Over the past two years, social, mobile and large data technologies have been transforming the cost and efficiency of hiring. Increasingly, leading employers are adopting solutions and technologies that offer unprecedented efficiency to recruiters and reduces cost per hire.
Four products and technologies leading this transformation are:
- LinkedIn: Employers pay LinkedIn for access to socially validated current information on active and passive talent. After they find a resume on job board, recruiters today seek out the candidate’s LinkedIn profile not only to validate their professional information but also to expand the pool via the candidate’s network.
- Candidate Data Aggregation: Candidate profile/ information that was traditionally available on a job board is now scattered across several social and traditional Internet sites. The emerging frontier in finding candidates’ professional information is mining and aggregating relevant and powerful candidate data across LinkedIn, Facebook, job boards, employers’ internal database and various specialized professional networking sites like Github, Quora, TechGeek etc. Employers pay companies like MyParichay, TalentBin (acquired by Monster), Dice OpenWeb, Entelo to access information on potential candidates that has been aggregated and curated across various internet, professional and social networking sites. MyParichay SaaS platform deeply leverages complex Facebook capabilities and has built India’s largest searchable database of professionals (+38M: adding 1.1M per month) who can be contacted on Facebook. MyParichay proprietary technology further aggregates publicly available candidate profiles from LinkedIn, HasGeek, GITHub creating India’s largest aggregated candidate search platform (+60M).
- Facebook: Employers pay companies like Work4Labs, Broadbean (acquired by CareerBuilder), MyParichay to automate distribution of their jobs on Facebook, to search and contact professionals on Facebook. Facebook’s impact on the advertising industry is well established and it is fast becoming the most significant source of passive quality candidates. Facebook is the #1 platform where consumers/ candidates spend their Internet and mobile time. Given Facebook’s tremendous success in the mobile advertising space, it has now established itself as a required advertising platform for any corporation. This, coupled with Facebook’s powerful capabilities to target consumer/ candidates by employer, job title, skill, location, experience, education and professional interest allows employers to target 95% of the internet-connected working population in a cost-effective measurable fashion for the first time. Deloitte, 24×7, EXL, ICICI Prudential have seen MyParichay SaaS Platform and Facebook ad-based hiring deliver 3-5x higher efficiency than hiring through traditional methods such as job posting.
- Software: SaaS-based hiring software are consolidating the capabilities described above, and some more, onto a single platform allowing companies to internalize increasing amount of their hiring efforts and reduce their dependency on recruitment agencies and job boards. Employers are paying companies like Jobvite, Kenexa, Taleo, MyParichay to help them:
- Create their captive career site, career pages on Facebook and Twitter. Companies can use these SaaS products to auto-distribute jobs across various free and paid job boards, social media sites further eroding job boards’ monopoly on job distribution.
- Create customized email targeting campaigns that allow them to a)reuse candidate target list downloaded from various job boards, b) identify high performing lists and c) retarget the list on Facebook newsfeed and mobile devices
- Precisely target and re-target candidates that match their jobs through advertisement on Facebook and mobile devices.
- Automate employee referral and extended referral programs allowing them to generate high quality candidate traffic.
- Allow single-click distribution of jobs across multiple job boards and consolidate responses on a unified recruiter dashboard. This eliminates the need for recruiters to log on to multiple job boards to separately post jobs and review candidate response.
- Provide source analytics to determine ROI of various sourcing channels and find the most effective for different jobs.