Curated Intel from the Talent Tech Industry
December 5-11 2022:
• Uncovering talent in new places: Hunt Club raises $40M to tap curated candidate community;
• Fixing a broken system: AI is hurting recruitment opening a battle with alternative technologies;
• Regretting their choices: 46% of UK workers wouldn’t recommend their job or field to their kids;
• Piling on the requirements: OFCCP proposes supersizing contrctors’ initial audit response;
• Introducing accelerators for job boards: Aimwel releases TA Marketing Maturity Model.
PLUS
• Early Bird Discounts are now available for TAtech North America & The World Job Board Forum, which will be held in Austin, Texas USA on May 22-24, 2023. Unlike the conferences that treat talent technology companies as a subset of HR tech, this event is totally focused on the providers of talent technology and their bottom-line success. Its core theme is as simple as it is powerful: A Rising Tide Lifts All Boats!
Recruiting Startup Hunt Club Raises $40 Million to Disrupt How Companies Find Talent
Hunt Club , a recruiting startup that leverages the power of relationships and technology to help companies find top talent, announces their $40 million Series B round co-led by WestCap and Sator Grove. The investment round follows Hunt Club's $10 million Series A financing in October 2021, and will fuel the company's national expansion, technology platform enhancements, and broaden its community of over 20,000 business leaders who help connect the most innovative companies to the world's top candidates. Cold outreach emails don't work with top tier talent. The leaders who drive high-growth companies forward aren't waiting for a recruiter to reach out to them. They have a job and they have their pick of roles and opportunities, but a referral from a well-respected peer can make all the difference. By leveraging strategic talent advisory, a curated community of qualified candidates, and technology, Hunt Club is disrupting the talent acquisition industry. When a company is looking to hire a new leader, Hunt Club's sourcing and matching technology scans and filters 20,000 business leaders' networks to source the most desirable talent from a pool of over 7 million candidates available for referral. From there, Hunt Club's technology initiates warm introduction requests for the curated list of candidates, which result in 6-8x higher response rate. Hunt Club's community driven model also ensures that every search is infused with diverse candidates, helping companies build teams with diversity in mind.
AI is damaging HR’s reputation – a battle of the tech is coming
The use of AI and automation in recruitment has grown at speed in recent years. There are hundreds of tools on the market that profess to match candidates with vacancies or undertake reference checks at the press of a button. But in doing so, AI has worsened an already terrible situation, while also creating a whole new set of challenges, adding insult to injury. This is because AI can’t fix a broken system. It can only accelerate it and find workarounds. And the current recruitment process is beyond repair. Consider for a moment traditional hiring practice. At its heart is the CV, which has barely changed since Leonardo da Vinci first introduced the concept some 400 years ago. In a bid to deal with such outdated documents and manage the information within them, CVs are saved in centralised databases. These are a hacker’s delight, offering a wealth of personal data for identity theft. Inevitably, there have been high profile cases of data breaches. For example, when the US recruitment site Ladders exposed 13 million user profiles[i]. Meanwhile, job adverts engage in a ‘spray and pray’ approach. They’re often badly written, poorly targeted and result in either too many unsuitable applicants or not enough relevant ones. This leads to the Herculean task of wading through CVs, 63 per cent of which hold misinformation,[ii] costing businesses £23 billion annually.[iii] Then comes the highly subjective interview where people are turned down for ‘not being right’ before the laborious job of referencing successful candidates. Inevitably, a third of those hired leave within 90 days[iv]. To say this is a poor process is an understatement of epic proportions.
