Before comparing costs and outcomes, it helps to understand the structural difference between the two channels.
Job boards — Indeed, LinkedIn, CV-Library, Reed, Totaljobs and their peers — are aggregation platforms. Candidates visit because the platform has brand recognition, not because they know your firm. You are renting attention that the platform built. The moment you stop paying, your listings disappear and your pipeline resets to zero.
SEO is the practice of earning sustained visibility in Google search results for queries your target candidates and clients are already typing. When a mid-level finance professional searches "finance recruitment agency Manchester" or "interim FD jobs fintech London," you want your firm's pages appearing — not a job board acting as the intermediary.
The practical implication is significant: with job boards, you are always a line item on a platform's invoice. With organic search, you are building an asset that your firm owns. That asset does not invoice you when a candidate clicks through at 11pm on a Sunday.
Neither channel replaces the other outright. The more useful question is: what is each channel optimised to do, and at what cost? Once you frame the comparison that way, allocation decisions become more straightforward.