Especially with the rise of "ghost postings" so quantity over quality is greater than ever these days
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This sorta applies to the way I typically do it (maybe). I spray-and-pray on 9+ out of 10, because most are mass-posted bullshit. I'm not redoing a cover letter for every bullshit posting.
But if it is clear an actual person is involved (e.g. there is a person's e-mail listed as a direct point-of-contact or it's on a small company's website among only a handful of positions) and/or it is for a job I think I'd really like, I spend more time tailoring everything.
Best of both worlds (potentially).
Yeah, that's the approach I use too. Eventually I'll have 2-3 versions of my resume/CV, and a file of typical paragraphs to put in a cover letter. Ideally I'll have some kind of connection to the company, like: "in a conversation with (Name) at (conference), I learned of your work in (whatever)" or "I am familiar with (product/process) from applying it to my work on (previous work)." Whenever I'm hiring, that sort of cover letter tells me that at least they've taken the time to learn about the company, so it's less likely a waste of time to interview them.