A looming election, a global pandemic, supply chain disruption, trade wars, and tariffs—executives may face many challenges in the coming year but, according to a recent survey from Oracle NetSuite, the biggest worry for 2020 cited by executives is talent acquisition. With the current low unemployment rates comes the challenge of a talent shortage, meaning there are simply fewer people actively seeking jobs because they are already employed. Further, active job seekers who are already employed have the luxury of being more selective—thus laying the burden at talent acquisition teams to compete for talent and implement a high volume hiring strategy.
Executives are keying into the need for talent retention and employee satisfaction measures to retain talent and reduce vacancies. But sometimes vacancies are unavoidable. This is particularly true when organizations undergo growth and utilize a high volume hiring strategy. Whether opening a new branch that needs to be fully staffed or undertaking a seasonal hiring push, high volume hiring, or the need to hire across a high number of vacancies in a short time period, can be even more daunting when there is a corresponding talent shortage. The challenge has two components: how to broaden your talent search and engage passive candidates (or those candidates who are not actively seeking jobs), and how to do so on a much grander scale across hundreds or even thousands of vacancies.
Enter the solution: the programmatic job advertising platform.
Reach Out To Talented Passive Candidates
First, let’s consider how this tech can engage passive candidates or broaden the talent pool during times of talent shortage. Programmatic job ad tech posts ads across multiple job sites and social media to target top talent, using data from historical job ad campaigns to present your job ad in the place where talented contenders—both passive and active—are likely to see it.
So, for example, when a passive candidate is simply scrolling through their social media, your ad finds them based on a complex set of algorithms that matches the job to the internet searcher. This type of targeted advertising has the potential to turn passive candidates into active ones, broadening your talent pool and your reach. But it also has the effect of garnering more quality candidates because it flips the way people encounter your job opportunity: the ad finds the candidate rather solely reaching candidates who are actively searching through job listings.
Approach As Many Candidates As You Can
The second challenging component of a high volume hiring strategy during a talent shortage is one of scale. If it takes on average half an hour to post a job ad after selecting the right site, considering analytics and costs, this inefficient process will quickly add up across a period of high volume hiring. One of the greatest benefits of a programmatic job ad platform like pandoIQ is the efficiency of automation combined with AI tech. For the HR team, manually posting job ads takes time, but it also correlates with haphazard and inefficient spending. On the other hand, pandoIQ can automatically post jobs in the best location at the optimal cost based on the data, and it continually assesses your job ads’ effectiveness in real-time. Scale is not an issue for AI-assisted programs. In fact, an abundance of data makes AI systems operate better. So when you need to post thousands of job ads, the programmatic job ad platform can do it efficiently.
In terms of cost, pandoIQ’s budget allocation algorithm can manage your budget and optimize the efficiency of your job ad spend across multiple job ad campaigns. This translates to significant cost savings during high-volume hiring and greater efficiency in hiring overall. Because programmatic job ad platforms can prioritize spending, cut off spending once a position has garnered enough applications, and adjust to real-time data to ensure the effectiveness of your ads, it can help streamline the entire process and find quality candidates more quickly.