LinkedIn provides a huge array of job tools to users, but of all these, the one which is most important by far is its Talent Solutions, which serves as a kind of recruitment arm for the platform. Approximately 65% of LinkedIn’s annual revenue is derived from Talent Solutions, since that is the area which takes greatest advantage of the massive conglomeration of career data points and professional recommendations that the platform has access to in its database.
Talent Solution helps users by featuring their experience and their expertise, as well as by connecting them with all the employment recruiters who are seeking out individuals online for employers who need fresh talent. LinkedIn’s systems in this area are getting even better all the time, now playing host to upwards of 20 million jobs, and all of which are available to members of the platform who have the qualifications being sought.
Very recently, LinkedIn has published a document which explains how it’s recruiting systems have been greatly improved as a result of advances in machine learning, which had been adapted by the platform for usage by its recruitment systems. By tweaking some of the technical aspects of their process, LinkedIn now has obtained a much higher InMails rate, with these being sent to appropriate candidates. In a statement released by the platform, they have described how key business metrics have been improved and enhanced by the evolution of specific modeling approaches, and how this has improved their overall process.
One of these improvements in particular realized a 100% increase in the number of InMails which were accepted by job candidates, as monitored over a two-year period. Of course, acceptance of an InMail does not necessarily lead to the securing of a job for sure, but it is certainly a strong indicator of how well LinkedIn’s tools are performing. Obviously, if job candidates were not interested in those positions at all, they wouldn’t even bother to open those InMails which were being sent to them.
Stats on job seekers
At the same time as the announcement about job tool improvements, LinkedIn has published some brand-new statistics regarding job seekers in the millennial category, specifically with regard to how the platform is being used in their job searches. According to LinkedIn, the millennial grouping is the fastest-growing population segment on the platform, enjoying triple the growth rate of all other groups using the platform. This is important because millennials are statistically twice as likely to change jobs than individuals from any other demographic group.
According to the platform, millennials describe a good job as one which is so appealing that they’re proud to talk about it with others, and one which provides purpose in their lives, according to their own perspectives and system of values. Furthermore, 41% of all LinkedIn professionals, including millennials, consider a good job to be one which offers the flexibility of working from home as an option, rather than sitting at an office desk for a period of eight hours.
Significance of LinkedIn insights
These insights are very likely to be indicative, and to have huge relevance in how you might plan your career development opportunities for employees, especially given the fact that they all come directly from the enormous database of professional information which LinkedIn has privy to. It is no exaggeration to say that LinkedIn has by far the largest database which is loaded with professional statistics and information on employees of any such gathering in history. In fact, LinkedIn is probably in an ideal situation to completely change Human Resources as it is presently configured, and these new insights and statistics serve as indicators of just how the company is going about doing that.
As long ago as 2014, LinkedIn had already showcased how it’s job tools could provide a career progression for an individual, based on a number of factors such as their education, location, and general interests. The whole idea behind that development was that anyone should be able to provide key information about their ambitions and other details, after which LinkedIn would display for them a kind of road map on how they might realistically achieve that.
This roadmap would include all the significant milestones along a modeled career pathway, including the best education opportunities to take, the ideal work situations, mentors to associate with, and a number of other opportunities which they could take advantage of. Since this information would have its basis in real world examples, it would carry the weight of tremendous accuracy, and would become a very powerful and helpful tool for jobs seekers considering a career path.
Future relevance of LinkedIn job and employee information
Since LinkedIn now has more than 610 million members, the vast database of its insights has grown to enormous proportions right along with its member growth, a fact which allows the platform to provide even more accurate and more useful information, simply because it’s well attuned to the actual workforce. LinkedIn has also been experimenting with a number of different job tools related to this general recruitment concept, for instance the LinkedIn University Finder, which is intended to help individuals find the ideal educational situation for furthering their careers.
However, up to this point, the platform has not been able to advance to the next level in providing relevant data matches which are more personally relevant to job seekers who are searching for the right educational opportunities. The new insights and job tool improvements which LinkedIn is now providing, may finally stand a very good chance of helping the platform take the next step in helping users to accurately find educational opportunities which are personally relevant for them.
There’s undoubtedly still much to be done before LinkedIn can realize all the benefits which are potentially there due to insights available from its own database. But when the day comes that LinkedIn does achieve something like a very high percentage of capitalization on those available insights, it just might be that LinkedIn becomes the most valuable platform in the world for recruitment and Human Resources.