Rise of Subscription Services in the Recruitment Industry.
Updated: Dec 22, 2020
In our latest article Rec-Hub examines the rise of subscription services and how this transformation could impact the future of the recruitment industry.
The majority of us have been impacted in one way or another by the pandemic-related restrictions introduced in recent months. Aside from the many related challenges, this period has been a time to rethink, reassess and consider new paths. In our latest article we examines the rise of subscription services and how this transformation could impact the future of the recruitment industry.
A decline in the economy has created many concerns but has allowed organisations the opportunity to rethink and consider how their business should develop. As some measures begin to lift and we emerge further from the lockdown, we must utilise this time to create a clear strategy for our future.
The rise of digital and innovative technology is rapidly influencing industry plans. The transformation of the landscape is sparking a necessity to deliver a new way of thinking, and for many, this means defining new and innovative customer-centric services. Subscription models are becoming even more critical to organisations looking to diversify and recreate their service offering. The sheer pace of digitalisation is increasing the demand for new customer-attractive services. For companies, this will inevitably mean creating new partnerships, and subscription models are likely to be one of the most popular methods of delivering long-term relationships with more customers.
Being capable of offering and delivering vital services to engage and retain customers will become more important than ever for most businesses. The transition towards a subscription industry, requiring ongoing management of relationships rather than short-term services means several new challenges are likely to emerge. Defining a customer engagement strategy is critical to diversifying and expanding potential revenue streams, particularly within the subscription model market.
Businesses need to define their action plan and how to adapt their offering to meet the evolving customer expectations. Implementing a creative approach towards customer engagement, that is both agile and secure will enable businesses to continue improving their overall service and differentiate their offering from other competitors.
Being flexible and capable of transforming offerings to match emerging trends and new behaviours will also be a vital element of subscription model services.
Introducing rec hub: embedded.
The movement towards subscription models offers many opportunities and numerous benefits to customers. In the recruitment industry, a subscription model challenges the traditional recruitment business model.
Hiring the best talent continues to be a challenge for every business, whether you are just starting or looking to scale. The rec-hub has recently introduced rec hub:embedded, a remote but embedded subscription service providing customers with unlimited hires for a set monthly fee. Rec hub:enbedded focuses on developing a remote talent team that corresponds directly to each individual and their business.
Harry, our co-founder explains that a subscription service provides an efficient solution for their customers, offering each one the hiring predictability they require, combined with the ability to respond quickly to hiring quality candidates. This entire process reduces the overheads related to the cost of an empty search and provides a more efficient way of measuring the financial success of their hiring plans.
“Subscription model businesses are growing at a pace that far exceeds other traditional organisations, and industry experts believe this is down to the knowledge of their customers. Essentially, the world is shifting from products to services. Some analysts believe that businesses should be moving their business model to this way of thinking now or possibly lose a large portion of their business in the future”. Tien Tzuo, the CEO of the enterprise software company, Zuora, is focused on transforming how senior leaders think about their products and their structure in the subscription economy. Being the founder of one of the largest subscription management platforms in the world, Tzuo has helped a large number of businesses transition from individual sales to a customer-focused recurring revenue business model. Tzuo believes that whether or not you think you are ready or not, your business needs to take action and adapt to a subscription model or potentially risk being left behind.
Rec hub embedded is a clear example of this transition away from traditional recruitment models, offering a more effective and cost-efficient alternative to paying large fees for every individual hire. The platform provides a solution that focuses on each business and their specific requirements. The team will initially gather further information on the hiring needs of a particular organisation, gaining vital insights on hiring needs and the general responsibilities required. Each business has the option of selecting their preferred subscription that corresponds with the requirements, budget and goals of each company.