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Recruitment MarketRecruitment process refers to the process involving the search for new employees by organizations. The recruitment process is usually conducted by the Human Resource department, but there are some companies that generally take help from recruiting agencies to hire skilled candidates perfect for various designations. The external recruiter’s job is to post new job openings, screening of candidates, and also appoint the staff in several organizations. Recruitment process consists of both permanent and temporary staffing.
With the rapid advancements in technology, the recruitment process has changed drastically in recent years. Online recruitment has gained immense traction, with the process now involving innovative capabilities including increasing use of social media, artificial intelligence, mobile, and big data technology. In order to streamline the entire recruiting process, artificial intelligence helps identify the right candidate using different algorithms as well as cutting-edge search technology.
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One of the most powerful tools used for obtaining information about a prospective candidate is social media. Data experts reveal that a large number of recruiters make use of various social media sites to screen the potential candidates. Ever-expanding mobile technology is another prominent trend penetrating the worldwide recruitment market. In today’s time, candidates extensively use mobile devices to explore different job opportunities and receive email alerts for jobs on various job portals. These trends making their way into the industry also ensure a healthy environment for growth prospects in the future.
Speaking of new trends in the recruitment industry, diversity hiring, and artificial intelligence (AI) are gaining immense momentum across various workforces. Diversity hiring remains a relevant theme and is key to acquiring different types of people with different skillsets, among other factors. Diversity, in the broad sense, refers to ethnicity, gender, geographical, and age. Diversity, along with inclusion initiatives offers a host of benefits, including improved employee happiness, productivity as well as retention. It also gives way to favorable reflection on the employer brand. AI, on the other hand, helps automate candidate sourcing, matching, and recovery, in addition to hiring remote candidates and developing customized employee value propositions. It is estimated that the number of AI’s various uses in recruitment will keep growing with time.
The types of recruitment processes are traditional and digital, where the the digital type of recruitment has gained the upper hand over the traditional one. Thanks to the rising use of mobile devices and the surge in internet usage, reaching highly skilled and proficient candidates is much easier now than ever before. Companies are now no longer posting on local newspapers or bulletin boards to attract best workers; instead they are now able to recruit skilled candidates around the world, without leaving their office.
The applications of recruitment are recruitment of permanent staffing and recruitment of temporary staffing. Permanent online recruitment segment leads the market, as it saves money, improves retention, and the competitive position gets a boost, among others.
The United States (U.S.), China, Europe, India, Southeast Asia, and Japan are the main markets for recruitment across the globe. In the U.S, trends such as big data, social media, artificial intelligence, and mobile technology are expected to gain impetus in the recruitment market. This could benefit the market as more employers as well as job seekers will make use of e-recruitment services.
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Europe has observed an increasing advancement in technology, which means that things are expected to change for the better within the recruitment industry. Automation stands as one of the hottest topics amongst recruitment professionals, as it has smoothened the entire process significantly. Apart from this, the region is expected to make considerable use of AI, especially for creating chatbots that helps automate the initial interaction and screening of candidates.
Recruitment in India is estimated to be one of the largest markets, and the country holds massive potential to emerge as a prominent staffing industry. This estimation could prove to be true, given the strong support from the government in implementing certain labor laws or regulations. With the largest youth populace in the world, India could also outshine China during the forecast period. Considering the vast population of more than 1.3 billion people as well as a substantial working population, India is expected to grow as a significant recruitment market in the coming years.
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