Magnet.me, the online career network for students, marked its fifth anniversary in style recently. Achieving record success in numbers but, critically, driving change in the stagnant graduate recruitment process.
Growth over the past six months, when Magnet.me announced raising €1m in an investment round, has been quite significant. The company claims that the number of students registering on the platform has increased more than 43% (from 70,674 to 101,072) and the number of businesses posting jobs has increased 25% (from 1,009 to 1,257) in the brief period between February 2017 to July 2017.
Magnet.me launched in 2012 when the founders, applying for graduate roles themselves, were stuck and frustrated. They were faced with poorly functioning job websites which only listed companies with huge recruitment budgets, aggressive recruitment agencies and a long list of career fairs.
The Rotterdam-based start-up opened the platform to UK students in 2015 which has rallied growth. It boasts over 100,000 users and more than 1,250 businesses using the service to source their graduate talent.
Magnet.me enables users to explore potential employers, connect with them, discover career opportunities and get hired for their dream internship, placement or job– whether at a multinational, big law firm or start-up.
Over half the students (52,871) are from the UK and almost a fifth of the businesses (223) listed are from the UK including Rothschild, Vodafone and Unilever. In 2016, Magnet.me was decorated with the Best New Entrant Award by the UK Government, Department of International Trade.
In launching Magnet.me, the aim was to break away from the traditional means for students in applying for work - in most cases for the first time in their lives - and for businesses in sourcing the best talent. Over the past 5 years, more than 2.5m connections between students and prospective employers have been established with 78% of students invited to an interview and 58% securing a role.
Vincent Karremans, founder of Magnet.me commented: “It’s been a whirlwind journey over the past five years and it’s amazing to celebrate this landmark with such remarkable success.”
“The funding round earlier this year certainly helped. We experimented with diverse ways of raising awareness to both students and businesses. The response has been overwhelming and we’re thoroughly excited to be supporting more students and employers navigate each other to create the best experiences”
“Participation from students and businesses in the UK has been significant. Anecdotal feedback suggests that this in part an impact of Brexit but also a broader trend among UK students to branch out of the UK for work.”
“There are clouds of uncertainty about what the UK will look like after Brexit but Magnet.me stands to benefit in both positive and negative outlook scenarios. Businesses will take prudent measures and examine their cost bases. In managing recruitment costs, we believe that firms will move away from traditional, expensive and arduous recruitment channels opting for smarter solutions such as Magnet.me. We have observed this trend, first-hand, in the Netherlands launching in 2012 in the midst of an economic crisis.”
Edited by G. Davila