46% of Workers Wouldn't Recommend Their Job or Field to Youngsters
Would you recommend your job or career field to your children or other young people you care about? No, said nearly half of 3,400 employees—including managers—around the globe. And more than one-third wouldn't wish their job on their worst enemy. The findings are included in a new report, We Can Fix Work, from the Workforce Institute at UKG. The report compiles data from a survey conducted Sept. 16-Oct. 1 with respondents in Australia, Canada, France, Germany, India, Mexico, the Netherlands, New Zealand, the U.K. and the U.S. The U.S. respondents included 600 C-suite leaders and 600 HR leaders. Globally, 46 percent of respondents overall wouldn't recommend their job or industry to youngers, and unhappiness was highest among respondents in India, France and the U.S.: India: 66 percent wouldn't recommend their profession, and 67 percent wouldn't recommend their employer; France: 52 percent wouldn't recommend their profession, and 54 percent wouldn't recommend their employer; U.S.: 50 percent wouldn't recommend their profession, and 48 percent wouldn't recommend their employer.
OFCCP Proposes Supersizing Contractors’ Initial Audit Response
OFCCP is requesting that the Office of Management and Budget (OMB) reauthorize the supply and service program “compliance review scheduling letter” that provides federal contractors with notice of audit, and the “itemized listing”, included with the scheduling letter, which identifies the information contractors are to include in their response to the Agency’s audit request. Far from seeking reauthorization of the existing document, however, OFCCP is proposing a major increase in the scope and detail of contractors’ initial audit response. The proposed update and OFCCP’s Supporting Statement are here. OFCCP is seeking your comment on its request, which can be filed here through January 20, 2023. Review under the Paperwork Reduction Act requires balancing the burden that producing the additional information represents for contractors against the utility of the information collected in evaluating contractors’ compliance. In its Supporting Statement OFCCP estimates the “burden hours” for assembling and submitting the requested documents to be approximately 39 hours per contractor. This is one person working full-time one week. Given the range of the proposed changes outlined below, is this realistic? OFCCP states that the additional detail will facilitate speedy review. Will the increased mass of data bog audits down instead? Is it better to continue the current practice of requesting additional detail later in the audit, if and when initial review justifies?
Aimwel Releases Talent Acquisition Marketing Maturity Model
Job Boards and Staffing companies simultaneously face multiple disruptions. On the Talent Supply-side, a low employment level means fewer Active Job seekers are visiting job boards, and the number of Applicants per job is declining rapidly. On the technical side, this puts extra pressure on reaching Passive Job seekers in a world where the number of channels used for Talent Acquisition is growing. Furthermore, the tracking of campaigns is becoming exceedingly complicated due to browser tracking blockers and bot traffic. Everyone in recruitment will face these Talent Acquisition and Technical challenges and have to respond to those changes. Job boards and Staffing companies need speed and agility to invest in the right technologies. Companies that are advancing quickly are reaping the rewards of those gains, while companies making only gradual headway are falling farther behind their more mature competitors. The diminishing role of 3rd party cookies in ’23 pushes the urgency for change. With all the changes taking place, our analysis isolated four specific accelerators that stand out as the principal drivers on the fast track to maturity and improved performance: 1. Accurate classification and Taxonomy for Jobs at the job board/staffing company; 2. Quality Cookieless End-to-End tracking; 3. Dynamically allocating budget and optimising across channels; Automation of Talent Acquisition marketing on individual job level; and Clear Strategy and Agile Organisation. A test-and-learn culture deploys new media channels and continuous optimisation based on business goals.
Get Early Bird Discounts for TAtech North America
• Early Bird Discounts are now available for TAtech North America & The World Job Board Forum, which will be held in Austin, Texas USA on May 22-24, 2023. This is the only conference totally focused on the providers of talent technology and their bottom-line success. Unlike the conferences that treat talent technology companies as a subset of HR tech, this event is specifically designed to advance the success of job boards, aggregators, talent marketplaces and the enterprises that offer programmatic solutions, conversational AI products, recruitment marketing solutions, recruitment advertising services, candidate management platforms, and interviewing and assessment systems. If that’s you, don’t miss this opportunity to meet and interact with your industry peers. Its core theme is as simple as it is powerful: A Rising Tide Lifts All Boats!