Results Did He Uncover?
1. Cost per Hire– As cost per hire of the “Big 3” (Monster, CareerBuilder, Yahoo Hotjobs) has continued to skyrocket over the years, 7-Eleven noticed they were paying more with fewer quality results.
2. Quality of Hire- While many high-performing employees are now out of work, 7-Eleven is not receiving quality candidates from job boards. To prove this point, the Director of Talent Acquisition conducted an experiment. He decided to post one job on LinkedIn and the 7-Eleven career site rather than the job boards. In a short period of time, he received 86 quality resumes.
3. Ease of Use– 7-Eleven’s 10 recruiters were suffering from resume overload. On average, they hire 1 new hire for every 147 applicants they receive from job boards. The job boards were creating busy work for recruiters…they needed to cut down on their time to fill.
What is 7-Eleven Planning to Do?
1. Social Media– 7-Eleven is committed to engaging and connecting with candidates through a social media strategy including LinkedIn, Facebook and Twitter.
2. Search Engine Optimization– 7-Eleven has already started conversations with their talent acquisition system provider (Peopleclick) about a partnership with Jobs2Web and a search engine optimization strategy. Jobs2Web will also help 7-Eleven to enhance their career site with Web 2.0 functionality such as videos, recruiter pages, and chat.
3. Reduce Number of Job Boards– Social media will not replace the job boards. What it will do is help 7-Eleven decide what job boards to use. CareerBuilder has performed as a true partner with 7-Eleven and creates a more positive candidate experience through Peopleclick RMS’ “Shared Applied” service.
7-Eleven’s question about job boards stirs up a greater debate. Not too long ago, job boards were the latest and greatest recruiting tool around. What happened? Two realities have emerged in today’s talent acquisition environment. To start, companies are placing heavy emphasis on “quality” candidates and the job boards simply are not producing results. Secondly, social media has afforded companies options to expand their reach and improve their brand. Using these strategies, candidates will seek out the employer versus the employer hunting for candidates. We will publish a more in-depth case study on 7-Eleven’s results next month.
Also, we are excited to announce Bersin & Associates’ Talent Acquisition newsletter this month.
Click here to sign up http://marketing.bersin.com/TalentAcquisitionAndRetentionAnnouncement.html