The recruitment and employment industry has recently endured major changes, but the most efficient, most cost-effective, and best path for hiring managers is yet to come for this market. Randstad bought Monster Worldwide for $429 million in hopes of accelerating their ability to connect more candidates to more jobs using Monster's existing network of people. Microsoft bought LinkedIn for $26 billion in hopes of accelerating the growth of its professional network and empowering users with more than 7 million active job listings, amongst other features.
Both of these recent acquisitions have a commonality - both led to the attainment of a large network of people during a technology-driven generation and prove that the future of hiring is largely dependent on the pool of talent available at the click of a mouse. However, are we making the best use of this data?
Successful onboarding starts from the moment the potential employee begins the application process.
Finding the right talent efficiently within acquired networks can save companies substantial time and money. Acquiring a robust network of talented professionals is undoubtedly a feat, but what matters most is what you do with this data. For instance, Randstad has obtained more than 3.2 million candidates and more than 51,000 employers from Monster's database, according to its Q1 2016 financial highlights, but how will the company more efficiently connect the right candidates to the right jobs? Randstad may have an impressive online database to enhance the company's reach, but they still have to efficiently find the right talent within their acquired networks to save companies time and money.
Another question to consider is this: Within a network of 3.2 million candidates, how credible is the data acquired? How is misrepresented information identified or avoided?
Trends are showing that recruitment is about the talent and the network of people, but there's still a key component missing. How are companies measuring the quality of their network and how can they ensure information isn't misrepresented? mroads, a Dallas-based company that helps companies find the right talent in the shortest time, has the solution. mroads offers companies an intuitive video and innovative candidate assessment platform called Paññã, which, unlike any other platform, identifies skill mismatches and empowers employers with tools that will identify and present top talent at a fraction of the time and cost.
The end goal for hiring managers is to hire the candidate with the right skills quickly, saving as much time and cost as possible. Although the ability to pull from a large network of professionals is a bonus, the priority should be hiring the best candidate without wasting a single minute interviewing people who have misrepresented their information. This is where Paññã should enter into the conversation.
Randstad and Microsoft both made smart plays in growing their network of people, but what they do with that network of talent will be instrumental in making the recruitment industry more efficient and turnkey for employers.