Brace for more consolidation in online HR space: Experts
An article in Economic Times talks about how more consolidation is expected in the online recruitment sector, with job portals losing market share to social media platforms like LinkedIn, Facebook and Twitter; along with inputs from Rituparna Chakraborty.
More consolidation is expected in the online recruitment sector, with job portals losing marketshare to social media platforms like LinkedIn, Facebook and Twitter, experts say.
The global job industry is rapidly transforming because of wide technological advances. Over the last couple of years, online job portals have lost a significant ground to social media platforms as a talent sourcing channel, according to HR experts.
“Lines of business are blurring and if one doesn’t keep pace with same, one has to face redundancy or consolidation,” staffing services company TeamLease Co-founder and Senior VP Rituparna Chakraborty said.
Referring to the recent Randstad-Monster deal, she said “To begin with, one should expect more such mergers to happen in this space.”
Going forward, innovations in the areas of building reach, engaging and keeping track of ‘passive users’ and how one runs background analytics are expected, HR experts say.
“There are three key elements to this business – Reach, Engage and Match,” Chakraborty said, adding “if we fail to evolve in any of these aspects, given the changing preference of individuals and employers and given the penetration of smartphones and usage, we would eventually lose our relevance.”
Human resource experts are of the opinion that online job sites are losing marketshare in recent times to social, mobile and analytical platforms in recruitment.
“They are. Because the problem of sourcing is already solved. Earlier Naukri.com, monster.com used to be the sites where one could find people. Now one can find people on LinkedIn, Facebook, Twitter, CoCubes and the like,” assessment platform CoCubes Technologies Co-Founder and CEO Harpreet Singh Grover said.
Grover believes that “in the short run, one might not see an impact but as synergies between LinkedIn and Microsoft increase, this could get more and more people on LinkedIn, which then could be a threat to other online recruitment sites.”
Global executive recruitment firm Antal International India Managing Director Joseph Devasia noted that “job sites are surely facing stiff competition from the new-age social, mobile recruiting platforms, hence they probably need to evolve faster.”
Devasia further noted these deals are “very strategic moves for those businesses who could not capitalise on their customer base and create a social relevant business”.
Link to the original article:
National Logistics Policy of India: Shaping Logistics of tomorrow
Why was the National Logistics Policy Launched? What are the challenges faced by the businesses? One could reasonably speculate that India's logistics have advanced greatly...Read More
Revamping Business with Workforce Formalization
Outcomes As per the report on Workforce Formalisation, nearly half, 43% of all employers treat formalisation as a priority, and employers across sectors are split...Read More
What is ONDC in India & how is it going to transform the job market
How will ONDC work and how will it ensure a democratized and decentralized network? Any ONDC-compatible app can be used by buyers to contact merchants...Read More
Tale of New Retail : Evolution of Retail in India
How’s the retail sector changing in India? Retail brands are moving towards omnichannel and want to have more touchpoints with the customers. An omnichannel approach...Read More
Festive season boosts manpower demand in India
Here is a case study into how the most formidable brand in consumer electronics, home appliances, IT hardware and mobile communications space eliminated sourcing challenges...Read More