Ok, a question for you: which site can make more money – a job board that gets 80%+ of its revenue from job postings, or a job board that gets 80%+ of its revenue from ‘recruiting solution’ subscriptions?
Um…trick question. Sorry! They can both make tons of money.
Now, how can that be? As you know (if you read this blog, at least!), traditional ‘job postings first’ job boards are destined for history’s dustbin. ‘Hybrid’ job boards are where the industry is heading, mixing sourcing, posting, assessment, and anything else that works for hiring. Right?
Well, kind of. (Oh no – has the Doctor been wrong??) As has been true in past economic periods, we live in an era where dinosaurs and automobiles coexist. Those silly old traditional boards that differ only in their looks from the Monster Board of old are still around…and doing well…in some markets. And those fancy, technologically oriented and ‘AI-this’ and ‘programmatic-that’ sites are also around…and doing well…in some markets.
But- but- how can that be?
Employment markets are different. The economies that contain these markets are affected by political and financial factors that are specific to their location. Sure, they’re also affected by the global market. But more than most markets, the employment market is still mostly local or regional (with a few exceptions, of course). So if you understand this, then you will also understand a job board or recruiting service might work well in one employment market, but not in another.
Consider Bayt. It’s as traditional as they come – and it owns the Mideast market.
Then consider SEEK. It’s as varied as they come, with big boards, little boards, all sorts of tools, and probably something new since I wrote this. They own the Australian market (and a bit beyond, honestly).
So yes, we live in wonderful times, where the dinosaur and the automobile can mingle without fear. But it’s the environment that each needs to pay heed to, just as with the ‘original’ dinos. A big – or incremental – change in temperature could spell downfall for one. A disappearing fuel source could eliminate the other.
Maybe you need a futurist on your staff!
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