LinkedIn's New Ad Pricing Model
In a significant change for recruiters, LinkedIn has transitioned from its traditional daily and 30-day slot campaigns to a new pay-per-performance (P4P) model. As Chris Russell explains, "LinkedIn officially retired its daily and 30-day slot campaigns and migrated everyone over to a pay-per-performance or P4P model." > LinkedIn officially retired its daily and 30-day slot campaigns and migrated everyone over to a pay-per-performance or P4P model. — Chris Russell This shift means that instead of paying for calendar airtime, recruiters now select a fixed budget tier of $299, $399, or $549, and only incur costs when a candidate clicks apply. > Instead of buying calendar airtime where you pay regardless of engagement, you now pick a fixed budget tier, either $299, $399, or $549. You only pay when a candidate clicks apply. — Chris Russell
However, there are important considerations for recruiters. The campaign ends as soon as the budget is spent or after 30 days, whichever comes first. > Your campaign ends as soon as the budget is spent or after 30 days, whichever comes first. — Chris Russell This could lead to high-demand roles quickly exhausting their budgets, potentially leaving job listings inactive for the remainder of the month if not closely monitored. Additionally, any unused budget does not roll over, operating on a use-it-or-lose-it basis.
Funding News: Yardstick's Major Investment
In other news, Yardstick, a background screening and workforce safety platform, has secured $30 million in a Series B funding round. The investment was led by Harvard Growth Partners and brings Yardstick's total capital raised to $65 million. This funding will help Yardstick enhance its fraud prevention and continuous workforce monitoring capabilities. > They're using the cash to double down on fraud prevention and continuous workforce monitoring. — Chris Russell The platform aims to alert employers in real-time about critical changes, such as a worker's driver's license lapsing or insurance expiring, which is becoming essential for both contingent and traditional workforces.
Gig Work Becoming Mainstream
A new study from Branch and Stripe reveals that gig work is no longer just a side hustle for many. According to the Gig Workforce Index, "56% of gig workers now rely on platform work for the majority of their household income." > 56% of gig workers now rely on platform work for the majority of their household income. — Chris Russell This highlights a significant shift in the gig economy, with many workers balancing multiple apps to maintain a steady income and experiencing rapid income fluctuations. The study suggests that fast payouts and financial management tools are now crucial for worker retention.
These developments indicate crucial shifts in how recruitment and workforce management are evolving, with technology playing a pivotal role in these transformations.
