There are now labour-hire recruitment firms out there that have harnessed technology's power to get an efficiency jump on rivals. 'Best of breed' technology platforms allow them to marry up the requirements of their corporate client with the often-hard-to-measure skills possessed by job candidates. Potential clients are drawn to these labour-hire groups as they are shortening the time taken to get CVs together, analyse them and then create a correctly verified shortlist. This is making the employer's interviewing process more expeditious. The candidates for the job are happy too, for they can more quickly move on if they fail to get the position.
Service providers in this 'best of breed' labour-hire/recruitment groups – one of which is Hiremii Limited - have materially reduced the time elapsing between a client initially identifying a hiring need and a candidate filling the role. This has delivered them a competitive advantage in a labour-hire/recruitment industry characterised by fierce competition, low barriers of entry and little brand loyalty. Importantly, the technology these groups possess also work hand in hand with the increased prevalence of online recruiting.
Hiremii is a case in point. This company’s fixed fee recruitment platform and its recruitment and full-service labour-hire solution Oncontractor (which provides digitised employee onboarding services) utilise a unique proprietary cloud-based platform. The latter uses machine learning and AI to remove the tedious manual tasks associated with the recruitment and onboarding process, pre-vetting and shortlisting candidates based on employers’ specific requirements. The platform also underpins the delivery of an ‘all in one’ labour-hire offering by providing additional services to clients, including payroll management services and other related functions (including management of PAYG withholding, leave entitlements and superannuation).
The technological advantages possessed by these ‘best of breed’ labour-hire/recruitment groups like Hiremii place them ahead of the pack in other ways. They are better able to compete on price without sacrificing margins in what is an ultra-competitive employment services sector.
This is a major advantage to have in a huge addressable market now undergoing digitisation - the total recruitment market in Australia is valued at around $15b, and the labour-hire market is worth nearly $26b. Increased market share penetration in this large market – one that will grow with a healthy macroeconomy - offers ‘blue sky’ revenue growth potential for those companies which consistently get the service and technology offering right. And economies to scale benefits will also flow. As companies like Hiremii expand, they will work their proprietary technologies harder without any discernable uplift in headcount.
So, labour-hire/recruitment is now also joining the digitisation revolution.
When employers are looking for a labour-hire/recruitment group to partner with to add to their headcount, one of 'those with best of breed' group characteristics. Hiremii included, are now best -placed to get this business – and that is before the 'blue sky' being created by further planned enhancements to their unique technology platforms.
About Hiremii Limited (ASX: HMI)
Hiremii Limited is a technology-driven recruitment and full-service labour-hire company with two core business components: (1) Hiremii, a fixed fee recruitment platform and (2) Oncontractor, a recruitment and full-service labour-hire solution providing digitised employee onboarding services.
Hiremii’s proprietary cloud-based platform uses machine learning and artificial intelligence to remove the tedious manual tasks associated with the recruitment and onboarding process, pre-vetting and shortlisting candidates based on employers’ specific requirements. The Hiremii platform is also used to power Oncontractor. With Oncontractor, business clients benefit from Hiremii’s AI and Machine Learning based recruitment process. The platform also provides an "all in one" labour-hire offering through the provision of additional services to clients, including payroll management services and other related functions (including management of PAYG withholding, leave entitlements and superannuation.