Main image for post How StepStone is digitizing the job market

With more than 150,000 customers, over 100 million applications, and around 2.2 million hires on 40 proprietary platforms in over 20 countries, StepStone has become one of the leading global players in the digital recruitment industry in recent years. And has adapted to the constant changes in the job world. After all, it's not just labor shortage that is changing the labor market.

Digitalization is also having a major impact on the job search, application, and recruiting of employees. “We know that what people need, what they're looking for, how they even search for jobs, are changing. Our challenge is to take our technology and relationships to help people find the job that works for them and help recruiters find the talent that will move their company forward.”

One of the biggest impacts of technology on the job market is the speed of response. "Job seekers and employers either don't find each other at all or find each other far too slowly. On average, it takes more than three months for a company to hire the right people. The job market is one of the most under-digitized and dysfunctional markets, while other industries are talking about "Same Day Delivery" and "Instant Gratification." We believe recruiting should work the same way," says Dettmers.

How can this ambition be realized? McGregor explains the recruitment market has been too slow to react. “The number one thing that stops a person from getting that next job is actually the work of just uploading their CV and going through all that work. Autonomous matching takes all that work off the table. When you start telling the system about yourself, it will start matching you immediately to positions that would be interesting to you. StepStone has invested heavily in artificial intelligence, machine learning, and conversational AI. We're trying to build a system that makes the market fair, transparent and equitable because it's what the future's going to look like.”

Jon Wilson, CEO of UK job platform Totaljobs, which is part of the international StepStone Group, explains what some of this work looks like in practice: “We have created tools and products that help companies lean into changes in the recruitment market. Our gender bias decoder removes bias from job ads, and our equality boost tool helps companies recruit from the most diverse talent pools, driving diversity and inclusion within their organizations.”

Digitization and automation are an opportunity to heal the dysfunctional labor market. Dettmers looks to the future and explains how StepStone, as a digital company, will contribute: " People and businesses will have new opportunities to match skills, personal interests, and personality. People will match the job description and also the culture of the business, elevating both sides to the next level.”