This authored article by Karunjit Kumar Dhir - Co-Founder, SCIKEY originally published in India Today

The field of recruitment has evolved significantly over the last few decades. There was a time when the jobseekers used to walk to an employment exchange to register their candidature to apply for any job. Then the world slowly moved to the primary job classifieds, mainly in the mainstream and vernacular physical newspapers.

In the late 1990s, these job classifieds started taking a digital avatar, thanks to the early days of the emerging internet. With the better internet adoption and surge in mobile penetration over the next two decades, what followed is a big boom in the digital recruitment space.

Here are some of the most influential factors contributing to the change in recruitment:

Technology

The undisputed rise of social media, online professional networking sites, and the digital talent marketplaces powered by some of the most advanced technologies like the cloud, big data, machine learning, and AI(Artificial Intelligence) completely changed the face of conventional recruitment over the last decade.

As the name goes, a digital talent marketplace is an online platform that uses technology to match the employers (demand side) and the talented people seeking work (supply-side) online.

Internal and external marketplaces

Talking of digital marketplaces, these are primarily of two types internal marketplaces and external marketplaces. When a digital talent marketplace is implemented within an organization, it is called an internal talent marketplace. When implemented externally in a public domain, it’s called an external or an open talent marketplace.

One of the best use cases for an internal digital talent marketplace is optimized talent mobility, leading to very high productivity and talent retention and engagement.

On the other side, the best benefit any external talent marketplace can offer is a highly expandable reach to a much wider talent pool available globally, thereby improving the time-to-hire or reducing the cost-to-hire or engaging the talent pool available. Not to forget the flexibility it offers for the employers and the talent both.

Clarity of work and expectations

One of the massive benefits that digital talent marketplaces offer to employers worldwide is the speed of closure and clarity of expectations on both sides of employers and work-seekers. Both parties are usually very clear about what to expect from each other in such an engagement model.

Especially in the times like today, in this Covid era where a large part of the working population is working from home, digital talent marketplaces help with a much broader and highly engaged audience.

Talent marketplaces

If you an employer who needs talent-focused around a particular industry domain and skill-expertise, you may explore the ‘vertical talent marketplaces’ that usually have a core focus area and better depth of talent in that domain. Employers that generally need a pool of highly diversified talent across multiple functions and skill-sets, ‘horizontal talent marketplaces’ are a better avenue.

If you find the space exciting and would like to understand more about how digital marketplaces are changing the face of recruitment, please also check out what a ‘full-stack talent marketplace’ is.

You may also read - Best Answers to Why Should We Hire You?

About SCIKEY:

SCIKEY, is a Digital platform for Jobs, Work & Talent Solutions. Our vision is to create jobs & work opportunities for billion minds. Our mission is to help employers worldwide get access to quality talent and talent solutions in a click.

'SCIKEY Assured,' a premium managed services offering by SCIKEY, delivers the best outcomes to enterprise customers globally for talent solutions getting delivered offshore, remotely, or on-premise. We are super-proud to be working with some of the world's most iconic Fortune1000 brands.