The fragmented recruitment market was not waiting for another player to add another comparable business model. What the market needed is to have access to the most recent technological developments. As Belgium is littered with small and medium sized companies, very few use professional recruitment software.
SIZE: The VDAB (governments employment mediator) reported having counted more than 250.000 vacancies in Flanders alone. We choose Flanders as our launch market, but aim to expand to the rest of Belgium and other countries soon after that.
TAM, SAM, SOM:
- TAM (total available market) : 250.000 vacancies per year (VDAB)
- SAM (serviceable available market) : companies <50 FTE : 160.000 vacancies
- SOM (serviceable obtainable market) : 10% of SAM : 16.000 vacancies
VALUE: 16.000 vacancies x EUR 2.500 per posting = EUR 40.000.000 for Flanders alone.
The recruitment market trends for 2018 are:
- Lean recruitment: the intuitive dashboard and the automated proces reduce the time a candidate needs to wait for the next step (less lost candidates during the proces).
- Candidate Experience: a faster and transparant proces improve experience, as do features like the integrated messenger.
- Mobile: the mobile Joboxx App allows candidates to apply and follow their process in an easy an convenient manner.
- Matching tools: the MatchBoxx doen not only offer immediate insight but speeds up the proces tremendously.
- Big Data and HR Analytics: smart analysis of data and conversion ratio help the recruiter to monitor the process and learn from every hire.
- Buyers market: in a fragmented recruitment market, being able to choose different suppliers for different profile is more than useful.
We are aware that the recruitment market is particularly fragmented and hold a lot of potential competitors. Joboxx disruptive business model is unique. The number of recruitment software solutions offering similar features is growing. But they apply license fees and are therefore designed to entice the happy few. We have found some other resellers of job sites, packaging job postings like we would like to do, using the wholesale approach in order to obtain more interesting pricing, but they do not offer free use of a tool.
Job sites, recruitment agencies and the big internet giants offer more and more convenience, but always within their own products and services. Joboxx doesn't position itself as a competitor to the current market players, but offers a "convenience layer" between the companies and the recruitment market. Investing in Joboxx Recruitment Technologies presents a unique opportunity.