Two-sided platforms: why do they work?
What is it that connects companies such as Google, Facebook, Airbnb, Spotify and Uber? All of them have a business based on a two-sided platform model. In English, it is called matchmakers. The Lithuanian translation sounds a bit complicated because it refers to courtship. However, there is some logic even in this inaccurate translation. Two-sided platform models are based on helping two interested parties to solve their problems. Uber, for example, brings together drivers, who offer a ridesharing service, and the people who need it. So – it’s a win-win.
Where does success lie?
Everything seems simple at first glance, but the biggest concern for the developers of such platforms is to ensure a balance between those who offer their services and those who purchase them. It’s also known as the chicken and egg dilemma. For two-sided platforms to work smoothly there needs to be sufficient interest and the participation of both sides in the processes.
Drivers will not be able to provide their services if there are not enough passengers, but a large number of people wanting to go from point A to point B means that they will not be able to receive the service if there are not enough drivers. A few failed attempts and you’re done – the customer will go looking for more reliable ways to travel. Therefore, the main goal of the founders of such platforms is to evenly increase the number of active users on both sides.
The aim is to make job searching easier
It is this two-sided platform model that the NO-CV philosophy is based on. Our aim is to change the rules of the recruitment market and make both the job search and recruitment processes simpler, easier and quicker.
According to data from a study conducted by Americans, the average job advert attracts around 250 CVs from interested candidates. On average, between 4 and 6 candidates receive a call for a second interview. Of course, only one of them gets a job offer.
Knowing that the selection processes take anywhere from a couple of weeks to a month or more, how many more candidates will have to send in their CVs before they are hired?
Is quick recruitment possible?
One might think that the American reality is far from the Lithuanian one but you would be mistaken. Here’s an example from our own country.
An IT company recently carried out a selection on the NO-CV platform. 326 candidates, who met the initial requirements, were identified from the users registered in our system. As you can see, the figure is significantly higher than the one given by the American researchers.
Out of that number, a total of 15 candidates applied, and three candidates were interviewed in the final round. The whole process of finding and recruiting a new employee took just a few days, whereas the company would normally take a month to recruit a new employee with this number of candidates.
A CV in just a minute
And that’s not all. What’s important is that none of the people who have registered on the NO-CV platform wasted any extra time. It takes just a minute to complete your form by ticking the appropriate boxes. That’s it – the work is done. It is then taken over by algorithms that help sort and match candidates with companies, without any preconceived likes and dislikes.
Once they see a job advert that suits them, the app users decide whether to apply or not themselves. Up until that moment, they are anonymous, so they have no fear of their identity being exposed, especially if they have a job and don’t want anyone to find out that they are looking for new opportunities.
Even for those satisfied with their work, it can be a great opportunity to feel the pulse of the labour market and the demand for their profession. So it’s worth signing up, even if you’re not thinking about making any changes just yet. All the more so because it is completely free for users to join.
Helping businesses: how to find employees?
Companies are on the other side of the platform. For less than the usual fees paid to recruitment agencies, their HR specialists can carry out selections very quickly and easily. Technology is coming to their rescue, saving them tons of time. Imagine how much time it takes when a single job advert receives several hundred CVs.
Thanks to the algorithms, only highly targeted candidates who meet the main criteria are selected according to the company criteria.
A new solution for the recruitment market
Simply said, NO-CV is a platform that brings together those looking for a job and those who can offer one. The first success stories are optimistic. Both job-seekers and employers save time and have the opportunity to avoid procedures such as preparing, reading and sorting CVs, writing reply letters and more.
If you are looking for a new job and haven’t yet tried out the possibilities that NO-CV offers, you can download the app here. It is completely free of charge and simply requires around five minutes of your time.
Interested companies are welcome to contact us. We are convinced that this recruitment process can be much simpler and more convenient than the one you have been using so far.