The current state of the recruitment market
The recruitment industry has been growing fast for the past three years, during this period the market grew by a total of almost $200 billion globally. We have seen acquisition of major companies such as LinkedIn by Microsoft for $26 billion or Glassdoor for $1.2 billion by Recruit.com. It’s definitely an exciting market to be a part of.
New technology altering the recruitment process
There has been less and less of a human touch during the hiring process, with technology bringing jobs and jobseekers together more effectively than ever. The industry has been deeply fragmented over the years with thousands of tech providers, but now consolidation and acquisition is taking place aggressively as companies look to automate the hiring process.
Millennials seeking different things from the recruitment process
Millennials react differently during the hiring process and sites are recognizing that. Most famously, ZipRecruiter works as if its built on a messaging facility going back and forth with the candidate. This was built in mind to work with millennials. Staff turnover is far higher now with companies such as Amazon and Google – both experience a one-year average staff turnover in their technical staff. Millennials are moving more and searching for greater opportunity, they realize skills are a rare commodity and they are willing to trade off it.
Digital technology and the recruitment process
Digital technology dominates the hiring process, from job boards, to aggregators, resume databases, rechtech, matching, semantics and many other platforms that are all responsible for onboarding.
Blockchain assisting with the recruitment process
Blockchain allows companies of all sizes to scale by further automatizing recruitment process. Gone are the days where you need a recruiter to help hire a member of staff. Technology finds the candidate, presents them to the hirer, the two decide whether they wish to take the opportunity and blockchain records the entire event making it a trusted, legal and safe process.
Advantages for employing companies
Better quality candidates, quicker and more cost effective. This technology provides the holy grail of the three pillars that every HR department in the world aspires for. They want better people, for much less money and they need them yesterday. Blockchain is another big step towards that.
Advantages for job seekers
Jobseekers are now able to deal directly with hiring companies more than ever, why deal with a middleman who won’t tell you the name of the company or the location of the job until the last minute in the fear you will go there directly and cut them out of their pay? How backwards is that? Well a $638 billion industry has been built on that notion and Job.com is here to change that so the candidate is in the driver’s seat.
Development of Job.com
We have been around for 20 years as a business and were acquired by industry entrepreneurs Arran Stewart and Paul Sloyan in 2017. The companies team and track record has always been in recruitment and it is something they know better than any other. Using their knowledge in conjunction with blockchain technology, the Job.com team believes that they have the system to finally remove the traditional recruitment agency out of the supply chain.
Importance of using a token
Our jobseekers take the lion share of our recruitment fee, 83 percent in fact. This equates to a 5 percent salary signing bonus for the jobseeker, but in order to make this legitimate and to track it through to completion, this must be done on a smart contract. A smart contract is a token, therefore the need for the token.
What can a token be used for?
The token is used for paying the recruitment fee to hire a candidate through Job.com. A company can use Job.com completely free until they find a candidate they wish to hire. They can then hire the candidate for 90 days, at which point the fee of 6% of the candidate’s base salary is due. This is a 70 percent saving over the industry average fee of 20%. When the company pays, their fee is converted into tokens to crystalize the deal and the signing bonus is paid to the candidate in token.
How is the new service working?
We launched the platform on 31st August 2018 and we are delighted that we have 2000 companies pre-registered to use our service on launch.
Interviewee: Arran Stewart, Co-founder and CVO, Job.com
Original Article Found Here