The race for talent is on! For the first time, in over a decade, the job market favors job seekers. Unemployment is down and job seekers can afford to pick and choose where they work. This means employers are competing for the very best talent in a fierce talent marketplace. Employers are finding it harder than ever to land top-notch talent. Now, more than ever, programmatic recruitment vendors like PandoLogic can help employers get ahead of the competition, using artificial intelligence in recruiting.
PandoLogic’s programmatic job advertising platform, pandoIQ, is the answer to an increasingly competitive talent marketplace. Here’s a snapshot:
Let’s expand on what pandoIQ can do to generate more quality applicants, for less.
1. Instantly Classify Jobs
Job titles and descriptions can be very subjective and convoluted. The same job may have a completely different title and description depending on the company. pandoIQ’s classification algorithm goes beyond the job title, using natural language processing to decipher the true meaning of the job description. This means pandoIQ automatically parses job listings from your ATS and identifies your key job attributes. Then, the job attributes are cross-referenced to pandoIQ’s job taxonomy. Synonyms and common search terms, that have historically performed the best, are identified and job expansion is enacted to cover different search terms and nearby locations. Each job type is classified so that an effective campaign targeting strategy is assigned.
2. Predict Job and Campaign Performance
Using machine learning, pandoIQ’s prediction algorithm can accurately forecast how well each job is going to perform. Ad performance over the campaign duration is predicted based on the employer’s monthly spend. The campaign is then optimized automatically and the budget is allocated based on how difficult it is to fill a position. Actionable insights are delivered to help employers, like you, improve their entire recruitment strategy.
3. Intelligently Allocate Your Job Ad Spend
pandoIQ’s budget allocation algorithm uses the power of predictive performance data to recommend the optimal spend across all jobs to deliver the best performance possible. Harder to fill jobs get the additional spend required to attract applicants and easy to fill jobs are given a smaller budget, eliminating wasteful spend. This ensures maximum performance is possible based on the employer’s budget.
4. Target the Right Job Candidates
pandoIQ’s targeting algorithm assigns and activates a highly targeted and automated ad distribution strategy for each job post based on its classification. The most relevant sites are selected based on historical site performance data for similarly classified jobs. A CPC bid rate is then calculated for each site in order to deliver on the performance prediction benchmark. The ad is placed across multiple sites with everything being automated, including distribution, activation, expiration, when to post and bid management. Wasteful spend is eliminated which is what you typically see when managing job ad spends manually across multiple vendors.
5. Optimize Your Job Performance With Real-Time Adjustments
pandoIQ’s optimization algorithms can continuously monitor actual job performance compared to predictive benchmarks or the goal of the campaign set by the employer. If the job’s performance begins to dip below its predicted performance, pandoIQ makes real-time decisions to optimize the campaign based on available budget, bid rates, and site targeting strategies. CPC rates are automatically adjusted for under-performing jobs to generate more visibility and applicants. Employer’s spend is cut off on sites that do not produce enough job applicants. Finally, if an employer’s aggregate job performance dips below prediction, budget is reallocated from jobs that exceed predicted performance to jobs that need it more. Think of the optimization algorithm as a smart sensor that ensures the jobs achieve the goals of the campaign.
Today’s talent marketplace is a battlefield. Staying ahead of the competition requires a tedious amount of resources and manual upkeep. That’s what makes pandoIQ the ultimate AI software for employer’s that are serious about automating their talent recruitment process. pandoIQ will take your recruitment and make it automated, intelligent and insightful.