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Chief
I believe part of it is LinkedIn counts clicks on "apply". People may click on it to go to the company page but not actually submit an application at all.
So when the employer adjusts, I assume they take these folks out of that number.
I agree with C1 there's also a high number of folks not qualified. My last job said there were 300 applicants but I was approached by a recruiter, so either there were a lot of folks not qualified, or a ton of people didn't really apply. Likely a bit of both, I'd guess.
3 things are happening:
Linkedin numbers are lies.
Most applicants are unqualified.
There are many stale job postings on LinkedIn.
*Job posts that stay up for months are signals that the company's hiring practices are terrible--examine promoted posts.