Of all of LinkedIn's various tools, its Talent Solutions, or recruitment arm, is it's most important. Contributing some 65% of the company's annual revenue, Talent Solutions is where LinkedIn is able to make best use of its massive collection of professional and career data points, by helping users not only showcase their expertize and experience, but also by connecting them with the recruiters who are looking for the same.
And LinkedIn's systems are getting better on this front - now hosting more than 20 million jobs, LinkedIn has this week published a new explainer on how its recruitment systems are improving through machine learning advances.
Through technical improvements (very technical in some respects), LinkedIn's system now sees a much higher rate of InMails sent to the right candidates.
As noted by LinkedIn:
"With the help of evolving modeling approaches, we have been able to steadily increase our key business metrics. For example, in a two-year period we were able to double the number of InMails accepted by job candidates."
Now, acceptance of an InMail is not necessarily definitive evidence of jobs secured, but it is a relevant proxy for the performance of LinkedIn's tools - if candidates weren't interested at all, they wouldn't be opening those messages.
In addition to this, LinkedIn has also published some new stats on Millennial job seekers, specifically, and how they use the platform in their job search.
As per LinkedIn:
- Millennials are the fastest growing segment on LinkedIn, growing at 3x the rate of other demographic groups
- Millennials are 2x more likely to change jobs than any other generation
- 64% of Millennials say a good job is "one they’re proud to talk about", underlining the increased desire for purpose in their work
- 41% of all professionals on LinkedIn say that a good job is "one that offers the flexibility of not having to sit at a desk from 9-to-5" by enabling work from home as an option
Given that LinkedIn has a larger database of professional information than any organization in history, such insights are likely indicative, and may be hugely relevant to how you plan your workforce and career development opportunities.
Indeed, LinkedIn is in the best position to change HR as we know it, and these new updates highlight how the company is doing just that. Back in 2014, LinkedIn showcased how its tools, even then, could map a person's likely career progression based on their interests, location, education, etc. The idea of this was that, eventually, anyone would be able to enter their key details and ambitions, and LinkedIn would be able to show them a roadmap for how they might, realistically, get there, including the best education pathways to take, the best places to work, mentors, opportunities, etc. Such information would be based on actual, real-world examples, making it a powerful, and helpful tool.
Given its insights have now expanded significantly, with more than 610 million members, you can only imagine such capacity has become even more attuned, more accurate. LinkedIn has tried different tools on this front - like LinkedIn University Finder - but thus far, it hasn't been able to take the next step into offering more personally relevant data matches.
These new insights show that it's closing in on that next level. There's still a way to go before LinkedIn fully capitalizes on its available insights, but it may soon become the essential platform for HR and recruitment.