It's time for subway stations, bus stops and office buildings to be "bombed" by advertisements on online recruitment websites. The data also reveal a similar phenomenon. According to the financial report, in the first quarter of the calendar year 2019-2021, the sales expense rate of boss direct employment was the highest in the year, which verified the so-called "low and peak recruitment season" to some extent. During the past winter Olympics, it was also reported that there were advertisements on five platforms: boss direct employment, Zhilian recruitment, Liepin, 51job and pulse at Beijing Wangjing subway station alone. However, while online recruitment is hot, the routine is always accompanied. Last year's 315 party exposed the disclosure of resumes of three platforms: Zhilian recruitment, Liepin and 51job; This year, a "blood slave case" put 58 in the forefront of the storm in the same city. Although the case reversed later, and the Cambodian police determined that the case was purely fabricated, it could not cover up the fact that 58 had a flood of false recruitment in the same city. In late February alone, many netizens complained about this in the black cat complaint. In this context, Internet recruitment has experienced iteration after iteration, but the results are difficult to say smooth. In the capital market, Zhilian recruitment, 58 city and 51job have successively completed privatization. In the view of industry insiders, low valuation is an important reason. But the story is not over. Since this year, direct recruitment for the market and pulse have brought new concepts such as live recruitment, watching comments first and then applying for a job onto the stage. Will this bring new hope to Internet recruitment? Why did the "first share of human resources services" choose privatization? 51job was once the first Chinese human resources service enterprise listed on US stocks. At the beginning of the 21st century, China's Internet industry was in the ascendant. After seeing the development opportunities of monster, the world's largest online recruiter at that time, China talent network, 51job and Zhilian recruitment followed its business model and moved the scene in the talent market online. Among them, 51job was founded by Zhen Ronghui from Hong Kong. Before starting his business, Zhen Ronghui was one of the youngest vice presidents and partners in the history of Bain international strategy consulting company. The dividend of the times has increased 51job's revenue by 25 times in the three years from 1999 to 2002. Since then, China's Internet recruitment market has undergone several changes, and 51job's share price has also experienced ups and downs, rising from a low of just over $3 in 2009 to over $114 in 2018. According to the data of prospective industry research institute, in 2020, 51job's market share in China's online recruitment industry reached 34.2%, ranking first, almost twice that of the direct employment of the second boss. Even so, 51job has ushered in the fate of delisting. In June 2021, the company offered a privatization plan of US $79.05 per share, with the corresponding equity value of about US $5.3 billion; However, the agreement, which should have been completed in the second half of 2021, was unexpectedly postponed and was not finally implemented until early March 2022. Moreover, according to the latest announcement of 51job, in the revised merger agreement with garnet faith limited, the acquisition price of each ads will be reduced from US $79.05 to US $61.00, a decrease of 29.51%, and the equity value of the corresponding company will also be reduced to US $4.3 billion. The privatization transaction is expected to be completed in the first half of 2022. Radar finance found that the privatization of 51job also reflects the company's judgment on the current market situation. First of all, the company's performance growth has encountered no small bottleneck. From 2010 to 2018, the year-on-year growth rate of 51job's revenue has been maintained at more than 11%, and even exceeded 20% in four years. However, in 2019, this figure dropped sharply to 5.77%, and the corresponding net profit has also been halved. From the financial report, 51job's revenue is mainly composed of online recruitment services and other human resources related revenue. The former accounted for 64.3%, 61.8% and 58.2% of revenue from 2018 to 2020 respectively. Specifically, the revenue from online recruitment services mainly comes from the fees charged by the company to employers, including online marketing services such as placing recruitment and advertisements on websites and apps, downloading information from resume database, keyword purchase, etc. Since 2018, the number of employers of 51job services has decreased year by year, down by about a quarter in two years. In this regard, the company attributed it to the weakness of macroeconomic conditions in its financial statements. In 2020, affected by the epidemic, a large number of small and medium-sized enterprises closed down, and many giant companies also adopted the way of "winter" by reducing the expenditure on personnel and human resources related services, which had a great impact on 51job. 51job has also tried to seize the market through more radical marketing means. In the first three quarters of 2021, the company's marketing, sales and management expenses reached 1.687 billion yuan, a year-on-year increase of 44.42%, even higher than the expenditure of each previous full year. However, the net profit in the same period decreased by 65.11% year-on-year. Secondly, the current regulatory attitude towards the online recruitment market has also changed. In November 2021, 51job said in its announcement that the delay in privatization was related to changes in regulatory policies. After the introduction of national privacy related policies in 2016, the management of a large number of Internet related platforms has been strengthened. During the national audit in July 2021, the direct employment of boss was once stopped from registering new users. 