When it comes to your driver recruitment strategy, it's easy to focus solely on tracking the number of completed driver applications. The struggle of increasing turnover and ever-shrinking pool of qualified drivers calls for a need to continuously implement innovative advertising strategies with the goal of better impressions, click-through and conversion rates. While this is highly important, there's one aspect that shouldn't be left behind: cost-per-hire (CPH).
Your cost-per-hire amount is pretty straightforward. Take how much you spent on recruitment advertising and divide that by the number of truck drivers you hired. The goal is to reduce that number to find more drivers for less money. It's the perfect world for any trucking company! Since this can really impact your bottom line, take a look at these tips to lower your cost-per-hire:
Track Your CPH on Each Platform
For every channel in your recruitment plan where you spend advertising dollars, you're probably already tracking conversions and other analytics to gauge how well your efforts are performing. In addition to tracking apps, you should also track your cost-per-hire on each platform. Calculate how many applications are turning into driver hires + your spend. This allows you to truly determine your CPH so you can allocate your budget accordingly and make any necessary adjustments, which brings us to our next tip...
Evaluate and Terminate
As we just mentioned, measuring your CPH will allow you to determine what channels are producing hires and what channels are not. Areas resulting in little or no driver hires should be eliminated. It may seem self-explanatory, but people get busy, settled in their ways or become comfortable with practicing the same recruiting methods without evaluating this crucial component. It's essential to continuously review these numbers so you aren't spending dollars where performance is dull. To lower your CPH, allocate your budget to platforms that are generating hires for your trucking company.
Apply Trial and Error
We've stressed the need to measure applications and driver hires, and attaching a CPH to each channel to see how much it cost you to get those hires. We've also suggested eliminating low performing channels so you can take that money and put it to better use. But it doesn't stop there...
Another helpful tip to lower your cost-per-hire is applying trial and error to your campaign. With the rise of emerging technologies and advancing techniques to reach truck drivers, we encourage you to try new efforts. More importantly, give those efforts a chance to succeed.
For example, if a new channel doesn't work the first time, step back and think of ways to alter it--text, graphics, target audience, placement, frequency--there could be a lot of elements subject to change second time around. Once revisions are implemented, it may flourish and produce a high number of driver hires. If it flops, your trial and error efforts tell you this channel is not the best fit. You can then circle back around to eliminate it and allocate your advertising budget, lowering your CPH.
Whether you're a driver recruiter or marketer, if you've ever wondered "How can I lower my cost per hire?" these quick tips may come in handy.
Want help more tips to recruit and retain truck drivers and improve your strategy? The Hightower Agency is the Leader in Recruitment Advertising. We’re happy to schedule a free consultation.