Digital Hiring Marketplace the Future of Staffing

Online marketplaces have transformed almost every sector they have touched. So they are now ready to change recruiting. In fact, it is expected that online talent platforms will add $2.7 trillion to global GDP by 2025, and increase employment by 72 million full-time equivalent positions. Asked why? Read on to find out more about the incredible potential of hiring marketplaces and why they are set to play a major role in staffing 's future.

How Digital Hiring Marketplaces Are Transforming Staffing 

 Digital hiring marketplaces link applicants with various skillsets and with companies across several geographies seeking to recruit both short- and long-term, either directly or through staffing agencies. Many of these marketplaces are also leveraging the power of modern AI-powered recruitment tools that streamline any aspect of the recruitment process, from sourcing to shortlisting to hiring.

Think of a market's most significant function: it links buyers and sellers. Marketplace recruitment simplifies the procurement of talent by unifying the hiring process. Traditional hiring practices are currently inefficient and fragmented. Employers need to compete to find the right applicants through so many disjointed channels, including numerous staff providers, social media, work boards, and internal talent pools. However, recruiting marketplaces have the ability to put everybody into a shared digital space: companies, staffing agencies, professional recruiters, and candidates. As a result, businesses can reach a larger network of job-seekers and staffing providers across specializations and geographies, making it easier for the right talent to quickly fill open positions.

Improved hiring outcomes

But it's not enough to just broaden the selection of qualified candidates. Hiring platforms like Emonics LLC come with built-in hiring tools that perform functions ranging from applicant screening and onboarding to customizable and automated hiring workflows, cutting down on nightmares for tech integration and logistical hassles. For example, our work matching algorithms automatically suggest hiring outcomes improved for the most eligible applicants for the work fuels. Businesses are no longer plagued by unskilled applications or even the need to handle several vendors of jobs, and applicants should anticipate quicker responses, improving their overall experience.

Eventually, recruitment marketplaces create greater accountability and transparency. All your hiring details are reported on the website, so you can easily monitor KPIs such as time-to-hire, cost-per-hire, overall recruitment expense, and vendor efficiency for staffing.

How digital hiring marketplace workout for Staffing

 The worldwide coronavirus pandemic changes the world as we know it. Many of us couldn't imagine a mere month ago that most of the world would experience shutdowns, that busy city streets would become deserted, and that international borders would close. Although life has come to a halt, as we know it, it's the virtual world of video calls and online platforms that have largely kept life going.

As we tackle immediate challenges, businesses have their employees working from home everywhere. And because it could take up to 18 months to develop a proven vaccine, we may be looking at a workforce that is largely remote for a long period. While the trend towards telecommuting and remote work had already increased, the current crisis forced many companies to explore and implement remote work earlier than planned. And as it becomes a necessity to recruit remotely at scale, companies should turn to the tremendous potential of platform-based, AI-boosted recruiting marketplaces.

AI-powered tools receiving more inquiries 

As of late April, nearly 40 percent of companies worldwide had begun conducting virtual interviews while hiring, with marketplaces hiring and AI-powered tools receiving more inquiries and increased use by existing customers. Early adopters are already benefiting from hiring tools, and can potentially gain a competitive advantage by saving money on recruitment, attracting and hiring quality applicants, and opening up their internal talent management departments for strategic thinking and decision-making. 

With COVID-19 accelerating the beginning of the Fourth Industrial Revolution, the nature of work and the workforce will rapidly change, opening up newly desired skills and possibly even new types of jobs. That makes strategic thinking and acting more important than ever for talent acquisition professionals. In order to remain ahead of the curve, their teams will have to predict and plan for the future hiring needs of their organization making time the most important commodity.

Conclusion

Finally, due to the current economic uncertainty, businesses are likely to continue to employ a contingent workforce. Why? For what? Businesses that are in risky situations or with temporary demand spikes are more likely to hire contingent workers to meet their needs because of the scalability and reduced risk of contingent labor versus permanent full-time employees. Various hiring marketplaces, such as the one built into the vendor management platform of Emonics LLC, are already positioned to offer contingent on-scale hiring remotely.