Recruiter.com CEO Recognizes Video’s Impact on Recruiting, Driving Fundamental Change to Business Processes and Transformative Economic Savings

Rhea-AI Summary

Recruiter.com Group, Inc. (OTCQB: RCRT) showcased its vision on the impact of video technology in the recruiting process in a recent presentation. The average cost per hire in the U.S. exceeds $4,000, affecting a job market with 34 million potential hires at any time. CEO Evan Sohn emphasized that video could revolutionize recruiting, akin to its transformation of dating sites. By leveraging AI and a vast network of recruiters, the company aims to enhance hiring efficiency, potentially saving billions for the U.S. economy.

Positive

• Introduced a video recruitment approach that may significantly reduce the time and cost of hiring.
• Utilizing AI technology to enhance matching between employers and candidates.

Negative

• Financial forecasts are uncertain due to potential impacts from the ongoing COVID-19 pandemic.

HOUSTON, Feb. 04, 2021 (GLOBE NEWSWIRE) -- Recruiter.com Group, Inc. (OTCQB: RCRT), a leading AI-powered and video hiring platform with the world's largest network of recruiters, presented to Proactive Investors its vision of the impact of video on the recruiting process.

According to the Society for Human Resource Management's (SHRM) Human Capital Benchmarking Report, the average cost per hire in the United States is over $4,000. With approximately 155 million people employed in the US and annual voluntary turnover between 22%-27%, there are at least 34 million people to be hired at any given time. Before the pandemic, the average corporate job posting received 250 resumes. Altogether, companies are reviewing at least 8.5 billion resumes for their open roles, at a cost to the US economy of at least $136 billion ($4,000 per hire x 34 million people).

“If we operate under the assumption that COVID-19 is affecting many of today’s business and consumer behaviors, then the time to reshape the traditional recruiting process is now,” said Evan Sohn, CEO of Recruiter.com Group.

“Aside from smaller technological changes, the recruiting process has not changed significantly since its inception: post a job, receive candidate applications, review resumes or applications, phone-screen a smaller segment of the list, interview the top candidates and hire. Digital job boards replaced classified ads; artificial intelligence proactively reaches out to active and passive candidates and identifies those who are most aligned with the job requirements; video screening is replacing phone screening; video conferencing is replacing in-person interviews, and eSignature tools are augmenting the hiring paperwork process. But the sequence of the process has not changed, despite the consumerization of video, the democratization of skills, and the increased need for workforce diversity and inclusion.”

With the end of the pandemic hopefully within reach, Sohn believes the use of video could transform the recruiting process the same way it changed dating sites.

“New dating sites no longer start with a long-winded (though well written) biography of the person but rather a video with key data points. The interested parties just swipe to move the process forward,” Sohn said. “Transfer that paradigm to recruiting. Video (available to everyone with a smartphone) starts the process. Employers and candidates swipe to show interest in one another and share their videos. The AI reviews candidates and surfaces the best matches. Taken together, all of that could dramatically reduce the time and cost associated with hiring employees.”

“Now more than ever, we need technology that enhances both speed and accuracy in recruiting. Video will have that effect,” Sohn continued. “The US economy could potentially save billions.”

The full interview of Sohn discussing the impact of video is available here: https://www.proactiveinvestors.com/companies/news/940204/recruitercom-group-makes-its-case-for-how-video-will-disrupt-the-90b-recruiting-process-940204.html

Recruiter.com Group, Inc.

Recruiter.com is disrupting the $120 billion recruiting and staffing industry by combining an AI and Video hiring platform with the world's largest network of over 27,500 small and independent recruiters. Businesses of all sizes recruit talent faster using the Recruiter.com platform, which is powered by virtual teams of Recruiters On Demand and Video and AI job-matching technology. Visit https://www.recruiter.com.

For investor information, visit https://www.recruiter.com/investors.html.

Please follow social media channels for additional updates:

• LinkedIn Recruiter Network Group: https://www.linkedin.com/groups/42370/
• LinkedIn Company Page: https://www.linkedin.com/company/1240434
• Twitter Company Page: https://twitter.com/recruiterdotcom
• Facebook Company Page: https://www.facebook.com/RecruiterDotCom

Company Contact:

Recruiter.com Group, Inc.

Phone: (855) 931-1500

Investor Relations:

Dave Gentry

RedChip Companies, Inc.

Phone: (407) 491-4498

dave@redchip.com

Cautionary Note Regarding Forward-Looking Statements:

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including the anticipated improvements of the job market over the short and long term. The words "forecasts" "believe," "may," "estimate," "continue," "anticipate," "intend," "should," "plan," "could," "target," "potential," "is likely," "will," "expect" and similar expressions, as they relate to us, are intended to identify forward-looking statements. We have based these forward-looking statements primarily on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, and financial needs. Important factors that could cause actual results to differ from those in the forward-looking statements include continued demand for professional hiring, the accuracy of the Recruiter Index^® survey, the impact of the COVID-19 pandemic on the job market and the economy as virus levels are again rising in many states, and the Risk Factors contained within our filings with the Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended December 31, 2019. Any forward-looking statement made by us herein speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statements publicly, whether as a result of new information, future developments, or otherwise, except as may be required by law.

FAQ

What is the vision presented by Recruiter.com regarding video in recruiting?

Recruiter.com believes video could reshape the recruiting process by improving efficiency and reducing hiring costs.

How much does it cost to hire an employee in the U.S. according to Recruiter.com?

The average cost per hire in the U.S. is over $4,000.

What market does Recruiter.com operate in?

Recruiter.com operates in the $120 billion recruiting and staffing industry.

What potential benefits does video technology bring to the recruiting process?

Video technology could dramatically lower hiring costs and improve the speed and accuracy of the recruitment process.

What challenges does Recruiter.com face in its recruiting strategy?

Recruiter.com faces uncertainties related to the job market and economy impacted by the COVID-19 pandemic.