Candidates/Employers who are on a recruitment website will agree with the statement that hunting for a job/candidate is a full day job. For some recruitment websites every candidate/employer just has to fill in their details and the website will provide a cluttered list of all the candidates/jobs available for the appropriate keyword.
Searching for a job or a perfect candidate requires a lot of time and effort which is not always available. Many people search for a job change while they are already working in an organization. On the other hand, every company does not have the resources to handle recruitment portals.
Since the technology has rapidly revolutionised major sectors, it also has affected the recruitment sector similarly. Now recruitment websites are altering their approach to connect right candidate with the right company.
Recruitment websites have to understand there are two type of candidates:
Passive candidates – The candidate who is not searching for an immediate job change but is looking for future job opportunities on the recruitment website.
Active candidate – The candidate who is actively looking for a job change and would change their job, if given a good opportunity.
For an entrepreneur looking to build a recruitment portal, it is crucial to cater to both active and passive candidates as well as employers. Here is detailed website analysis of its business model, revenue model and critical features.
Social recruitment websites have become popular in the current market dynamics. Only few candidates can dedicate their whole day for a job search and only few companies have a dedicated resource to search for a candidate. To avoid overburden of resources, time and effort, social recruitment platforms connect companies with potential employees and vice versa.
There are two different entities involved in a social recruitment website – job seekers and job givers. The overall process for both includes:
For job seekers
- Mention current title
- Add details like name, email password
- Select the top 5 skills that you possess
- Add phone number and work details like full time job, free lancing, if you want to relocate
- Select the city you are currently living in and where do you prefer to work
- Then the system personalizes your career options
- Easily add resume by uploading a doc. File or linking with LinkedIn profile
For job givers
- Register on the website
- Mention the company that you are hiring for
- Enter your email id and password
- Mention the job title you are looking for
- Import file for job description
- Mention the experience required
- Mention the top 3 skills required for this position
- List the companies that have the kind of talent you are looking for?
- Then the application is submitted to the admin who then approve the request
Primary Revenue Source – Commission
The primary revenue model for a social recruitment website is the same as an offline recruitment agency. When a candidate is placed in a company, they cut a certain percentage in accordance to the salary of the employee. The commission is not deducted from the employee salary but is paid by the employer itself.
Secondary revenue source
Subscription– A subscription based revenue model is an additional type of revenue model from which social recruitment website can earn revenue. A subscription can be offered to a job giver as well as job seeker. Under the subscription model, users become premium members of the website by which they get special privileges such as premium list of companies, premium list of candidates, free job postings, etc.
Advertisement– Advertisement is an extra source of revenue but can yield a lot of revenue for social requirement websites. The fact remains that not everybody on such websites are not actively searching for a job. Many come to just look at new opportunities that might be in the pipeline. Targeting such users can be highly lucrative for companies.
For any online business that relies on crowdsourced data, one of the critical features to have is ease of entering the details. Having a cumbersome process will not only alienate the users, but also negate the whole idea behind such a website.
Entering job and educational details is highly tiresome and most candidates do not prefer to do it. Every social recruitment website should have the feature to let them upload their resume via doc. file or link their social recruiting profile to their LinkedIn profile. The information required can then be directly synced.
Filter the options – Though social recruitment websites are usually artificial intelligence based, they find companies according to the preference and past work of the candidate. However candidates can furthermore filter the searches in accordance to their preferences. Filters can include size of company, number of employees, etc.
Candidate Types – There are two types of candidates who are looking for job, one who is actively searching for a job and one is looking for opportunities but not ready to shift immediately. As the social recruitment website helps in searching apt companies for apt candidates, they should gather ample information like if the candidate is looking for a job right way or just exploring options for future.
Select goal – For the AI system to understand the candidate better they need to understand the goal and preferences of the candidate. Which is why the website should give the candidate features to check their goals for visiting the website, as in what they are looking for. The below image will make the idea clear to you.
Connection – Though the social recruitment website keeps you anonymous, you can add your connection from LinkedIn to it. Your connection will not get to know that you have added them and they can vouch for you when you actually reveal your identity.
Invite and earn – Ever heard of the term referral program. If a candidate invites his friend to the website, the friend candidate searches for a job and get placed with a company, the original candidate will earn credits.
Active/non active profile – For reducing the work of the admin and the company. Employee should be able to activate or deactivate their profile on social recruitment websites. When an employee gets a job through the portal they can easily deactivate their profile so that they do not get any notification regarding matched company.
Also read: Website features of an online dating website
Add multiple job openings – Social media recruitment website should have feature that allows one company to add multiple job postings as the company would have multiple requirements. Specific company employees can create their own profiles and add job which will be submitted under the company’s job posting.
Separate the candidates that you have shortlisted – Candidates that have been shortlisted for a particular job opening should be segregated differently. Employers do not have the time to filter the employee they have shortlisted again and again from the list of candidate so it is better to have a separate section maintained for them. [As it is anonymous it will be even more difficult to identify the candidate you have shortlisted]
Chat with the potential candidates – The resume is not the only factor by which an employer decides a candidate. They want to check the communication skills, confidence, etc. which can only be done by personal chat. This way the employer can understand the preference of the candidate and also judge him/her on the basis of the chat.
Manage jobs – In an average size company there can be “n” number of job openings which the company can upload on the social recruitment website. The thing they do not want to get stuck with is tackling the jobs on the website. So the website should have options to easily manage their job postings.
Add job description – No two jobs posting of same profile can be the same. While one may require a senior level employee other may require a fresher.
Passive candidate waste valuable time of companies – The passive candidates are the ones who are just looking for job opportunities and do not want to shift from their current job immediately. These candidates are not distinguished on the website so companies would be wasting time to interview and converse with them.
One of the ways to avoid this disadvantage is by segregating passive candidate from active candidate on the website. Companies who are not looking to enroll a candidate immediately can access the passive candidates.
Fake accounts – The main concept is that the person is anonymous which leads to a high rate of fake accounts. To avoid these, the website should ask candidates to register with their mobile number which can be checked by sending an OTP or login with a social media account.
Also read: Feature Analysis of Service professional marketplace
The amount of people looking for a job and the difficult task for employers to search for the perfect candidate leads them to online portals. Recruitment websites have been the main source of recruiting candidate for many organizations but a social recruitment website reduces the efforts of recruiters and candidates. Artificial intelligence is being used to match the perfect candidate with the perfect company.
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