After Boss Zhipin earned a net profit of 660 million yuan in six months, WeChat, unwilling to be left behind, also launched a new service called "Jobs Nearby," hoping to get a piece of the job-seeking pie. While helping people find jobs is universally seen as a good deed, WeChat, which started as an instant messaging app, somehow doesn't quite fit the mold of a job-search platform.

Will WeChat's foray into this new service prove to be a masterstroke in the development team's long-term strategy, or will it merely serve as yet another example of a once-great product losing its charm in the eyes of users?

Finding a job on WeChat might sound a bit abstract at first

On October 17, Tencent officially announced the "Jobs Nearby" service on its official account (currently available in Jiangmen, Guangdong; other cities will have to wait for subsequent rollout plans). This mini-program not only allows users to search for jobs nearby with just one click but also integrates functions such as contract signing, settlement, attendance, and job posting.

Judging from the user interface, the core focus of WeChat's job-seeking portal appears to be the "blue-collar market," featuring jobs like operators, packers, and production technicians.

It's worth noting, however, that as news of this service spreads online, opinions are divided among netizens.

Some believe that WeChat's platform endorsement undoubtedly boosts job seekers' confidence. By replacing intermediaries, it can effectively address the long-standing issue of intermediaries taking exorbitant commissions or even absconding with funds, thereby safeguarding the interests of workers. Others, however, contend that "nothing is truly free," arguing that platforms introduce new services not out of charity but rather with the intention of following the tried-and-true model of "first providing free services to cultivate user habits, then generating revenue through commissions to recoup R&D costs."

In terms of service operation, WeChat's massive user base is undoubtedly its greatest advantage. As long as it maintains rigorous vetting processes and effectively integrates job seekers and employers, it can quickly establish a positive reputation, further enhancing its position in the "local living" concept and accelerating the maturity of its project revenue chain.

Don't underestimate the potential profits in helping people find jobs. Let's take a look at Boss Zhipin's financial report for some perspective.

As of June 30, 2024, Boss Zhipin achieved remarkable results in just six months, with revenue of 3.62 billion yuan, a net profit of approximately 660 million yuan, and an adjusted net profit of 1.25 billion yuan. In other words, while many companies were struggling to stay afloat amid economic headwinds, Boss Zhipin managed to rake in significant profits, with year-over-year revenue growth of 30.9% and profit growth of 92.5%, proving that helping people find jobs is not only a viable business but also a highly profitable one.

But when there's only one pie to go around, someone's gain is inevitably someone else's loss. In August 2023, the well-known job platform LinkedIn announced the discontinuation of all its products and services under the "LinkedIn Jobs" brand and deleted all personal account data on August 9. Similarly, the Q1 2024 financial results of the established job platform Liepin showed a year-over-year decline of 6.4% in revenue and a net loss of 13.2 million yuan. These examples underscore the challenges and risks faced by internet giants venturing into the job-seeking market.

It's not just internet giants vying for a slice of the job-seeking pie

Today, it's not just job platforms that are cashing in on the job-seeking market; countless job agencies and internet professionals are also getting their piece of the action.

Recent reports indicate that graduation seasons have become prime time for job agencies. No longer content with their traditional role as intermediaries, these agencies have developed a comprehensive suite of services including resume optimization, internal referrals, HR coaching, and salary negotiation advice. Coupled with anxiety-inducing marketing tactics, they can easily convince students and parents to shell out tens of thousands, or even hundreds of thousands, of yuan for the promise of a job offer. However, some unscrupulous agencies may renege on their promises, delivering subpar services that fail to deliver on their claims.

As the saying goes, where there are people, there is competition.

In the job market, while internet giants and training institutions occupy prominent positions, there are also countless "insider referral heroes" and "current big company employees" lurking on various platforms, offering their unique services.

Unlike the former two groups, these "wild" players on platforms like Xiaohongshu and Douyin prioritize emotional value over mere information differences. They specialize in helping job seekers vent their frustrations and navigate the job market with confidence and guidance.

Of course, if you're feeling overwhelmed by anxiety and simply want to find a job as soon as possible, all you need to do is type the company name plus the position or the company name plus "internal referral" into Xiaohongshu or Douyin, and you'll be bombarded with countless "insider referral heroes" and "interview experience sharers."

However, the chances are high that after transferring a significant "insider referral fee" to these individuals, you'll receive not an offer letter or internship notification but a glaring red exclamation mark instead. After all, in 2024, work badges can be photoshopped, and professional experiences can be fabricated by AI. The cost of distinguishing between genuine and fake "big company employees" online is increasing, and it may even take an entire job-seeking season to uncover the truth.

Young people who are disillusioned with the white-collar lifestyle are fueling a new blue ocean market

Whether it's VIP job platforms, paid insider referrals, or private groups for learning interview tips, the core driver behind their success is anxiety. People are willing to pay for time and additional job opportunities to alleviate their fears of a prolonged job search and disrupted life plans.

However, with the rise of vlog culture and the popularity of professional social networking apps, more and more young people are becoming disillusioned with concepts like "big tech" and "white-collar jobs," turning their criticisms toward issues like "996" work schedules and toxic workplace cultures. In this context, shedding the trappings of the white-collar lifestyle has become a popular topic among young people.

According to the "2024 Blue-Collar Talent Development Report," the demand for blue-collar workers in the job market has increased by 380% in five years, and their salaries have risen by 35.8% during the same period. In the first quarter of 2024, the average monthly salary for blue-collar jobs in 38 major Chinese cities reached 7,215 yuan, with skilled workers like CNC operators earning salaries that are 49.2% higher than five years ago. This increase in compensation has accelerated the trend of young people transitioning into blue-collar roles. Data shows that the number of job applications from people under 25 for blue-collar positions has increased by 165% compared to five years ago.

In other words, young people who have experienced or witnessed the struggles of urban white-collar workers are becoming less enthusiastic about pursuing careers in big cities. Instead, they are increasingly choosing to return to their hometowns after graduation to find simpler jobs and be closer to their families. According to the "2024 China Undergraduate Employment Report," as graduates' employment attitudes change and regional development becomes more balanced, 87% of 2023 graduates employed in central China returned to their hometowns, while the proportion was similarly high at 80% in western China. Furthermore, the proportion of 2023 undergraduates and vocational college students working in counties has increased by 6% and 7%, respectively, compared to 2019.

From this perspective, Tencent's decision to focus on "local blue-collar job seeking" is a shrewd move. As the job market undergoes a blue-collar resurgence, early entry into this service segment will give Tencent a stronger voice in shaping the future of the industry. Even if job-seeking anxiety persists for some time, WeChat's job-seeking portal can still enhance its influence by introducing white-collar and daily-wage job opportunities.

Reference materials:

IT Home: Tencent WeChat Launches "Jobs Nearby" Feature, Offering Contract Signing, Timekeeping, and Other Services

Sina Finance: Can't Find a Job? Boss Zhipin is Making a Killing

Xinhuanet: Turning Job Seeking into a Business: Are These Agency Services Reliable?

Huanqiu: Uncovering the Truth Behind "Internal Referral Internships" - Can Spending Tens of Thousands of Yuan Really Get You into a Big Company?

Jinyang News: Job Demand Up 3.8 Times, Salaries Up 35.8% - The Rise of Blue-Collar Workers as the Most Cost-Effective Career Choice!

Gmw: Well-Known Platform Announces Formal Cessation of Services

Finance.sina.com.cn: Headhunters Face Challenges, Liepin Seeks Transformation

China Business Network: More Graduates Returning Home for Employment, with 27% of 2023 Undergraduates Taking Jobs in Counties