51job, who was named by the 315 party in 2021, will not be easy to deal with the latest supervision. In fact, this is one of the reasons why 51job costs continue to rise. Some practitioners in the online recruitment industry pointed out that at present, the online recruitment platform generally adopts the way of system audit and manual audit. In order to reduce errors and omissions such as false recruitment, stacking manpower is almost a necessary choice. In this context, 51job's attraction to capital has declined rapidly. At present, its market value is less than $3.8 billion, which is halved compared with its peak period. In the view of industry insiders, privatization will help them get rid of the situation of being underestimated in overseas markets and weakening financing capacity, so as to better integrate industry resources and enhance internal value. After more than 20 years of struggle, the industry still has persistent diseases to be solved Radar finance noted that the problems encountered by 51job are universal in the whole recruitment industry. In 2003, China Youth Daily interviewed the first batch of HR that make complaints about online recruitment. Among them, HR Tucao: "a lot of resumes have been collected, and the mailboxes are often full, but most of them are obviously inconsistent with the job requirements. For example, if they are clear about 3 years of work experience, most of the resumes are fresh students." Since then, the online recruitment industry has experienced many times, such as Qiancheng, Zhilian, the "Three Kingdoms kill" of Chinese talents, social recruitment, vertical recruitment, and other companies with different styles, such as dragnet and boss direct recruitment, but this problem has not been completely solved to this day. Some people believe that the decision-making of looking for a job is actually the matching of four factors: people and the boss, people's skills and positions, people's expectations and development space, and people's opportunity and the company's opportunity. This also reveals the complexity and diversity of recruitment itself to a certain extent. In such a business, users can not gain a differentiated experience only by providing services such as post release and display and resume download. Correspondingly, the homogenization competition among enterprises is becoming more and more intense. The platform can only rely on advertising to improve its popularity, so as to attract enterprises and job seekers. As early as 2006, chinatalent.com and Zhaopin had invested hundreds of millions of yuan for occupying subway and TV advertising. In the same year, 51job also spent 200 million yuan. Later, the advertising war evolved into a battle for spokesmen. 58 the same city and Yang Mi, boss direct employment and "magic woman" Gail Jiaduo, Liepin and Li Yifeng, Zhilian recruitment and Gao Xiaosong, doumi and Yue Yunpeng have all sparked sparks. At the same time, the enterprise has also spent a lot of money. In 2020, the total sales expenses of boss direct employment, 51job and Liepin will be nearly 3.4 billion yuan. A similar "war" will continue. Huaxi Securities mentioned in the research report that online recruitment has two characteristics: low frequency and just demand. This means that enterprises should ensure continuous "innovation" and meet the needs of various posts. Industry insiders pointed out that although the matching efficiency of the business model of online recruitment has been improved after iteration, it still takes "selling advertising + service" as the mainstream in essence. When the recruitment website is transformed into a traffic driven business, the information in the platform will inevitably be mixed, and false information will follow. 58 the same city is a typical example. As a website that relies on advertising fees and membership fees, its reputation has been seriously affected by false information. In 2018 alone, 58 people in the same city were named and interviewed by the regulatory authorities for more than 10 times, including three times in Beijing. The problems of local interviews mainly focus on false information and violation of integrity. In addition, radar financial survey found that there are many grey industrial chains behind the recruitment website. Some sellers provide business license generators and different levels of account numbers of various recruitment platforms to facilitate buyers' recruitment. After obtaining the account number, buyers can also spread a large number of false information through recruitment and distribution to defraud, Or after obtaining the resume, resell and promote the information of job seekers. CCTV's "March 15 party" in 2021 also mentioned that you can buy the latest resume of job seekers on Zhilian recruitment for only 7 yuan. The content of the resume is detailed, and the applicant's name, gender, age, photo, contact information, work experience, education experience and other information are readily available. The seller can even accurately screen the resume according to the user's requirements according to age, region, Graduate School and other information. Can the new model bring new weather? In order to get rid of the persistent diseases inherent in the industry, the new Internet recruitment platform has also thought of many ways. In 2014, the boss direct employment, which focuses on the "direct chat" mode, went online. It coincided with the call of "mass entrepreneurship and innovation", and a number of small and medium-sized enterprises sprung up. With the help of this wave of dividends, the boss direct employment also successfully broke through the highly competitive online recruitment market. At present, it has become one of the only two listed companies in the industry. However, the more far-reaching significance of boss direct employment for the industry lies in the mobility of recruitment websites, algorithm recommendation and talent matching driven by technology. In 2019, almost all online recruitment companies have completed the transformation of mobility. The direct chat mode has also improved the efficiency of communication. According to the data, in the third quarter of 2021, the average Mau of boss direct employment app was 28.82 million, the highest in the industry, and the peers were less than 20 million. At the same time, the retention of C-end also attracted the payment of b-end. In the 12 months ended September 30, 2021, the total number of paid enterprise customers directly employed by boss reached 4 million, a year-on-year increase of 110.5%. But boss direct recruitment is also difficult to avoid the fate of high Internet recruitment and marketing costs. In the third quarter of 2021, the company's net profit turned from loss to profit, and the most important reason for loss reduction lies in cost control. The company's marketing costs fell 64% month on month in this quarter. In addition, behind the rise of boss profits, it may also imply the "squeezing" of enterprises. It is reported that the HR of a start-up company once complained that all services including post publishing, mass messaging, search exposure and app chat need to be charged for boss direct employment. It costs 3000 yuan to open all functions once, and many functions are only valid for one month. In contrast, 51job and Zhilian recruitment