As economy heats up, job sites compete to find candidates fast

Unemployment is near record lows, leaving companies scrambling to find the right workers. Wages are also finally rising, making it more difficult to lure people away from existing jobs.

“It’s sort of a perfect storm of workers who are satisfied in their current jobs, creating a dearth of talent in the labor market that’s looking for new work,” says Ian Siegel, who co-founded ZipRecruiter in 2010.

Revenues for the online recruitment industry have grown at an average rate of 14.6% over the past five years, according to the research firm IbisWorld.And the momentum isn’t expected to stop: The industry made $4.4 billion in 2017 and is anticipated to rake in$6.4 billion in 2022, IbisWorld found.

But the field is getting crowded with newcomers as investors look to profit off this hot market. Last year, there were 523 funding deals for human resources technology companies, an all-time high, according to the investment data firm CBInsights.

That has job recruiting sites in a high-stakes competition to connect businesses with talent, fast. Read more…

As economy heats up, job sites compete to find candidates fast