Recruiter.com Group Inc. (RCRT:OTCQB), an on-demand network for small and independent recruiters, connects employers to 27,500 independent recruiters. The company has created the world's largest recruiter platform, which uses video and artificial intelligence to make professional hiring easier and faster.
The company has now taken the next step with the acquisition of Scouted.io. The venture-based tech start-up uses video screening and AI algorithms to develop insights into candidates.
"Using video and deep candidate profiling, Scouted understands more about its talent ecosystem than any other system that I have encountered," said Evan Sohn, CEO of Recruiter.com. "We are excited to add Scouted's exceptional video-based candidate experience to our recruiting process and help small and large employers connect with Scouted's incredible talent pool of high-potential early- and mid-career professionals."
Scouted's video-based candidate insight platform has over 100 fintech companies, hedge funds and start-ups as clients and a talent pool database of more than 250,000 people.
"Scouted's AI tech for matching candidates with job descriptions is some of the best I've seen in the industry and it's already integrated into our video platform so the next step is to drive incremental growth and revenue leveraging their tech, their clients and their video library of candidates," Sohn said.
Scouted's CEO and cofounder Jacqueline Loeb has joined Recruiter.com as senior vice president.
"We built an AI and video-enabled hiring solution that helps companies use data to hire the right talent more effectively, significantly decreasing time to hire, regardless of how candidates look on paper," Loeb said. "By joining Recruiter.com, we gain a global platform to bring our proprietary technology and unparalleled candidate experience to an even broader spectrum of people and companies."
Sohn believes that "video will change the landscape of talent acquisition by flipping the search process to first searching and screening through video resumes (combined with AI search and filtering) and then digging deeper into the candidate's skills and experiences through a traditional/legacy resume."
Recruiter.com just began offering a subscription service for Scouted by Recruiter.com. "Companies spend over $4,000 for each hire they make; Recruiter.com can help both reduce this up-front cost and deliver an increased return on investment," explained Sohn. "Our Scouted product reduces the time to hire with video and AI-enabled curation, which saves time and money for hiring managers. Our candidate pool focuses on a specific segment of very high-potential, analytical candidates who significantly raise the talent density of an organization, helping to achieve a better return on human capital investment."
Recruiter.com finds itself at the epicenter of the job market as the economy begins to recover from the pandemic. "Millions of people need to get rehired," Sohn said. "Whether it's companies looking for recruiters to help, or companies looking for technology, or recruiters looking for opportunities, we are at the center."
At the same time, Sohn emphasized, "typical voluntary turnover in a company is 22 to 27% per year; that means 40 million people are switching jobs a year voluntarily. There is a lot of movement; there's a reason it's a $120 billion industry."
"Recruiters are always at the epicenter of hiring and there's going to be a tremendous amount of hiring going on now," Sohn said.
"Recruiter.com's annualized revenue run rate in December was about $10 million," Sohn said. "We are growing in 2021 to hit about $40 million in run rate revenue and we expect to be profitable sometime the middle of this year."
Sohn listed Recruiter.com's 2021 objectives: "continue to scale our platform revenue to a $40 million revenue run rate, achieve cash flow profitability, up-list on a national exchange, and continue to unlock the longer-term value of Recruiter.com as a billion-dollar brand."
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