PTC - The Google of the Recruitment Industry!
The global recruitment industry is expected to reach a progressive growth of over 3.2 billion during 2018-2022. Hiring the right candidates and finding the right talent pool is harder than ever before.
Right from posting a vacancy to choosing the right candidate for the job, the money spent is huge in the recruitment industry. It has been identified in a survey that after spending money and resources, 90% of companies still regret that they hire wrong people every year.
So, what are the problems the recruitment industry is facing? Why are they not able to hire the right candidates even after spending money and resources? Hence it is palpable that the recruitment industry is a game of high-stakes. The industry is cluttered and is stagnated by various issues such as,
- Large pool of resumes - The hardest part of recruitment is to filter the right candidates from a large pool of resumes. For just one hire, it takes up to 23 hours for screening resumes. Out of every 250 resumes received on a job opening, 70% to 80% are unqualified for the post.
- Lengthy hiring cycles - There always exists stagnation in hiring the right candidate for the job. According to a global survey by Entalo on Recruiting trends, it has been found out that the talent acquisition team spend almost one-third of their workweek in sourcing the right candidates for a single role.
- High cost of hiring - Companies today are ready to spend more than ₹4000 in hiring the right candidate for a single role. The cost further increases in hiring multiple positions throughout the year. It causes a huge drain on the company’s recruitment budget.
- Lack of curated resumes - On average a company spends ₹17000 for a wrong hire. One of the main reasons for a bad hire is the lack of high profile candidates. Sometimes a single resume fits various profiles which makes hiring, time-consuming and very difficult.
How to get rid of the loopholes in the recruitment industry
Prime Talent Chain acts as a game-changer by offering one of a kind solution for solving the existing issues in the platform. With its end-to-end services powered by blockchain technology, Machine learning, Artificial intelligence, and Big Data, PTC brings a revolution in the hiring industry.
It offers time-saving, cost-efficient, and automated hiring solutions. Right from sourcing the resumes from various platforms to screening them for credibility, every process is automated.
With its advanced skill community, PTC solves the biggest problem in the industry, the lack of skill pools. It eliminates the need for intermediaries and lengthy hiring cycles. Employers can access the skill communities at any time and they can find the best candidate that suits their requirements.
This decentralized ecosystem will start their crowdfunding soon, keep an eye on their website for the latest updates and start investing in a better recruitment experience.