Hiring Insights Blog
Randstad Holding, a leading human resources services provider, is set to acquire Monster Worldwide for $429 million in the fourth quarter of this year. This should come as no surprise, what with the recent acquisition of SimplyHired by Indeed’s parent company Recruit Holdings Inc, and various other job boards being swept up by larger companies in recent years.
The message is clear: big data is a top priority. Recruitment companies are not the first to realize this, with companies like Amazon leveraging big data to help their customers make better purchasing decisions for years now. With the success of machine learning and other big data initiatives, it is no wonder that the HR industry is looking to make that transition. It is clear that meeting the current needs of the job market is no longer enough, recruiters need to start anticipating what’s ahead.
Since 1999, Monster has established itself as one of the highest trafficked job boards out there. With almost 18 years of archived user data, it is clear why Randstad would want to make a deal. Recruitment is changing, and the more data you have, the more equipped you are to succeed.
The benefits of such a partnership, as Randstad explains, include:
- “…new and innovative capabilities that deliver greater value to job seekers and employers by bringing labor supply and demand closer together”
- “services to offer both clients and candidates tools for increased efficiency and engagement, connecting more people to more jobs”
- Increased earnings per share for Randstad
One theme that stands out from this list is the idea of Platform-as-a-Service, or PaaS. Traditionally, a lot of HR service providers are considered SaaS companies, or Software-as-a-Service, meaning that their only product is a software that is delivered directly to the customer. With the need to embrace big data looming at the doorstep of the recruitment industry, companies are beginning to understand the need to provide more than that. If an HR service provider can supply options, support, and a network of related solutions to pick from within a single platform, they are one step ahead of the competition.
Companies need to unite all of their talent acquisition and HR products to have the most effective process. Investors and CEOs now know how valuable big data is to business decision making, and iCIMS UNIFi offers the solution. UNIFi gives options, support, and most importantly, data. By giving users the opportunity to expand their HR network within a single platform, UNIFi makes it easy to embrace the new age of data analytics.
Although it is too early to tell what the impact of such a partnership will be, it is safe to say that other large job boards and HR service providers will be looking at their own opportunities to provide this tool to their customers in the future.