marketing budget

Tenstreet Index | Part 2
Taking Action

Tim Crawford Tenstreet Index 0 Comments

Previously, we discussed some of the trends that we have been seeing here at Tenstreet across our platforms. We took a look at our unique data and crunched the numbers to produce some interesting charts and insights into the driver job market, and how drivers and carriers are navigating it. We looked at several different charts, all addressing different ways in which the driver job market has been changing, and many of the results of our research were surprising or outright counter-intuitive.

Applications Acted On

applications acted onWe first looked at application volumes and how they change for our clients month-by-month over the course of the year. We then looked at how the number of drivers on the job market doesn’t always necessarily correlate with the number of applications your business is receiving. Finally, we addressed how the increasing number of mobile applications and after-hours applications are prompting carriers to adapt how (and when) they recruit.

There is one chart that we didn’t address in our last post, however. This last chart represents a startling insight, that we felt deserved to be addressed in its own post, and that’s how few of the applications that carriers do receive are ever actually acted upon.

Taking Action

One thing that fascinates us at Tenstreet is what happens after an IntelliApp application is submitted. Virtually all of our clients tell us that they don’t have enough drivers; yet, as the chart above shows, most submitted applications are never “acted on” or seriously pursued.

For this chart, we classified applications on which a background check or employment verification was run as “acted on.” We believe that either of those actions determines whether a carrier decided to actively pursue and was able to connect with a candidate.

So, why are so many applications from candidates not acted upon?

There are four possible explanations:

  • The carriers don’t actually need drivers that badly.
  • The drivers aren’t actually that interested in the carrier.
  • The drivers aren’t qualified.
  • The drivers and carriers aren’t able to connect.

In our case, we can probably rule out the first two explanations. We already know that our clients don’t have enough drivers and are actively recruiting. We also know that the applications a carrier receives have come from drivers interested enough to submit a full IntelliApp with its complement of releases, employment history and other information. That leaves the possibilities that either the drivers are not qualified, or that something prevented the drivers and carriers from connecting.

“when a carrier is unable to connect with 50% of the drivers who apply in response to their advertisements, that advertising money is just going to waste.”

TRASHIt’s hard to believe that 50% of all the candidates who send in applications are unqualified for the jobs they’re applying for. A comparison of those applications and the ones that are pursued further shows little difference in terms of experience, accidents, or violations. We can conclude that the most likely reason for so many applications slipping through the cracks is that carriers and candidates are simply failing to connect once an application has been sent and received.

This chart is especially disheartening because it suggests that carriers are missing out on large numbers of qualified, interested candidates who have enough initiative to apply. Tons of advertising dollars are spent trying to recruit these qualified drivers, but when a carrier is unable to connect with 50% of the drivers who apply in response to their advertisements, that advertising money is just going to waste.

The Solution

So what is the solution? Carriers and their recruiters obviously only have so many hours in a day to reach out to all of the candidates that apply, so some are sure to go un-acted upon. The trouble is using what time carriers and recruiters do have effectively.

Ideally, you’d love to have a recruiter be able to respond to each candidate personally as soon as they apply and guide them through the recruitment process. While that may not be realistic, there are many tools available in the Tenstreet arsenal to help carriers respond to each driver who submits an application or lead. Tools such as our Drip Marketing system, which can automatically email or text targeted messages to candidates and cultivate those leads through different stages of the recruitment process. And while it’s impossible for recruiters to cultivate each candidate personally, you can make sure that your recruiters are able to target and focus their time on the most likely candidates.

“If your business is not successfully capitalizing on the applications and leads you do have, you’re not using your marketing budget wisely.”

In the end, making sure that your recruiters are targeting the most qualified and interested candidates and using all of the resources at your disposal to engage with as many of your applicants as possible is one of the most important things you can do for your business. Getting drivers to apply is one of the most expensive parts of the recruiting process, but unfortunately, it’s only half the battle. If your business is not successfully capitalizing on the applications and leads you do have, you’re not using your marketing budget wisely. If you’re struggling to effectively cultivate your driver applications and leads Tenstreet can help you find ways to better reach all of the candidates you’re missing.


 

 

ONBOARDINGCTA

Share this post!
Share on LinkedInShare on FacebookTweet about this on TwitterShare on Google+Share on RedditEmail this to someone

Leave a Reply

Your email address will not be published. Required fields are marked *