The Modern Subscription Business Model for Innovative Hiring Portals
Among all the things reimagined in a post-pandemic world, nothing has been as effective as recruitment. At a time when businesses laid off more than they hired, hiring portals faced a challenge like never before. Human Resources experts have had to rethink the way they analysed and conducted candidate evaluations. In a candidate-driven high-value job market, it’s ironically the candidates that get to dictate the terms more than the hiring agency. As a result, hiring portal subscription management has had to be revamped in more ways than one.
The Pandemic Impact
With the global pandemic looming at large, big businesses are looking to infuse their recruiting funnel with higher valued asset employees than ever before. The job market has long been dominated by job posts that didn’t exist in the first place. All of that is now changing as not only the employers but hiring portals have also had to finetune their contingency mechanisms.
With geographical feasibility no longer being a recruitment parameter, work cultures across the board are being redefined as we speak. This changes everything for a regular subscription based hiring portal. After an industry threatening couple of years, the modern subscription business model for new age hiring portals is as dynamic and efficient as the recruits passing through their newfound hiring mechanisms. For example, to fill the role of a software developer, hiring portals no longer have to look at a candidate’s geographical location as a recruitment matrix. This leaves the software developer recruitment market wide open with recruitment databases getting deeper and more thorough. Innovative hiring portals jumped at the opportunity to cater to a much wider, more diverse set of job seekers and employers.
The Subscription Effect on Recruitments
By turning both employers and job seekers into subscribers, job portals are building a robust database that can be leveraged to pinpointedly deliver ideal matches in both directions, increasing the effectiveness of the portal. Job portals are also allowing for very targeted advertising from employers, making sure that the posting reaching the right set of people, matched to the exact requirement of the organization, automating a large part of the work for the HR team. Freelancers are being able to find much better opportunities due to the same targeted approach, where due to an intuitive subscription management software niche skills are reaching the right takers.
Data Tracking and Up-skilling All the Way:
In addition to just job hunting, a large number of employment seekers have also taken to upskilling in an unprecedented way. In a way, the industry slowdown caused by the coronavirus pandemic has also accelerated the future of work trends. According to a 2017 survey by McKinsey Global Institute, over 14% of the global workforce would have to switch professions or reskill themselves by 2030. The coronavirus pandemic has distorted this estimation by a huge proportion. This has prompted hiring portals to innovate and accelerate their business models by introducing upskilling/reskilling as part of their premium services. With data tracking, portals can now recommend the most in-demand skills across fields and also help people gain this knowledge, in turn providing candidates with universal certifications to organizations that are hiring.
Wrapping up Remarks
With the shift in the way the world works and especially the emergence of remote working, more and more people are now leaning towards contractual work or freelance assignments. This is a huge opportunity for job portals to take on the gig economy, keep audiences engaged, track in demand skills and maintain a longer lifetime user value.
Recruiting is possibly at its most challenging and innovative stage currently, where both job portals and employers have had to get creative to hire top talent. The right job portal, with intelligent, data-backed insights can provide employers with the fully managed recruiting solution they need and give job seekers a reliable space to learn and grow, keeping them engaged long term.