With the advent of the internet, a lot of problems that were just standard issues to be dealt with, have now been solved. One such problem was job-seeking. Thanks to the internet, you’re no longer having to mail your CVs to different parts of the world, hoping to get noticed.
There has been a steady rise in online recruitments all over the world. It is estimated by some that 8 out of 10 job seekers are now searching for jobs online. Even better – many in colleges are aiming to get placed online, bypassing the placement sessions colleges typically hold.
What does this mean for the industry?
India is witnessing a large industrial transformation due to demonetization and implementation of GST. This has played its part in furthering the rise of online recruitments in India. During the festive season, the Indian job market looked optimistic, after a slump in the past few months in the industry sector. Moreover, during the festive month, e-commerce sector saw a 4% YoY (year on year) growth in the online placements.
Online placements aren’t growing just in India. A survey of more than 400 Personnel Today readers, which includes HR directors, the board of directors and managers, suggested that recruitment budget has plunged in the UK, and will continue to go lower over the years ahead.
Advantages for the industry
- Efficiency: Tools such as pre-employment screening and personality assessments tests allows you to select the most desirable candidate for your organization. An online system provides you more streamlined and standardized approaches than a traditional, paper-based recruitment process. Today, the average time to recruit a candidate has reduced to one-third to one-half as long as it was in the pre-Internet era.
- Audience: Your targeted pool is much larger than with other recruitment processes. You have the ability to attract candidates with specific skills across the world with the internet.
- Cost: Recruiting is expensive. Processes can cost you large sums of money. These include hiring a candidate, training and retention costs. Online recruitment and selection procedures can drastically reduce costs and increase employee retention, which can result in better return on investment. Moreover, files are recorded electronically which also reduces storage costs.
- Reduced constraints: By using online recruitment process, you can reduce geographical, cultural, and time-zone constraints to a large extent. These constraints have always narrowed the candidate pool.
How online job portals play their part
Clearly, a country like India – with a population of 1.324 billion – and about 60 to 65 percent of it in the age group of 20- 30 years, does (and will have) a high demand for jobs. This phenomenon naturally gives online job portals a boost.
- Job portals serve both recruiters and the job seekers by meeting their requirements. Recruiters can post job openings with all the information like the qualification and qualities they need. On the other hand, job seekers can find jobs which match their knowledge and interest area.
- Job portals like IIMJobs make things much easier for recruiters and job seekers. It makes the recruitment process simple and efficient. You may also get an alert when a candidate searches for jobs meeting your requirement.
- Employers can sort the candidates whose CVs that meets their criteria. You can just search for the type of candidates you are looking for with specific qualification and experience and start their recruitment process.
- Portals are also the most inexpensive source to recruit and find jobs. Both, the recruiter and the job seekers can create their account at little or no cost.