While JobStreet.com is the industry stronghold in the recruitment market in Malaysia, JobTact.com, Malaysia’s first social recruiting network may not be far behind in taking the lead with its new and refreshing approach to online recruitment. Social recruiting is not new in Europe and the U.S; however, it might not be too long before recruiters and companies in Malaysia full recognize the benefits of this new method of recruiting. —
The former boasts of strength in numbers with its user base, but at the end of the day, though it is the most popular platform in Malaysia now, it works like any other run of the mill resume posting and job matching portal. On the other hand, the latter taps into the massive potential of social recruiting, giving candidates a new reason to spruce up their social media accounts and be as active as ever.
There are two major trends that support the theory of social recruiting ruling the roost in the years to come. The first one is the increasing likelihood of potential jobseekers getting to know about a job through their social network rather than job sites directly, and the second is companies leaning towards this new time and cost saving concept to find the most suitable candidates rather than taking the traditional route.
From Talent Communities that encourage candidates to exchange thoughts, ideas and views to profile timelines that give recruiters a good idea of how engaged a potential jobseeker is, JobTact.com also brings in an element of transparency while offering users the ability to keep their profiles private. The platform has taken things up a notch by offering more than what LinkedIn currently does, which is a dedicated job board and a reward based social referral program.
Financial Snapshot: News so far
The sale of Internet recruitment services provider, JobStreet Corp Bhd’s entire online employment/job portal business in Malaysia, Singapore, the Philippines, Indonesia and Vietnam to Australia’s SEEK Asia Ltd has been finalized for RM1.73 billion (US$523.5 million). Barring the regulatory approval in Singapore, which is the only bottleneck in the process, the third quarter of 2014 marks the deadline of the completion of the deal. However, the competitive impact of business disposals in Singapore is being further investigated by the Competition Commission of Singapore (CCS) and has entered a Phase 2 review according to what JobStreet told Bursa Malaysia.
With this sale, Australia’s biggest online job ads company, Seek Ltd. (SEK.AU) that runs the biggest employment websites in Australia and New Zealand confirmed that Seek Asia, its majority-owned subsidiary now owns 78% of its pan-Asian counterpart, Malaysia-based JobStreet that it didn’t already own. It also confirmed that an interim dividend of 14 Australian cents a share would be paid, up from 10 cents a year ago. Seek Ltd. also intends to merge Jobstreet and JobsDB, its main rival in which it has a 60% stake in since 2010. Seek Asia, its subsidiary, will hold about 75% of the merged company, with News Corp owning about 12%, public/private equity firm Tiger Global 9%, and Macquarie Capital 4%.
Release ID: 50577