In today’s job market, a large company needs to go through 94 candidates on average to make a single hire — a process that can take 90 days or more for skilled workers. As labor shortages continue to afflict nearly every industry, including tech, it’s clear that the hiring process must be reimagined so employers can make faster connections with applicants, and efficiently hire at scale. In parallel, job candidates should be experiencing an all around better hiring process.
Recruit Holdings, a 60-year-old global leader in HR technology and business solutions, is well positioned to take on that challenge and transform the job market. With acquisitions over the past decade of Indeed, the number one job site in the world , and Glassdoor, the worldwide leader on insights about jobs and companies, Recruit has developed a meaningful reach and understanding of job seekers and employers globally.
By leveraging Recruit’s business experience, success in the employment sector and its proven ability to scale internationally, the company seeks to leverage its platforms to help people and businesses in a meaningful way by simplifying the hiring process. As the company chips away at one of the most cumbersome employment experiences, Recruit also aims to reduce the time it takes someone to find a job by half while additionally removing barriers to entry among vulnerable and marginalized communities through its sustainability efforts.
The HR matching industry is estimated to be a $144 billion market and is growing fast . Just look at Indeed’s Hiring Platform — a reflection of the growth and innovation occurring in the industry. Indeed allows employers to hire up to 10 times faster by automating more than 70% of the recruiting steps, including screening, scheduling and candidate communications. Using the platform’s features, hiring managers can reduce the time spent on manual tasks — like scanning resumes, pre-screening talent and confirming interviews — by approximately 90%. By removing these repetitive and often tedious steps, hiring managers can save time, energy and money, and focus on what matters most: recruiting the best talent.
Indeed has also formed an in-house think tank, dubbed the Hiring Lab, made up of international economists and researchers, who deliver insights and analyses about the global job market. Their labor market research is wide-ranging in topics — from the future of work to the Great Resignation — and used to better understand the marketplace, drive conversation, address recruitment challenges and enhance Recruit’s suite of products.
Recruit subsidiary Glassdoor has been deeply focused on delivering on its mission statement: to help people everywhere find a job and company they love. For years, the data-driven site has helped millions of job seekers by collecting and sharing salary information, company reviews and interview questions from past and current employees to help inform the job search process. Today, Glassdoor holds more than 100 million reviews, salary reports and other workplace insights. The result is a unique and valuable perspective into the current and evolving state of workplace culture.
For example, Glassdoor introduced a host of diversity and inclusion ratings that help job seekers identify early on if their next potential employer provides a working environment where they feel a sense of belonging. Ratings highlight how satisfied employees are with D&I efforts at their current or former employer. Additionally, U.S.-based employees can voluntarily and anonymously share demographic data which in turn highlights employee satisfaction and salary data by various groups.
Employers can similarly benefit from these collective insights and use them to foster better, more equitable workplaces. Through analysis of this growing data set, Glassdoor Economic Research findings show that employers must look beyond “average” employee opinion on workplace diversity, as doing so can conceal important gaps in D&I sentiment among employees of different backgrounds and racial and ethnic groups. A deeper look may reveal gaps in employee perceptions or experiences, or highlight areas of the workforce where D&I programs are not reaching.
And this is only the beginning. With a footprint in more than 60 countries and as one of the 200 largest businesses in the world, Recruit is poised to further expand its leadership in this arena by continuing to innovate and revolutionize the HR industry. With their growing portfolio of cutting-edge human resource services and technologies — and by attracting best-in-class talent to conceive and bring initiative to life — we can expect even more advancements in 2022.