IN THE AGE of digital innovations, companies are finding it more and more difficult to search for the right talent to perform in today's highly dynamic business environment.
In recent years, we have seen a lot of movement in HR tech. A lot of these involve systems that help companies manage their talent pool. Whether it is the new and improved Workday system that most corporates use or the LinkedIn feature that allows recruiters to know that you are looking for new opportunities without letting your boss find out, all of these modifications have direct effects on the workplace.
No one can deny that attracting and retaining a great talent pool is crucial for companies to tackle the highly sophisticated market and consumer today. However, to find or attract this kind of talent is not always easy. Corporates can no longer expect the right candidates to apply directly to them, and traditional headhunting services tend to be too expensive for typical SMEs to afford.
However, what we see is a trend that more and more companies are asking and creating incentives for their employees to refer their friends to the team. As a matter of fact, studies show that internal referral is the most cost effective hiring method, and that 45 per cent of satisfied employees are hired through friends' recommendations.
New employees referred by friends can be a better fit in the workplace, work more efficiently, and stay longer with the company. A lot of corporates are already promoting referral systems to their employees to help them find quality candidates. And even companies renowned for implementing one of the best HR management systems, like Google, IBM, or Line, have shifted their recruitment focus towards referrals. But what if we can apply that same system to the masses?
ScoutOut is the first social headhunting platform in Southeast Asia that allow referrals of candidates to take place in a digital set up. "At ScoutOut, we believe that job searches should be simple. No resumes, no formalities required, all you need is your network of friends to help refer you to all the opportunities out there in the market," said Patinan Vachiramon, CEO of ScoutOut.
Through the ScoutOut network, recruiters can find potential candidates based on an algorithm that identifies the referrers who could refer the most relevant talent for each job position. Furthermore, ScoutOut has a built-in reviewing system that lets friends and colleagues anonymously rate each other so that recruiters don't have to do the guesswork of who would best fit the job.
As more and more companies such as Line, P&G, and Muang Thai Life use ScoutOut, it's exciting to see how the future of the headhunting business will transform in the next few years.
Patinan Vachiramon is CEO of ScoutOut, dtacAccelerate batch 5.