Jing'an District launched a platform on Thursday to empower the human resources services industry with digital technologies.

The platform was jointly established by the district's Human Resources and Social Security Bureau and seven partners, mostly from the HR services and technology sectors in the district, such as the Shanghai Foreign Service Co, Renrui Human Resources Technology Holdings, YS Future Technology Group and X-Giant Group.

As an industry with a long history, HR needs to transform with support from new technologies for its further development, officials and industry insiders said at a forum after the platform launching ceremony.

Challenges include privacy leakage and low matching efficiency in job markets.

Although there are about 50,000 head-hunting companies in China and the combined trading volume at the middle and high-end went beyond 129 billion yuan (US$18.9 billion) last year, there are still many issues unsolved, leaving companies unable to find proper talent and professionals missing good work opportunities, they said.

"New technologies such as big data, blockchain and artificial intelligence are expected to facilitate transformation of the HR services sector," said Wang Guangrong, director of the Jing'an District Human Resources and Social Security Bureau.

"Jing'an has been trying to promote integration of human resources serviced with modern information technologies in recent years."

YS Future Technology Group said it has developed a one-stop online service platform – HR WORK – by connecting data from every single service area in human resources management, which has largely reduced costs while improving efficiency.

Renrui Human Resources Technology Holdings, a young head-hunting company founded in 2017, said it has been devoted to establishing a digital talent ecological chain to gain advantages in the industry.

Its revenue forecast for the first half of year is between 1.6 billion and 1.7 billion yuan, a 26.5-34.4 percent increase year on year.

Wang said the district will support HR companies to utilize new technologies to improve services for clients, connect with the global industrial chains and improve allocation of talent resources.

Enterprises are able to get up to 500,000 yuan of subsidies for improving services with advanced technologies, such as AI, cloud computing, big data and blockchain, and carrying out research on new business models, key technologies, emerging business formats and new professions.

They may also get up to 1 million yuan for carrying out international exchanges and cooperation, and developing globally by means including mergers and acquisitions, and setting up overseas branches.

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