Community managers are always looking for ways to diversify revenue streams. This is where job boards come in handy.
Job boards can make money by charging a basic amount of fees. Here, community managers can charge both the candidate and recruiter. As a job board provider, there are two types of customers you serve - job seekers and employers. To make things easier for you, we’ve curated a list of tips. These methods will help leverage the monetising power of job boards in the community.
1. Charging employers
Charging employers is the most common and straightforward method. After all, these businesses wouldn't invest in a new hire, unless it's urgent. So they're more likely to use job boards. This will help shortlisting qualified applicants. Hence, the company can fill positions much faster.
2. Job posting
Taking a fee for job posting is another way to monetize a job board. Employers usually pay to have a job listed for a certain period, often 30 days. The amount you should charge for a listing varies. It generally depends on the niche you've targeted. Another option is to offer job slots as a recurring subscription. You can also offer packages that include a certain number of postings for a certain period.
3. Resume Access
Another common source of job board revenue is paid access to job seeker profiles. Depending on the industry you operate in, you may be able to charge a monthly fee to employers for resume access. This would entail access to your database of resumes and candidate contact information.
This strategy should only be used by established job boards. This is because you need to have thousands of resumes before you're offering enough value. Once you've collected enough users, resume access brings in big bucks for each registered employer.
4. Featured employer profiles
This monetization option involves featuring employer profiles. You can do this on your homepage, in email newsletters to job seekers, or on your blog.
You can also charge employers for other features that can help their company page stand out. For example, you can allow them to add a video or a company logo.
5. Job backfill
If your early-stage job board doesn't have many listings, job backfill is a great option. You are essentially operating as an affiliate in this model. You will get a commission from the job aggregator every time a job seeker clicks through to the listing.
6. Charging job seekers
With millions of people underemployed, high-end job boards connecting qualified applicants with employers have never been more important. More and more, we're going to see people who already have jobs actively searching for work that can keep them busy full-time or offer opportunities for advancement.
With millions of people underemployed, we need high-end job boards. These job boards should connect qualified applicants with employers. Increasingly, we're going to see people who already have jobs actively searching for more work.
This offers a unique opportunity for job board owners to stand out from competition. They can do this by giving job seekers more features that can help them in their job hunt.
7. View jobs
In highly competitive markets, it is sometimes possible to charge job seekers a monthly or weekly fee for viewing jobs. This also has the added benefit of weeding out many applicants who aren't serious about their job search. This will give your job board a reputation for having high-quality applicants.
In order to make this model work, you need to have job listings that are exclusive to your site. If the jobs are also available for free on other aggregators, job seekers will quickly find out, and your brand might suffer.
- It's worth giving an ability for employers to post jobs for free. This will allow you to offer a bigger selection of jobs to your audience.
- You'll most likely want to approve each job manually, to make sure it's qualified. This will ensure you offer high-quality jobs to candidates.
- You may display job postings for free, but hide the contact details. You can then reveal the contact details once the job seeker pays you.
8. Featured resumes
Serious job seekers are always looking for ways to stand out from the crowd, and you can profit by helping them in this endeavor. By offering a featured resume package, you can have their resume appear at the top of the stack, highlighted, where it's sure to get the attention of employers.
Another option is to allow users to upload video resumes or cover letters with a premium account, which will also help them stand out amongst a sea of faceless applicants.
9. Resume Writing
Another potential source of revenue is offering resume writing services to job seekers. You can also offer coaching services that help candidates with their resume writing, cover letters, and interview skills.
Along with this, you can also provide digital certificates that job seekers can display on their profiles after successfully completing your course.
10. Sponsored email blasts
These are especially effective when an employer needs to quickly hire several positions, such as when they're opening a new location or undergoing a major expansion. This exclusive feature can be a very nice one-time boost in revenue, but don't overdo it or the open rates on your emails will fall.
So, there you have it - everything to monetize your job board. All you need to do now is get going. By including a job board in your community, you have unlimited potential to monetize and scale up your community. If you want any help with it, shoot us a message. We’re here for you.