Looks like yes!
According to Assocham report, 25 million eligibles are likely to search Employment and Matrimonial alliances through online medium by March 2008.
Few interesting findings from the report are:
- The number for job could be 15 million by 2007-08 as against 9.5 million for matri alliance (last year the numbers were 10 mn and 7 mn respectively)
- in 2005-06, matri ads business transacted was Rs. 58 crore. In case for job search, the amount was Rs 150 crore. This respectively rose to Rs. 85 crore and Rs. 245 crore.
- Online subscribers for matrimonial alliances reached 7 million numbers in 2006-07 (and is projected to grow by another 2.5 million to exceed 9.5 million users by 2007-08).
Facts of Online Matrimonial Search:
- Market Size – FY 2006-2007 – Rs 85 crore
- Estimated market size – FY 2007-2008 Rs 136 crore
- Online Matrimonial Search Subscribers: FY 2006-2007 – 7 million
- Estimated Online Matrimonial Search Subscribers: FY 2007-2008 – 9.5 million
- Age group: 20yrs – 55yrs
- Fastest growing age group is 25yrs – 34yrs
- Male / Female ratio matches the current Internet gender ratio is 69% / 31%
Fast facts of Online Job Search:
- 43% in the 26-35 age group
- 72% male and 28% female
I believe, factors that drive the growth are:
- Youth – India has one of the youngest populations and the fourth largest Internet Population in the world with a present figure of 100 million online Indians, which is likely to increase to 120 million by 2007-08.
- Media convergence – Websites have started reaching the consumers via different means (for e.g. Clickjobs has introduced SMS platform).
- Too many options – In BPOs, close to 60,000 of the 171,000 workforce change jobs every year.
Few BPO companies are facing attrition rate of 80%! (average is 30-40%). The average attrition rate in IT companies is 18%.
- For marriage sites, one of the major factor is the number of Indians who are moving to US/West – It’s the same reason why BharatMatrimony is such a great success story.
Read the press release.
On a damn serious note, I wonder, who is the winner is online job search game?
Companies are throwing carrots to lure candidates, but don’t realize that their F**ked up HR policies result in employees moving out to competition.
So, in the end:
- Candidates lose out (in the long run) by changing jobs frequently.
- Companies lose money in hiring/training cost.
- If everybody is losing, who is winning then?Who else? Advertisers and websites – they are having a good laugh!
Infact, it won’t be wrong to say they are minting money out of everybody else’s stupidity!.
What do you think?
tags: indian job market, indian matrimony market