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Editor's note: this article comes from the official account of Wechat, BT Finance (ID:btcjv1). The author is Shen Liaozi, reproduced by authorization of Venture State.
继Zhaopin和58.comAfter (the parent company of China Talent Network)51 jobAlso embarked on the road of privatization. So farOnce three old Internet recruitment platforms will all hide behind the scenes from the front desk.
Despite the fact that the resume leak exposed at CCTV's 315th gala not long ago put 51 job in the spotlight, this privatization offer with a 12% premium in market value has propped up 51 job from another point of view.
51 job's "hard spirit" has been experienced by the market many times.
In 2018, aiming atTianfeng SecuritiesIn a public statement about the report51 job once said of himself: "51 job has adopted a posture of 'not cooperating with the performance' to the criticism and attack over the past 20 years."
Yes, it is.
According to media reports in November 2020, resumes sent by job seekers on 51 job were leaked and 100, 000 resumes were packaged and compressed, which took up more than 4 gigabytes of computer storage space and could be obtained for as little as 40 yuan. 51 job unilaterally denied the disclosure of information at that time.
After the infringement of resumes on March 15, 2021, 51 job's response focused on mending existing procedures such as "who has seen my resume" and enterprise blacklist management, but ignored the "business model" in which he was officially involved in selling users' resumes.
What is even harder is 51 job's stock price.Its shares fluctuated wildly on the night of 315, but ended up up 0.23%.
Why is 51 job so tough and still favored by the capital market after making such a big mess? With the increase in supervision, can 51 job's future business model continue to be so worry-free?Back to the capital market
Before discussing 51 job's business model, we need to face a fact that we have to admit: 51 job is the darling of the standard capital market.
Compared with the "money-burning" Internet upstart after 2010, 51 job, as an established Internet company, has been taking the road of "cash cow". This kind of enterprise is undoubtedly the most favored by the market.
Since its listing in 2004, 51 job has always maintained positive profits and maintained a high annualized growth rate.As a human resources service company closely related to the macro environment, 51 job still maintains a relatively considerable income even in a bad economic year.
Although there are many new players in the current online recruitment market, such as doing vertical field, chat recruitment and so on, 51 job still has an absolute advantage in terms of market share.
According to the 2021 white paper on the market development of China's online recruitment industry, the market size of online recruitment reached 10.8 billion yuan in 2020, of which 51 job alone accounted for 34.2% of revenue, which can be called the absolute leader.
In the Internet era, if you master the entrance of traffic and the data, you will master the market.
With the early first-mover advantage of entering the market, 51 job maintains a leading position in the industry, and the advantage of data and information precipitation brings a moat for brand development and a natural soil for profit maintenance.
Although this lead has to some extent given rise to obstacles to business transformation that we will discuss next, it has to be said that there is a reason for the support of the capital markets and the hardness of 51 job."Deep ploughing" is not easy to do.
In terms of market scale, China's human resources market is undoubtedly huge, in terms of business model, China's human resources market is still in the extensive stage.
Factors such as the annual millions of fresh graduates, the 100 million-level job demand of millions of employers and the rapid growth and changes in the field of new talents have brought a huge demand for information and services, thus giving birth to a prosperous Chinese human resources market.
Such a huge market attracts many market participants, and the number of human resources service organizations in China reached 39600 in 2019.
Admittedly, China's natural population resources have brought the advantage of "easy access to business". But at the same time, the huge amount of information and unequal information also make it difficult to match and fine service in China's human resources market.
Among the nearly 40,000 market participants, there are some small and beautiful vertical players.However, compared with the maturity of the human resources service industry in the United States and the fine management of the human resources industry in Japan, it is difficult to find a human resources giant enterprise that has done a wide and deep business in the Chinese market.The only one that can be said to have a certain advantage is the central enterprise CIIC Group.
According to the 2020HRoot Global Top 50 Human Resources Service list and White Paper, currently the world's leading companies mainly cover six business modules: talent dispatch / leasing / placement services, headhunting and recruitment process outsourcing, human resources service outsourcing, human resources management software, human resources consulting and online recruitment.
Among the listed enterprises, the companies with the highest market capitalization are mostly engaged in the fields of outsourcing, consulting and software, which belong to the traditional TO B-end services.
For online recruitment companies such as Zhaopin, the plate of market flow is big enough, and the next best choice for the transformation model is to do a good job in enterprise-side services.
