Diminishing returns is a sad reality for anyone looking to tap into a finite resource. This also holds in the market for consultants and ex-consultants where, after a while, there are fewer and fewer people with relevant experience left to engage.
Looking at over 7,000 job applications we traced how this applies to a Movemeon job posting and found there was a rather dramatic peak in applications as a role is first advertised to the community followed by a definite slowdown in the rate of applications.
What, then, are the take-homes? How can you adjust your behaviour to optimise your yield from each posting?
- Pay attention to your role, particularly at the beginning when activity is hottest naturally as a product of it being fresh to the community and with traffic boosted by Movemeon’s active marketing in the form of targeted job alerts and a newsletter featuring.
- Make a good first impression, – a job description is the hook that converts initial interest into quality applications. Spending a little bit of time here is well worth it and will ensure you make the most of your peak application period. If you’ve got any doubts about what you’ve got just ask a member of the Movemeon team, we’re here to help.
- Don’t forget to log in after 2 weeks, you’ve still got 30% of your applications yet to come in! We constantly have new candidates from top-tier consultancies signing up so don’t miss any late arrivals if you’re yet to decide on who to take on.
- Make use of the Invite Candidates tool. It’s always a good idea to reach into the database and cherry pick the best candidates for your role but it’s even better to reach into the database a second time, as your application rate drops, to keep people entering your pipeline. 25% of invites result in applications, so this is an extremely time effective way to keep interesting candidates coming through.
- Make applying as simple as possible. Asking for a cover letter tends to dissuade prospective candidates from applying, as consulting can leave you with very little time for a job search, and often hiring managers simply don’t take it into consideration. Make it as easy as possible for top applicants to get in touch and the reward is obvious.
Like our advice? Hear even more at one of our events:
At our last private equity event, we had the pleasure of welcoming 4 private equity professionals to share their experience about the private equity world
Meet the inspiring CEOs of Trouva and LoveCrafts – join Movemeon in London on 22nd June 2017 and find out how they went from consultant to business leader.
At our 1st boutique consulting event with Hunch, CIL, 2020 & Advancy, we heard exclusive perspectives on the unique features of boutiques – read them here