[Product Dive] How pandoIQ is Using AI to Deliver More Quality Job Applicants
Today’s job market has slowed down significantly, with the tech sector seeing layoffs and other businesses freezing hiring altogether. But with unemployment holding at 3%, there are plenty of companies still looking for high-quality talent to fill key positions. This dynamic landscape means employers need an edge to source the right person for the job. Now, more than ever, programmatic job advertising can help employers find the best talent, reducing time to hire by using their budget more effectively with the help of artificial intelligence.
In this blog, we’ll do a product dive into pandoIQ, a programmatic job advertising platform, and uncover how it can help your hiring teams source quality candidates.
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 has a classification algorithm that 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 will perform. Ad performance over the campaign duration is predicted based on how your campaign is designed and the strategy you wish to employ. 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 while our team monitors the AI to ensure the best performance.
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. For instance, we can put any strategy in place based on an organization’s unique goals. For example, harder-to-fill jobs could 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 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 campaign goal set by the employer. If the job’s performance declines 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, the 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 campaign’s goals. And with our team monitoring the AI, your teams can focus on filling roles with the best candidates.
Aligning budget and candidate quality doesn’t have to be a moving target. With pandoIQ, your team can automate your talent recruitment process while maximizing budget to source the best talent for a job.