Online Recruitment Market Trends, Outlook, Overview and 2022 Forecast

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The global Online Recruitment market is expected to witness an exponential growth driven by increasing internet user base. The global economy is becoming a reality where organizations need to find ways to become more productive, more efficient and more competitive. In order to deliver high performance numerous firms are engaging for the globalization and focusing more on efficiency. 

Enterprises are significantly concentrating on rising their shareholder value, revenue share, and productivity by enhancing their hiring process. With this significant focus becoming an area of concern, there is a need for due diligence in recruitment practices. Recruitment provides the first contact for an organization with its potential employees. Organizations are compliant to have an effective recruitment policy and process to inform candidates about the job openings and persuade them to apply for the available positions. Networked hiring can be understood as hiring carried out by the use of various electronic means. Online, Internet, or web-based recruiting can be defined as the use of the Internet to identify and attract potential employees such as advertising a vacant position and attracting a pool of applicants through corporate websites and Internet job boards.

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A networked hiring system is a back office system for administrating the hiring processes, and is designed to allow applicants to submit their data electronically. Networked hiring can thus be perceived as an emerging technology in terms of covering hiring activities performed using various electronic means and the Internet, including online hiring and networked hiring systems. Rapid growth in the use of online hiring and the transformation of electronic hiring into one of the fastest growing hiring techniques over the past few decades has highly influenced demand. The benefits of electronic hiring are considered as the improved organizational attraction, reduced costs of communications, data accessibility and availability, lower costs of advertising, rapid exchange of information between potential employees and employers, and wider reach of applicants.

The drawbacks of networked hiring are associated mainly with résumé overload, increased diversity in quality of candidates, lack of personalized response to applicants, and issue-related candidate confidentiality. Nevertheless, an online hiring process is regarded as being more cost efficient, and the fastest route to finding the right candidates, than traditional paper based hiring. Despite the widespread use of e-recruiting methods, a gap seems to have developed between research into and the practice of networked hiring. With the increasing number of research contributions, vendors focus on the design of corporate hiring websites, applicants’ perceptions of career websites, and e hiring system design. Although hiring by and for organizations is intended to improve organizational performance. The organizational perspective is understood here as the process of organizing and performing hiring tasks and activities within organizations and in the context of organizational environment.

The hiring processes can vary in complexity and degree of difficulty depending on the hiring objectives and the hiring sources chosen. The usually used sources for hiring externally include job fairs, search firms, universities, colleges, employee referrals, corporate websites, internet job boards, public & private employment agencies, newspaper ads, and other prominent sources. As networked hiring uses online job ads as the hiring source, the focus here will be primarily on the hiring processes for sourcing applicants from advertising.   

Networked hiring can be categorized into two types of uses corporate web site for hiring and commercial jobs boards (such as monster.com) for posting job advertisements. Corporate websites are a company’s own website with a link for job posting/career options where candidates can log into for current openings.

Firms generally adopt a hiring method that suits their size and budget for hiring. Further, the size and nature of the fraction that applies for an organization’s vacancies is expected to be affected by the way organization communicates its vacancies. Some of the major players in the industry include Adecco group, Randstad Group, Manpower group, Kelly Services Inc, and other online portal for recruitment such as, naukri, monster, timesjob and others. The recruitment market varies significantly across all the regions. The UK, U.S., and Japan are anticipated to hold high degree of fragmentation. These region has segmented recruiting into professional and general staffing markets. North America is projected to capture the largest market share in terms of revenue.

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