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New Entrants

(February 15, 2007)
The fantasy of a single seamless job marketplace has a surprising resiliency. In spite of vast cultural, technical, political and regional differences between jobs (and the very definition of work), pundits spend cycles imagining the one world job board. (Occasionally, entrepreneurs try to build it but they go broke and disappear quickly.)

Venture Beat, a widely respected journal that caters to an audience interested in Venture Capital stuff, recently published an article wondering about the large volume of new entrants to the business. From their perspective, there's little in the way of competitive distinction between a huge array of offerings.

Like us, they found BountyJobs (a modest update to Candex, last year's organizing principle for the contingency search market) to be wanting in key respects. The recitation of players with venture money is interesting (and worth the time to scan the article). It concludes:

Strangely, despite all this, employers tell us they're having problems finding decent employees. There's this impression that the recruitment process is broken. Could it possibly be that this is a classic market constraint problem, i.e. that there's really no one out there right for your job opening? (VentureBeat)

There's no question that the ranks of internet based recruiting tool providers are swelling. The need to decrease the existing market friction to improve the rate at which candidates are converted into employees is a substantial economic matter. The challenge is the market itself.

The employment market, which can be easily pegged at 1/3 of the Gross Domestic Product, has at least 50,000 discrete niches in need of service. It's simply not terribly amenable to a one size fits all solution. Clever readers will notice that we didn't even bother to ramble on about ther labor shortage and the need to move people from one niche to another.

(A "tip of the hat" means "thanks for pointing this out". A tip of the hat to CM Russell for noticing the article.)

Today, Salary.com begins trading publicly under the ticker symbol SLRY. (Disclosure: I am on the Board of Directors) On Friday, members of the Salary.com team will be ringing the opening bell on the NASDAQ. The Nasdaq open at 9.30am EST,

John Sumser © TwoColorHat. All Rights Reserved.
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