In a significant move shaping the employment landscape across the Asia Pacific region, SEEK (ASX:SEK) has successfully merged its prominent job marketplaces – SEEK, Jobstreet, and Jobsdb. Under this consolidation, these platforms will operate on a single infrastructure powered by SEEK’s cutting-edge AI technology while maintaining their distinct brands. This amalgamation aims to facilitate seamless connections between millions of job seekers and employers throughout APAC.
The integration marks a milestone a decade in the making, following SEEK’s acquisitions of Jobstreet and Jobsdb, and it signifies the culmination of three years of development and an estimated investment of AUD$180 million.
Enhancing Talent Access Across Singapore & APAC
As global talent shortages hit a 16-year high, Singapore faces challenges with 83% of employers struggling to hire skilled talent. Insights from Jobstreet by SEEK’s latest Hiring, Compensation, and Benefits 2024 Report shed light on the dynamics within Singapore’s job market:
Confidence among employers for the first half of 2024 stood at 45%, but notably declined to 32% for the latter half.
49% of employers expressed intentions to expand their permanent headcount, with around 33% planning to increase contract staff for the first half of 2024. Reasons included business expansion (54%) and difficulty in recruiting suitable full-time staff (34%).
These findings underscore the growing imperative for employers to connect efficiently with talent not only in Singapore but across APAC. With this merger, employers gain access to a vast talent pool of over 40 million individuals across eight APAC markets, while talent can explore opportunities from over 2.5 million employers, including remote work options.
Tailored Matches and Personalized Experiences
The unified platform introduces innovative AI-driven features to Jobstreet and Jobsdb, aimed at enhancing the employment journey for both employers and job seekers across the region.
For employers, the new platform leverages AI models to assess talent suitability and deliver personalized recommendations by analyzing data from resumes, job descriptions, and past behaviors. This enables faster and more accurate hiring decisions. Employers can also streamline the talent shortlisting process by incorporating AI-recommended screening questions in their job ads.
Job seekers benefit from improved efficiency and relevance in job searches, as they are matched with AI-recommended roles aligned with their experience and skills. SEEK’s AI capabilities even predict when an individual is a strong candidate for a role, facilitating informed decision-making.
With access to a larger dataset spanning APAC, SEEK’s AI algorithms can now provide even more precise matches between employers and talent, enhancing user experiences and expediting hiring processes on Jobstreet and Jobsdb platforms.
