How to Generate Revenue with a Job Portal Business?
The best job portals have revenue models that are focused on improving the job search experience for users. It is the only feasible way for them to generate revenue.
You can choose and implement the job portal revenue models after identifying ones that are working for your competitors – featured postings, premium subscriptions, paid courses, career coaching, resume assistance, paid advertisements, and database selling. However, these won’t work until you are not able to justify user spending through a remarkable experience. Assuming that you already have it covered, let us get down to the ways you can earn revenue through your job portal.
Generating revenue through these revenue models can be easy with the right strategy. Many job portals are doing it already and growing every day. As a result, the global online recruitment market value is estimated to reach $43.39 billion by 2027. Making your job portal business a part of such growth is possible once you understand how these revenue models work.
In this article, we will look into every job portal revenue model and understand how each one can help generate revenue for your business.
8 Best Job Portal Revenue Models to Consider
As mentioned above, the effectiveness of the job portal revenue models entirely depends on the value they provide to your target audience. Research them and your target users before incorporating these models into your job portal.
Featured Postings
Featured job postings are requirements that you see on the homepage of the job portal. They allow recruiters to highlight their job requirements and increase the number of candidates/applications. You can charge a small fee from recruiters for providing such featured posting benefits. Moreover, you can increase the cost of featured postings as more and more candidates get hired by recruiters that use the feature.
Recruiters may also get this feature through a premium membership/subscription to your job portal. However, providing it as an independent service will allow you to increase sales. It is because the feature can prove cost-effective for various organizations.
Featured postings work because successful job portals always have many job openings. And many companies struggle with finding suitable candidates due to this. With featured postings, they can quickly put a noticeable spotlight on their job requirements, increasing their discoverability and number of applications.
Premium Subscriptions
A premium subscription can be like a first-class version of your job portals. It can provide benefits/features like Apply for Unlimited Jobs, Featured Postings, Free Resume Creation, and Highlight the Profile. You must provide multiple benefits and advanced features (like Compare Recruiters and Chat with Recruiter) to sell a premium subscription successfully.
A job portal will require personalized premium subscriptions for both job seekers and recruiters. The premium subscription for job seekers should significantly improve the experience of job search and applications. And the subscription for recruiters should improve and simplify the recruitment process for organizations.
It is critical to note that the premium subscriptions in job portals can generate revenue when the free version is also user-friendly and helpful (For example, LinkedIn Premium).
Database Selling
Database selling requires consent from job seekers, which you can obtain through Privacy Policy and Terms and Conditions documents. This revenue model involves selling a candidate database to organizations. The data can include work experience, skills, qualifications, e-mail ID, contact number, portfolio (if available), and current job information.
This revenue model works because almost every company wants to speed up recruitment while hiring a capable candidate. You can help them with that by creating a list of candidates that use your job portal by evaluating their skills, qualifications, and experience.
It will help you offer easy and quick access to a list of capable candidates, saving recruiters from the time-consuming process of a job posting, applications, and multiple back-and-forth messages.
Selling a database of candidates to organizations can help you increase the value your job portal can provide to recruiters while generating revenue. However, you must take security measures to ensure the database you are selling does not get leaked.
Paid Advertisements
Advertisements/affiliate marketing is one of the oldest and most effective revenue models that can generate lasting revenue if you implement them with the right strategy. The first thing to do is accept that most of your users will not be happy with advertisements in the job portal.
The more ads you put in there, the more users will consider a competitor job portal with fewer or no advertisements. Preventing this outcome will require you to use AI-based personalization when including ads in your job portal.
AI-based personalization will allow you to showcase ads to users according to individual preferences, needs, and interests. For example, a Translator will see ads about new language learning courses, while a writer will see ads about books and writing courses.
As mentioned before, ensuring the success of revenue models requires you to increase the value your job portal can provide through them. And personalized advertisements for job seekers and recruiters can help you do that. Many brands and businesses are ready to pay lots of money to advertise their products and services on a job portal with a large enough user base.
Career Guidance
As e-learning platforms connect all types of teachers with learners, you can connect recruiters and industry experts with job seekers to help them choose the best path for their careers. Many fresher job seekers are unsure about the industry they have to choose as their career.
Career guidance experts can guide them through this process and help them choose the most suitable career according to their skills, qualifications, experience, and goals. You can charge a fee for creating a career guidance counselor account and a fee on every payment made to counselors.
It significantly increases the value your job portal provides to both recruiters/industry experts looking to earn more money and job seekers that need career guidance, leading to effective revenue streams for your job portal.
Recruiter Profile
Since job portals have many recruiters, creating a company profile that represents its values, business goals, and benefits to job seekers can often increase the number of candidates/applications. You can turn such requirements into a revenue model by charging money from companies for creating a recruiter profile.
Your job portal must have many job-seeker users for this model to work. If it does, companies will be willing to pay the amount required to make a good company profile. You can also provide advanced features for making company profiles, such as Make a Company Video and Compare Experienced Candidates.
Such advanced functionalities can help you increase the value of this paid feature and convince recruiters to invest in it.
E-learning Services
Every job portal app development strategy must always include at least one element that can capture the attention of target users once the application is ready. And nothing captures user interest faster than a job portal, which is also an e-learning platform.
Job seekers can always have a need to learn something new, whether it is a skill, language, or a guide to interviews. Therefore, including e-learning services in your job portal app and website can significantly increase business revenue and customer acquisition. To make this happen, you can collaborate with an established e-learning platform or create your own e-learning portal from scratch to make your job portal stand out.
Resume Making Services
Providing a resume-making feature as an independent service can help you highlight the value your job portal offers. This service can generate revenue for any job portal since 8 out of 10 job seekers need assistance with resume creation. That is why resume-making services are always in demand on job portals.
Ensure that the cost of this service is fair and affordable for your target audience to make the revenue model work. For better results, you must include automated resume-making functionalities, templates, and a way to contact resume experts in this service.
Conclusion
Best job portals focus on improving user experience and the quality-driven value of their portal when incorporating revenue models. It is the most effective way to ensure that job portal revenue models can make money for the business.
You must also include revenue according to the user base of your job portal. Some revenue models work only when the portal has a large user base, while some (like Resume Making and E-learning Services) can drive user acquisition and increased revenue.
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