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The size of the global online employment market is ballooning, and the time for a structured credentials system to ensure full reliability and transparency and to cut down on wasted time and money is now. In April this year there were 500 million LinkedIn users, 227 million of them active monthly, 9 million companies and 10 million job postings. Research indicates that corporate job openings routinely attract 250 resumes, 4-6 of which will result in interviews conducted. Recruiters are drowning in an avalanche of applications for positions, most of which will be not only unsuitable but worse than useless because of the time and effort it takes to vet them. “Recruitment is a haphazard process,” says CEO and founder Ray Chow-Toun, “managed by documents sent digitally to head hunters, put through lengthy and unstructured vetting processes including background and reference checks. The applicant will have his or her formatting preferences, and every recruiter has a different document and receiving system. On average, research shows that 25 percent of applications submitted have credentials discrepancies. It’s all too easy for candidates to defraud.” Considering the time it takes a recruiter to scan a resume (an average of six seconds) the price of mismanagement is also high. For businesses with less than 500 employees, hiring costs are estimated at $11,000, double that for companies of over 500 employees. At CVProof.com, we think it calls for a reinvention of the entire job market economy. We’ve created a recruitment and an employment tracking records platform,…
Source: New System to Combat Fraud, Wasted Resources in Recruiting
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