The global recruitment industry is a $416 billion industry, with India contributing around $10 billion annually, with a 21% CAGR for permanent hiring (The temporary hiring market could be 5-7 times bigger). Companies want to hire the fast and best talent in this fast-paced environment as delayed recruitment impacts organizations worldwide and affects companies experiencing growth.
Traditional recruitment processes involve hiring in-house recruitment teams, contracting to third-party agencies, reaching out to candidates through referral programs, buying database access points through job portals, and also utilizing social media channels like LinkedIn. While spending enormous money and energy, companies are still struggling to hire the right candidate. The reasons could be candidates’ quality, scanning through SPAM, bandwidth issues, fee negotiation, and backouts.
Challenging these issues enters the recruitment marketplace for hiring smart talent, enabling employers to crowd-source their recruitment efforts in an open marketplace, facilitating interaction with independent recruiters and recruitment agencies. The job seekers can submit their profiles that are then scrutinized further by the marketplace’s profile matching algorithm and pre-screening team to make hiring faster, easier, and scalable.
The marketplace allows employers to work with reputable independent recruiters, recruitment agencies, and individuals worldwide to find the right candidates for their company. It also gives them a chance to do their marketing to the candidates, independent recruiters, and staffing agencies.
These online marketplaces are coming with web interviews and web profiles that allow the company and candidate to be on the same platform, conduct interviews, and fast-paced the selection process.
In the coming times, these global online marketplaces would be on the boom, as companies are already adapting to the work from home concept and, they would prefer to take the interviews online.
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