So, your organization wants to host a career fair. The question is: will your company still want to after adding up the costs to fund the facility, insurance, security, refreshments, and recruiters’ travel and lodging?
The reality is that if a company wants to host an on-site job fair, it is going to cost a lot of money. In fact, a typical recruiting event for a group of 1,000 attendees averages $20,000 to $30,000. Since most companies are not a bottomless pit with an endless amount of resources, this is simply not the most efficient solution for hiring new talent. As a result, companies are looking for alternative methods of finding potential employees.
Many businesses find hosting an online event to be a favorable alternative that provides all of the features (and more) that an in-person career event can offer, at a fraction of the cost.
The Value of Virtual Recruiting
A virtual job fair or recruiting center provides your organization with the ability to meet thousands of potential hires in one digital environment. Moreover, these digital events ensure that potential employees gain insight into your company by enjoying more than just a welcome screen and a job application. Instead, they can chat in real-time with company representatives, supplement their resume with additional documents to help recruiters evaluate their applications and sit in on valuable informational sessions. Simply put, a virtual recruiting center is a way of promoting your company to those who want to work with your business.
In terms of financial value, a virtual HR solution can save your company a considerable amount of money. The hiring process, after all, is not cheap. In fact, it will cost an average of $3,479 to hire a new employee, says The Talent Acquisition Factbook. Approximately 33 percent of this number is spent on search agencies and job boards alone. According to the job board Dice, firms on average receive 144 applications for entry level or hourly job postings. Each professional position receives an average of 89 applications. All of these applications drive up the time, and the cost, of the recruiting process. When travel arrangements, the salary of the recruiting team and necessary advertising all contribute to this figure, the price of hiring can skyrocket. But when you establish a virtual recruiting center, this figure is reduced. Companies can re-allocate the money that would otherwise be spent searching for employees.
When factoring in the ROI of virtual recruiting solutions, the greatest financial impact occurs when virtual recruiting is wholly integrated into a company’s hiring plan because it facilitates economies of scale. As the number of recruits increases, the cost per hire shrinks. While some aspects of the recruiting process must take place whether a candidate is recruited virtually or using traditional methods, a virtual career fair can still help companies save a lot of money in the process.
Find More Candidates for your Positions
Aside from saving money, virtual recruiting allows a company to expand the reach of its employee search to find the best candidates possible. According to Kellye Whitney, Managing Editor of Talent Management Magazine, this means employers can find access to the best hires not just in their region, but around the world.
“Virtual Career Fairs give instant access to candidates around the world, provide more engagement, targeted search, and tracking capabilities than in-person while providing a stronger ROI,” Whitney said.
By opening the doors of a company up virtually, a business can extend its reach for new hires nationally or even globally. Instead of reaching applicants in the region, companies can reach across 130 countries—with the ability to support more than 25 languages during live or on-demand events. A virtual career fair can be open across multiple time zones so that nobody is left out.
In part two, we’ll talk more about how virtual recruiting fairs are on the rise and continuing to grow inside the HR community.