When asked the question “How many applications do you need?” most companies and talent acquisition professionals will answer “more.” But when asked “How many more?” few people can give an exact answer. When digging deeper into a company’s recruitment needs, even fewer companies can answer how many applications they need per open requisition at any given time. Knowing how many applications are needed on the company level all the way down to the requisition level could help optimize recruitment initiatives and ensure that investment matches need.#Programmatic helps ensure that #jobads investment matches need. Click To Tweet
So how do we identify the number of applications needed on the company level and the requisition level?
When looking into applicant flow we start by identifying the application funnel on the company level.
By identifying your total hires and the total number of applications that were delivered to convert into the aggregate hires, you can identify the corresponding application to hire ratio per individual requisition. Knowing this ratio allows you to predict the number of applications you will need for future hiring initiatives.
It is common knowledge that at most companies there are always a handful (if not more) hard-to-fill positions that keep companies striving for more applications, always looking for that purple squirrel. Additionally, these same companies also have the easy to fill positions that consistently receive the desired candidate volume and future hire within the first week of the position being open, often receiving a number of applications that far exceed the needed number to fill the position – we call these runaway jobs.Runaway Jobs: Reqs that receive way more applications than needed. #Recruitment #RecruitmentMarketing Click To Tweet
For these two types of open requisitions the needed applicant volume per hire differs. Because the needed application volume differs, so does the required investment to make the hire. In today’s economy it is important to allocate resources towards the need, a principle we refer to as investment following need. In order to make sure your investment is correctly allocated, it is imperative to understand the need. To find the need per requisition, you follow the same process of the company-level application funnel but break it down by job type, location, seniority, etc. The job type and breakdown is dependent on your company.
Once you have the identified investment need broken down, you need to allocate resources accordingly.
How do we implement rules to allocate resources to match application needs?
Programmatic job advertising. Programmatic, to put it simply, is an automated ad-buying process that allows you to advertise job postings and implement rules that match your requisition-specific need.#Programmatic, put simply, automatically buys ads and sets rules to get the most from your spend. Click To Tweet
By identifying the applications needed per requisition you can take an uneven distribution of applications (shown here)…
…And redistribute resources to meet the need.
Need help identifying your company’s application need? Your over performing jobs? Or simply wrangling in your analytics to identify your overall company application funnel? Let us know!