UNLEASH Product Spotlights look at products across the HR technology spectrum. Based on our research and member input, we look at HR technology involved throughout the employee lifecycle. Today, we look at the programmatic recruitment platform, pandoIQ, from PandoLogic.
Programmatic recruitment tech has powerful potential to increase efficiency and optimize cost in job ad placement.
Despite its incredible power and widespread adoption in display marketing, research sees just 15% adoption in job advertising.
Programmatic enables recruiting teams to focus on issues like quality and diversity of candidates at the outset.
PandoLogic became the market leader in programmatic job advertising by applying a higher degree of intelligence and automation with our unique AI and big data. Our customers don’t just get more reach and cost-effectiveness with their job ads. They also improve the quality and diversity of their candidate pipelines with the insights and capabilities we provide.
Terry Baker, CEO PandoLogic
What is programmatic job advertising?
According to Match2one programmatic advertising is “a way to automatically buy and optimize digital campaigns, rather than buying directly from publishers.” It replaces the humans typically involved in the process with artificial intelligence (AI) and machine learning. The desired outcome is a combination of increased efficiency in ad placement and cost optimization. In the B2C and B2B worlds, programmatic advertising is prevalent for display ads across websites. However, in job advertising, programmatic is frequently leveraged to place jobs within job board marketplaces. By the end of 2021, Match2one anticipates that 88% of display marketing in the US is projected to be programmatic. However, Aptitude Research sees just 15% adoption of programmatic in job advertising. The opportunity to reap the benefits as an early mover in programmatic job advertising is genuine for employers in the middle of one of the most challenging hiring markets in modern history.
40% of annual job ad spend is wasted
According to Aptitude Research, more than 40% of yearly job ad spend is wasted at most companies. This stat alone is compelling, but considering how inefficient job advertising is for employers without programmatic technology, the time for programmatic job advertising in recruiting has come. Most recruiting teams are caught in manual processes, posting and reposting jobs with no insight into performance or effectiveness until the end of a campaign. Even then, source attribution is nearly impossible as candidates visit and revisit job sites. It’s a broken model that leaves most employers investing in the same few big brand job boards, increasing spend to differentiate their jobs and drive more traffic. The consideration of issues like the quality or diversity of candidates is left for later in the hiring process.
The early wave of programmatic recruitment technology
While several recruitment ad agencies and tech providers have developed or acquired programmatic technology, the focus has been rudimentary, providing incremental efficiency and cost gains via algorithms that are hidden from customers in an approach commonly referred to as “in the black box.” Most of these offerings look like the next step of manual job ad distribution, providing more reach but less control to the employers with the ad budgets. Frequently bringing budgeting and spend insights at the end of a campaign when it’s too late to have an impact.
The next wave of programmatic recruitment technology
As we looked at pandoIQ, we saw far more than an incremental improvement to job distribution. We found a combination of fully automated artificial intelligence merged with real-time transparency and data insights that we have yet to see in other products in this category.
PandoLogic entered the market in 2007. Its experience working with employers and refining its approach to job advertising cannot be overstated. The pandoIQ platform has been used by more than 125,000 employers across more than 1,000 job destinations, resulting in more than 5 billion campaigns that have contributed upwards of 199 billion historical data points on job ad performance.
Combining historical performance and real-time transparency into campaign performance empowers PandoLogic customers with incredible pre-campaign predictability and the ability to “throttle” ad strategy in real-time based on performance against hiring goals. No “black box” here.
Another unique benefit of pandoIQ is its ability to automatically provide what it calls “job expansion.” Job expansion results from PandoLogic automatically identifying key job attributes of your job with tens of thousands of synonyms and search terms that have performed the best, which it then recommends.
This gives users an unprecedented ability to develop a job ad strategy down to a per-job level.
While pandoIQ gets your jobs to the most frequented job sites, it also offers an expanded reach beyond traditional big brand job boards to marketplaces that can help with initiatives like diversity and inclusion, early career hiring, and hard-to-find skills. Its ad exchange consists of thousands of job sites, search engines, and social networks. Delivering your job ad to candidates where they are, not just where you think they are.
pandoIQ holds a position in the recruiting tech stack as a seamlessly integrated global job advertising platform providing an unmatched level of automation, transparency, and control for its customers. It has integrated into most leading hiring platforms and applicant tracking systems.
A look at PandoLogic’s product roadmap reveals more innovation in hiring automation. They’ve recently announced the acquisition of Wade & Wendy, a recruiting AI chatbot. PandoLogic customers can look forward to candidate engagement as a part of their future based on this acquisition. The opportunity to integrate candidate and hiring-team data from the initial screening process back into candidate sourcing is something to keep your eye on.
Employers interested in improving the efficiency of their job advertising spend and impacting the quality of their candidate pipeline, and candidate experience should put PandoLogic and its pandoIQ product on their shortlist for consideration.