The Recruiting Model is Broken (+ How We Plan to Fix It)
November 15th, 2016 by Admin
Several years ago, with a Duke MBA, 10 years of work experience at one of the leading investment banks, a VP title and the Series 7 under his belt, I decided to look for a new job.
With a decade of experience in the corporate world, I had conversations with many of my job seeking friends and hiring colleagues over the years who talked at length about their frustrating experiences. The job seekers were sick of the lack of communication, timeliness and transparency. The hiring managers and recruiters were frustrated with how under resourced they were to properly vet the candidates coming their way.
Even with this background and intel, I was still surprised with how bad the job seeking process was when I experienced it myself a few years ago.
For example, I flew across the country to a job interview, went through 8 rounds of interviews throughout the day and was finally offered the job… only to learn that the salary was 40% less than what I was currently making. If they’d shared that with me from the beginning, I never would have made the trip.
I worked with several recruiters to connect me to relevant job openings. In one instance, one recruiter made an offer the company—many weeks later—informed me was incorrect. In another instance, I spent weeks preparing an extensive application process only to discover, after submitting it, that the salary was 60% less than my current salary and an entry-level position. Again, had I known that upfront, it would have saved both me and the employer a ton of time.
It took weeks—sometimes months—to work through the interview process. Communications from recruiters and hiring managers were limited, delayed and not at all transparent.
So I began to dive into the recruiting process and pinpoint where the breakdowns were happening. Here are a few of the alarming realities I found:
1. According to a study by TheLadders, the average recruiter spends a mere 6 seconds reading through a resume and only 17% of recruiters actually read a candidate’s cover letter. On the flip side, LinkedIn found that 39% of talent leaders agree that the quality of a hire is the most valuable metric of performance for their business.
Which begs the question: If talent leaders believe onboarding quality hires is crucial to the performance of their business, why are they only spending 6 seconds per resume and, in most cases, not even bothering to read candidates cover letters before deciding who to interview?
2. According to WePow, the five biggest considerations candidates mull over before accepting a job offer are salary and compensation; career growth opportunities; work-life balance; location/commute and the company’s culture and values.
However, when a candidate is searching for a job, do you know how much of that information is made available? Most times: none of it. The majority of job descriptions include information about the role and responsibilities… and that’s it. The rest of the information is divulged once the offer is made—leading to a whole lot of wasted time and money for both the employer and the candidate.
3. As MRNI network found, the two biggest obstacles to increasing a company’s headcount are a shortage of candidates and long hiring processes (according to Bersin, it takes a company, on average, 52 days to fill an open position).
And yet there are 427,000 resumes posted on Monster.com alone each week. According to Unbridled Talent, 30% of all Google searches—about 300 million per month—are employment related.
So the candidates are there—the breakdown is in how employers are finding and vetting them.
So, along with my friend, co-founder and data analytics expert Mahesh, I decided to bring a solution to the technology and data science industry.
After spending years identifying the biggest pain points of both job seekers and employers in the tech and data science sector, we created and launched AmazeTal, an online career and talent marketplace built to help job seekers find jobs they love and help employers find the talent they deserve.
Instead of building another job board that perpetuates the frustrating, rampant problems in the recruiting cycle—lack of efficiency, lack of transparency and mismatched candidates—we flipped the model on its head.
As a job seeker, you can create a profile in AmazeTal in under 10 minutes.
All of our job listings also include the crucial pieces of information we know are important to job seekers and that are missing, like: salary range, bonus details, sponsorship opportunities, relocation packages, hiring time, interview process and testimonials from current employees.
For employers, we’ve created a powerful technology algorithm to connect you to the most relevant candidates, and added a vetting process by industry experts to help you make the best decision for your business.
We’ve also created an elite pool of candidates, called Spotlight, to expedite the hiring process.
So, if you’re looking for a job or an excellent candidate in the technology or data science industry and, most importantly, a faster, cheaper, stress-free way to find that job and those people, we look forward to welcoming you.
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