A piping hot topic right now for the Australian recruitment market is SEEK’s new pricing model, which is changing from fixed cost to a variable spend, based on the availability of candidates in a specific sector and location.
So how, as a business, can you budget for and manage an unknown monthly spend? Let’s look at why SEEK has moved to this new pricing model, what it means and how idibu can help you.
In October 2019, SEEK announced changes to their business looking to demonstrate commitment to improving the SEEK experience for hirers and candidates. That included changing their contracts from a fixed cost to a variable pricing model that moves with the candidate market.
The aim was to provide greater flexibility in the way hirers utilise their budget so they could use the right ad solutions – Classic, Standout & Premium. Instantly allowing for a more synchronised approach to an agency’s sourcing strategy.
Instead of purchasing a volume of job ads, the total investment with SEEK could be used on any job ad type including Classic, StandOut and Premium over a 6-month period.
A side effect we’ve seen is agencies voicing concern about the impact on ad spend – essentially moving from fixed to a variable cost. Many companies, especially working in the post Covid landscape, are worried about measuring ROI from their SEEK ads and unsure how to manage an unknown spend.
So what can you do?
Here at idibu, we’ve been conducting a range of interviews with clients to gather feedback and we’ve been working closely with SEEK’s team. We feel that a budget management tool could really help anyone recruiting with SEEK right now.
Six months ago we released a new SEEK advert panel. It displays the new variable cost of an advert at time of posting based upon the talent available in the chosen sector and location – in real time! This means we can take this spend information and plug it into our new Budget Management Suite. Here clients can set and cap spend at office, team or even user level, giving back control to idibu clients and removing the variable budget woes. You have now set limits on spend and know exactly what your budget is.
Working with the spend information we have, idibu users can then generate daily, weekly or monthly reports showing you exact ROI for your seek adverts. Not only that but you can then compare effectiveness with other channels and get detailed reports right to your inbox, showing all the data to help you make informed decisions.
Control your advertising spend again, with idibu.
Our new suite is released later in August. So if you’d like a sneaky peak, or have any questions, or want to add the new widget to your account, get in touch with me here.