Skill Assessment Bridging Gap between Candidates & Companies
They say, a team is only as strong as its weakest link. And rightly so! While the saying holds true in various contexts, yet its true essence comes out strongly in the corporate setup. After all, it the employees’ skill level and capability that directly affect the success of any enterprise or organization. Additionally, wrong hires are expensive and time consuming it bodes well for organizations to pick the best suited candidate in one go.
However, there is a flip side to this situation as well. While on one hand we have companies vying to recruit the very best of candidates, on the other there are numerous talented professionals seeking jobs that fit in perfectly with their respective skill sets. A report suggested that competition for jobs among professionals in India increased by 30 percent between 2019 and 2020. The competition is only slated to get more intense as the industry sees a rising demand in upskilling and reskilling.
In such a scenario, the link that connects the 2 stakeholders is skill assessment industry. Employers leverage skill assessment platforms to gauge the knowledge and skill level of job applicants. It is certainly one of the most efficient avenues to identify if a candidate is a good match for a job position. Skill assessment platforms also help employers determine if a candidate will be a good cultural fit by evaluating their skills beyond one’s technical abilities.
Allied Market Research report suggested that the global candidate skills assessment market was valued at $1.93 billion in 2020. Growing at a CAGR of 11.6 percent, between 2021-2030, the industry is projected to reach $5.64 billion by 2030, registering a CAGR of 11.6% from 2021 to 2030. The market’s Indian counterpart is also witnessing immense growth. Another report indicates that the Indian skill assessment services market will overreach $750 million by 2021.
In the post pandemic world, companies have opened up to virtual recruitment technologies, which brings them candidates from remote areas and promotes diversity, equity and inclusion. The industry is only going to grow from strength to strength.
Do let us know your thoughts.
However, there is a flip side to this situation as well. While on one hand we have companies vying to recruit the very best of candidates, on the other there are numerous talented professionals seeking jobs that fit in perfectly with their respective skill sets. A report suggested that competition for jobs among professionals in India increased by 30 percent between 2019 and 2020. The competition is only slated to get more intense as the industry sees a rising demand in upskilling and reskilling.
In such a scenario, the link that connects the 2 stakeholders is skill assessment industry. Employers leverage skill assessment platforms to gauge the knowledge and skill level of job applicants. It is certainly one of the most efficient avenues to identify if a candidate is a good match for a job position. Skill assessment platforms also help employers determine if a candidate will be a good cultural fit by evaluating their skills beyond one’s technical abilities.
Allied Market Research report suggested that the global candidate skills assessment market was valued at $1.93 billion in 2020. Growing at a CAGR of 11.6 percent, between 2021-2030, the industry is projected to reach $5.64 billion by 2030, registering a CAGR of 11.6% from 2021 to 2030. The market’s Indian counterpart is also witnessing immense growth. Another report indicates that the Indian skill assessment services market will overreach $750 million by 2021.
In the post pandemic world, companies have opened up to virtual recruitment technologies, which brings them candidates from remote areas and promotes diversity, equity and inclusion. The industry is only going to grow from strength to strength.
Do let us know your thoughts.
