How Blockchain and AI Can Reduce the Expenses in the Recruitment Industry?
Getting a satisfying job that will nurture and amplify your skills is a need which has become a far-fetched dream. The reasons for it can be of two types; the candidates’ performance lack or the glitches in the recruitment industry. In this blog, we will talk about the latter and how to make the process cost-efficient on a global level.
The global recruitment and staffing industry is estimated at $600 billion worldwide in 2018. Numerous backlogs in the industry are causing a lot of inconvenience to the recruiters and job seekers. Apart from these inconveniences, the investment on hiring goes in vain when a wrong resource is recruited. The average cost per hire has risen to $4,000 and it’s too much for a small or medium company to afford. 95% of companies admit to recruiting the wrong profiles each year!
So if the problem is recruiting wrong resources and spending on them, then there is a solution to it.
When a job opening receives 250 resumes on average, 75% to 88% of them are unqualified or under qualified. So what will make things easier for an employer? A group of job seekers who are entirely suitable for the job posted and whose background is checked.
This is where Prime Talent Chain(PTC) wants to intervene and resolve cost intensiveness. PTC proposes Skill Communities which are a collection of resumes. The resumes/job seekers in the Skill Communities have their background verified and pass basic interviews, to test their behavioural skills and knowledge. PTC pledges to reduce the expenses by 80% over the elimination of intermediaries like job portals/consultancies. This ultimately saves the money that is spent on vetting and communication as the PTC ecosystem is automated and is supported by technologies - Blockchain, AI, Machine Learning and Big Data.