Top 5 Recruitment Marketplaces that Can Promisingly Transform Modern-day Talent Acquisition

Business models evolve with time and the recruitment business and processes are no exceptions to this. With the advent of technology such as Artificial Intelligence and Machine Learning this change has been more pronounced. Due to drastic advancements in the recruitment ecosystem that is giving rise to a highly competitive environment for employers, recruiters, as well as the candidates, innovative recruitment solutions are getting conceptualized giving rise to better and quicker recruitment outcomes. 

The global online recruiting market was estimated to be at $28.68 billion in 2019 and is expected to grow to $43.39 billion by 2027. This tells us that the recruitment market is growing and will continue to do so in the future. 

Also, with the need to tackle the increasing talent shortage and a resultant hiring complexity, the demand for recruitment marketplaces is growing. But before we get into the need for recruitment marketplaces, let’s understand what a recruitment marketplace is. 

What is a Recruitment Marketplace?

A recruitment marketplace is a platform that bridges the gap between organizations and recruiters by enabling employers to get connected with the ideal recruiters to make faster, more accurate, and cost-effective hiring. The process is supported by hiring metrics and candidate rating techniques to improve the hiring success rate. This allows organizations to make data-driven decisions about which recruiter or recruiting strategy to work with.

In simple words, just like Amazon which is a go-to marketplace for a wide range of products and Swiggy which is a food marketplace for your vicinity, recruitment marketplaces are designed to serve as a go-to place that provides quality talent.

How does a recruitment marketplace work?

Organizations looking for a candidate for a specific job role can utilize a recruitment marketplace by posting the job vacancy on their platform.

Once a job specification is submitted to the marketplace, recruiters pick the requirement and start their fulfillment process. A recruitment marketplace works best when you are looking to hire quality candidates, and you do not want to limit your choices to a handful of recruiters.

Benefits of utilizing a recruitment marketplace

1. Enables broader candidate reach.
2. Improves the chances of discovering the right talent.
3. Provides the right set of pre-screened talents.
4. Enriches the existing talent database of competent professionals.
5. Provides a set of basic recruitment tools and an integrated dashboard for recruiters.
6. Provides periodical updates regarding several hiring metrics such as hiring turnaround time, candidate ranking with respect to various job roles, hiring budget, cost per hire, talent retention rate, offer rejection rate and so on.
7. AI-driven tools enable making real-time data driven hiring decisions.
8. Improves the hiring speed.
9. Ensures organizations, recruiters, as well as candidates receive the best suited recruitment outcomes.

Top 5 Recruitment Marketplaces

1. MyRCloud 

MyRCloud is an AI-powered recruitment-tech marketplace that intelligently brings businesses, recruiters, and applicants together to provide timely and quality recruitment outcomes. The platform is designed to utilize the potential of people, technology, and data to achieve superior recruitment results.  The ability of MyRCloud to deliver transparency, provide training and community support for recruiters, and automation of recruitment processes sets it apart from traditional recruiting platforms. 

Here are some of the recruitment benefits that MyRCloud offers that make it stand out in the recruitment market. 

• Provides verified job requisition and vendor consolidation.
• Enables communication support to contact with candidates and recruiters.
• It helps you reach out to the right set of recruiters and candidates.
• Takes care of your administrative burden. E.g., pay-outs.
• Provides a specialized hiring service by understanding your job specifications.
• Sends periodical hiring metrics allowing you to stay on top of your hiring program.

2. Recruiting Hub 

Recruiting hub provides an online platform to connect employers with the best recruitment agencies to hire talents faster. It uses an AI-powered online recruiting marketplace to intelligently connect employers and recruiters. It enables organizations to fill vacancies more quickly, efficiently, and under a single contract. Further, it does not charge you per job post, prevents inbound spam mails that are unavoidable when an employer posts a job, and provides CV search and screening options from the existing talent pool. 

3. Bounty Jobs 

BountyJobs brings employers and third-party recruiters together to streamline the recruitment process and increase hiring efficiency. They address immediate and hard-to-fill hiring needs with the help of technology. They ensure increased reach and make the recruitment process manageable and cost-effective. Further, they provide training and support for both their partner and client recruiters. They also allow employers to engage actively during candidate sourcing and a tech sourcing strategy.  

4. Hiring Plug 

HiringPlug is a fast-growing online recruitment marketplace that offers an exclusively curated   list of recruitment agencies for employers to work with. Here recruitment agencies help talent seekers hire talent quickly by leveraging the hiring expertise of their team. 

Here are the top three recruitment problems addressed by HiringPlug:

• Managing the entire recruitment process through a single window.
• Ensures candidate replacement for early attrition.
• Provides in-built recruitment tools such as Applicant Tracking System and interview scheduler tools that can be operated remotely.

5. Hiring Hub 

Hiring Hub was built to simplify the recruitment marketplaces by enabling recruiters to get connected with specialized recruitment agencies. This is a recruitment marketplace where organizations can post a job opening, set a placement fee, and qualified recruitment agencies compete to fill the position for the fixed cost set by the employer. It connects you to the most rated and reviewed specialized recruiting agencies and ensures a transparent recruitment work-flow. Providing regular feedback helps recruiters improve their service and choose their niche easier. 

Final takeaways 

Recruitment marketplaces enable organizations to find talent quickly while removing the barriers associated with traditional recruitment methods. It provides immense benefits to employers by helping them streamline and speed up the recruitment process, enabling tech support and timely troubleshooting, improving hiring efficiency and scalability, thereby cutting the average hiring cost.

Above all, having the ideal set of recruiters is crucial while hiring a quality candidate and a recruiting marketplace is the one that brings you that ‘recruiter.’ Besides benefiting the employers, recruiter and recruitment marketplaces also offer significant opportunities to freelance recruiters and recruitment agencies by enabling them to work with verified job demands and tech and platform support.