Monster recently released a study that sheds light on an often-overlooked topic: the number of candidates per job opening. The study found that, on average, about 250 candidates compete for every job opening. This can be discouraging for job seekers, but it is important to remember that the competition is stiff because there are so many talented and qualified people out there. Keep reading to learn more about the Monster study and find out how to stand out from the crowd!
What is the Candidates per Opening?
Candidates per Opening (CPO) is a metric that measures the number of candidates you need to interview to hire one employee.
Remember that CPO will vary depending on the role you’re hiring for and the level of experience and qualifications you’re looking for. For highly specialized roles, it’s not unusual to have a CPO of 50 or even 100. The important thing is to ensure that you’re constantly evaluating your CPO and making adjustments to your recruiting strategy as needed to attract enough high-quality candidates.
Why Is It Important For Startups To Track This Metric?
One of the most important aspects of a successful startup is hiring the right people for each opening. Tracking every candidate who applies for a position ensures that startups can make informed decisions about their hiring process. It also helps startups identify individuals with the skills, experience, and motivation needed to succeed.
A well-designed tracking system allows startups to evaluate potential hires more efficiently and accurately. By tracking candidate data, a startup can better understand the applicant pool and create an effective recruitment strategy based on this information. This helps to ensure that only the most qualified and suitable candidates are hired for each position.
A high number of applicants indicates that the job is in high demand or that the job description is too broad. Either way, this metric can be used to gauge the popularity of a job. In addition, the number of candidates per hire can also be used to measure the success of a recruiting effort.
If a company can only fill a small percentage of its open positions, it may need to reassess its recruiting strategy. On the other hand, if they have many applicants per opening but can still fill all their positions, they may need to reconsider the difficulty of their hiring standards. Ultimately, the number of candidates per opening is an important metric for understanding both the popularity of a particular job and the success of a company’s recruiting efforts.
How do you calculate Candidates per Opening?
Here is the formula:
Total # of candidate applications over a period / Total # open positions of the same role over the same period = Candidates per Opening
To calculate Candidates per Opening, divide the total number of candidate applications over a period by the total number of open positions of the same role over the same period. This will give you a ratio representing how many candidates applied for each open position.
For example, if you received 100 applications for a role that had 10 open positions for a month, your Candidates per Opening would be 10:1. In general, a higher Candidates per Opening ratio is better, as it indicates that you have a larger pool of qualified candidates to choose from. However, if the ratio is too high, it may indicate a problem with your job posting or recruiting efforts. Conversely, a low ratio may mean that not enough people are aware of the open position. Therefore, it’s important to strike a balance when calculating this metric.
What Factors Affect Candidates per Opening
Here are some other factors that affect candidates per opening:
Job Description/Requirements
The job description and requirements should be as detailed and specific as possible to attract the right candidates for a position. Detailed job descriptions can help narrow down the pool of applicants and make it easier for recruiters to find the best-suited candidate for the role.
Company Reputation
Companies with good reputations attract more qualified candidates. Job seekers want to work for an organization that is well-regarded and has a positive impact on the community.
Compensation
Compensation is a major factor in attracting talent. Candidates are looking for jobs that offer competitive salaries and benefits packages. Offering attractive compensation can help draw the right candidates.
Location
The geographic location of a job opening can have a huge impact on the number of applicants. If the job is located in an area with high unemployment, there will likely be more people applying than if it were located in a remote region or rural area.
Timing
How quickly an employer needs to fill a position can be a major factor in the number of candidates applying. If an employer needs to fill a position quickly, there may be more applicants than if the organization had more time to go through applications.
Networking
Employers should take advantage of their network and social media platforms when looking for potential candidates. Using these tools can help spread the word about open positions and potentially increase the number of applicants.
Candidate Experience
An employer’s candidate experience can make or break a job search. If an organization has a positive candidate experience, it will likely draw more interest from potential candidates.
By taking into account all these factors, employers can maximize the number of quality candidates for an open position. A well-written job description, attractive compensation package and positive candidate experience can all help attract the best talent.
What are the effects of Candidates per Opening Important on a startup
Here are some factors that affect candidates per opening:
Recruiting Process
The recruitment process affects how many candidates apply for a job opening. If the process appears long, complicated or difficult to understand, there may be fewer applications received due to potential applicants being put off by the difficulty of the process.
Compensation Package
Offering competitive salaries and benefits is essential in attracting quality applicants. If your startup is offering a lower salary than the market rate, you can expect fewer candidates to apply as they opt for better-paying positions.
Job Posting
The job posting also affects how many applications you receive. Poorly written and unprofessional postings will not attract promising candidates and may even repel them.
Cultural Fit
If a startup’s culture is not in line with potential applicants’ expectations, the number of applications received will decrease.
By taking into account these factors and making necessary changes, startups can attract more qualified candidates for their open positions. This will create a better pool of applicants to choose from when making the hiring decision.
What is a good Candidate per Opening?
The number of candidates per opening varies depending on the position being filled and the number of qualified applicants. For highly competitive positions, it is not uncommon to have hundreds or even thousands of candidates applying for a single opening. In these cases, employers may use various methods to narrow down the pool of applicants, such as requiring a certain level of experience or education. For less competitive positions, there may only be a handful of candidates applying. In either case, employers should assess all candidates equally to find the best match for the open position.
What are examples of Candidates per Opening?
The number of job openings in the economy is a measure of labour market slack and is thus an important input into the calculation of the natural rate of unemployment. The number of job openings has been steadily rising since the early 2000s, reaching a peak in 2008 before falling sharply during the Great Recession. The number of job openings began to rebound in 2010 but has remained well below its pre-recession levels. In the third quarter of 2017, there were 6.08 million job openings, compared to 7.38 million in 2007.
The number of job seekers per opening is another vital labour market metric. It measures how many workers compete for each available job, and can give us a sense of how tight or loose the labour market is. The number of job seekers per opening spiked during the Great Recession, as millions of Americans lost their jobs and entered the labour market searching for work. The number has fallen sharply in recent years as the economy has recovered and the labour market has tightened. In the third quarter of 2017, there were 1.48 job seekers per opening, down from a peak of 6.7 in 2009.
Tips to improve Candidates per Opening
Here are some tips to improve candidates per opening:
Focus on job boards and social media
Utilize the various job posting sites and social media networks to reach out to potential candidates and ensure your job postings are visible to as many people as possible. Additionally, you can increase your visibility and attract more quality candidates by responding to relevant conversations on platforms like Twitter or LinkedIn.
Leverage employee referrals
Ask your current employees to refer qualified candidates for open positions. This can bring in many potential applicants who may not be actively searching for a job, but could be great fits for the company.
Use targeted recruitment methods
By using paid ads, search engine optimization (SEO) tactics, and other methods to improve your visibility, you can attract more qualified candidates and reduce the amount of time it takes to hire.
Utilize recruitment software
To streamline the recruitment process and make sure you’re targeting the right people for each opening, use recruitment software. This will help you easily manage applications and optimize your candidate search.
Make sure the job descriptions are up-to-date
It’s important to make sure your job postings are accurate and up-to-date with all of the relevant information. If you don’t give applicants enough detail, they may be dissuaded from applying.
Utilize recruiters
Professional recruiters have the experience and know-how to source the right candidates quickly, saving you time and money. However, they can be costly, so do your research first.
Invest in candidate experience
Make sure your recruitment process is as smooth as possible for applicants by investing in a good candidate experience. This could include providing a status update after each step or offering helpful resources and advice to candidates throughout the process.
Following these tips can help you increase your number of potential candidates per opening, ensuring that you have the best pool of applicants for every role in your organization.