Compared with traditional non-online human resources companies, one of the pain points of online recruitment companies is that the ownership and division of information authority is not clear.
In the traditional human resources service industry, candidates have a clear perception and definition of the ownership and use of their information: I give my resume to headhunters, pay a fee, and headhunters recommend them to relevant companies for me. Or it is for recruiters to find the right talent for them by paying a fee to hire a company to replace them.
In this process, the direction of candidates, middlemen and recruiters for service fees is very clear-spending money to find a job and recruit people to the post.
But this set of logic online recruitment platform can not be simply grafted.
The role of the Internet recruitment platform is mainly an information platform, and candidates do not directly entrust the website to find a job for themselves. the destination of their resume information (which company) is decided by the candidates themselves.
So can the Internet platform directly sell the candidate's resume information as a "commodity" to the information demander? Once this is done, the direction of the cost of the applicant, the middleman, and the recruiter is not clear in the process.
First of all, for candidates, they have not entrusted an intermediary to take the initiative to recommend the company, nor have they authorized the right to sell their resume information.
Secondly, for recruiters, due to the lack of synchronization with candidates for the position, the cost can not achieve the direct purpose of recruiting people to the post, but a simple act of purchasing information.
It is precisely because of this sensitivity and unclear boundaries that the Internet recruitment platform wants to provide deep value-added services for recruitment companies, how to achieve reasonable compliance transformation is very important.
Take LinkedIn, an American online recruitment platform, as an example, as a workplace social platform, LinkedIn has always pursued a business model that basically revolves around the recruitment and job information display and promotion field of the recruiter. Due to its own social attributes, the information obtained by the recruiter is also screened and recommended by the algorithm by users who actively disclose the content on the open network, which avoids the ambiguity of information ownership.
On the other hand, based on the market advantages and the moat of brand development brought by the precipitation of data and information, the Chinese online recruitment platform has been doing relatively extensive simple information docking services. Perhaps it is such a simple business model that breeds its "inertia" in business transformation. Instead of bending down to dig deep into value-added services, it chooses to take what seems to be the simplest road.Speculation behind privatization
From the perspective of capital and listed companies, the reasons for the privatization of online recruitment platforms listed in US stocks cannot escape the issue of valuation.But at a time when regulators are starting to step up their efforts in this area, the privatisation of online recruitment platforms is always ambiguous-is it to evade open market regulation? Uncle B can't help guessing.
First of all, from the perspective of valuation, the privatization of 51 job can indeed be said to be taken for granted.
At present, there are only two listed online recruitment companies in China, one is 51 job, which is listed in US stocks, and the other is hunting companies listed in Hong Kong stocks.
No comparison, no harm. In terms of profit, 51 job is 10 times that of Hunting; in terms of market capitalization, 51 job is 3 times that of Hunting; but in terms of price-to-earnings ratio, Hunting is 7 times that of 51 job.
And the valuation of the current privatization offer is higher than the current market capitalization of 51 job.
But from the regulatory point of view of the open market, it does not seem impossible to avoid the limelight by delisting.
Zhaopin recruitment, a competitor that was privatized one step ahead of 51 job, has been invisible in the capital market for four years. According to the normal pace of private equity, Zhaopin recruitment should have reached the point of profit exit from the re-listing of private equity.
There has been speculation that the goal of Zhaopin's re-capitalization is to board Science and Technology Innovation Board. Now the registration system is open and the listing boom continues, but there has been no news of the re-listing of Zhaopin recruitment.Big data is not equal to selling data.
The information itself and the information obtained after information processing are two completely different things.
Similarly, selling information and the processed products of selling information are two completely different business models. This is similar to: I can accept the shopping platform to provide me with "business-attached" product recommendation services based on consumption records, but I cannot accept online shopping platforms to sell my consumption records directly to a third party.
Zhen Ronghui, president of 51 job, once said, "the company will take human resources services as the focus of its future development, and this market is bigger than online recruitment." For 51 job, we have a good online recruitment platform, which as an entry-level product, let us contact a lot of customers. Our goal is to make customers'HR wallets' spend more on 51 job's platform to meet customer needs. "
As the 14th five-year Plan puts talents in an important position again, the talent market will be paid attention to by supervision.
Human resources service is still a blue sea market in China, but the online recruitment platform should pay attention to: big data is not equal to selling data, deep ploughing transformation to serve customers is far from easy.
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