Neil Clark Warren, Co-founder and current CEO of eHarmony, was a marriage counselor for many years prior to starting the online match-making service in 2000. During his earlier career, he witnessed how incompatibility can lead to unhappy matches and eventually an equally unhappy parting. Realizing that compatibility was absolutely essential, he developed the idea for eHarmony to assist singles in finding a “compatible” match based on a number of factors.
The success stories resulting from their compatibility format and algorithms have given Warren a vision to expand into the recruitment industry. Surveys suggest 70% of Americans are unhappy with their current jobs.
"Nobody has really matched personalities in terms of the applicant and the supervisor. That's not something that LinkedIn or Monster do. It is such a big market that we do expect it to grow faster than our core product," Warren said in an interview.
A look at some of the numbers involved shows why Warren is so interested in entering this market area. Although still privately held, eHarmony has an estimated market value of approximately $1 billion. The total U.S. online dating market is worth over $2 billion annually. However, the online career market, which includes LinkedIn and Monster, is worth over $6 billion annually, while the entire recruiting and staffing market worldwide is worth around $94 billion annually.
Obviously, Warren feels he can bring a unique service to this market and bring some of that revenue base into eHarmony. eHarmony plans to launch its online recruitment service, entitled Elevated Careers, in 2016. Visitors to the online service can sign up as either a job-seeker or as a recruiter.
Over 100 variables will be considered in order to find the best fit between employers and candidates. In addition to work experience and technical skills, factors relating to personality and social / cultural values will also be used in the matching algorithms. Data regarding job seekers will be taken from resumes as well as their own profile input. Information on corporate cultures will be taken from recruiting profiles as well as surveys from past and present employees of the organization.
Statistics show that eHarmony is directly responsible for 4% of all marriages in the U.S. each day. That represents 434 marriages per day credited to the successful compatibility matches at eHarmony! If Elevated Careers can achieve those same results, it could create a dramatic difference in recruiting strategy.
Whether you choose to use LinkedIn, CareerBuilder, or eHarmony, be prepared by reviewing and using the excellent information and tools on myCAI, Learn and Go, Talent Acquisition.
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