So you've turned down 399 people to employ 1. Not sure if that is any different when employing via resume, but that sends shivers to my spine. 399:1 ratio says to me that there is oversupply of engineers.
It means there's an oversupply of people who want engineering jobs. Most people applying for software engineering positions aren't able to program even the most basic of things. That doesn't mean there's too many qualified engineers.