2022 NewZ That Will Change Your 2023
January 3 2023:
• Revving up early stage: AngelList closes a $25M fund to back startups based on hiring velocity;
• Bearing bad news: Research finds that 74% of companies underperform when recruiting;
• Recognizing the power of talent technology: Lighthouse Research says employers finally get it;
• Signing out of the office: Google searches for “remote work” hit highest level ever in August;
• Focusing on quality: Talent market report says a majority of recruiters want better hires.
PLUS
• Register now, before early Bird Discounts end 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!
AngelList closes a $25M fund to back startups based on hiring velocity
Over the past year, AngelList has grown from a platform that connects angel investors with startups to an end-to-end suite of tools, working on everything from fund operations to founder cap table management. Throughout this growth, the company has quietly amassed millions of data points that show appetite, both from investors and regular employees, for burgeoning startups. And, per SEC filings, AngelList isn’t letting those fresh insights go to waste. AngelList has quietly landed $25 million for the AngelList Early Stage Quant Fund, a new investment vehicle that plans $250,000 checks into over 100 companies. The largest limited partner in the fund is WorldQuant Ventures, an early-stage investment firm founded by Igor Tulchinsky, who is also the founder of WorldQuant, a quantitative asset management firm. Other investors in Quant Fund include Two Sigma Ventures, KAMCO Ventures, Plexo Capital, Tom Tunguz of Redpoint and AngelList founder Naval Ravikant.
Recruiting is harder than it looks: 74% of companies underperform
This week we launched our new global Talent Acquisition research (all about sourcing, recruiting, and attracting people) and the results are staggering. While nearly every company is trying to hire (the unemployment rate is below 3.6% and the economy is creating more than 400,000 new jobs each month), recruiting teams are not keeping up. In fact, our comprehensive research shows that only one in four companies are recruiting in an optimized way today. Yes, companies are comfortable with the “post and pray” model: buy a job ad, place your positions on Indeed, LinkedIn, or another job board, and promote your company’s pay, benefits, and fantastic work experience. Our research shows, however, that this is no longer enough. In a diverse world of workers, companies have to diversify their sourcing, create a holistic employment brand, prioritize internal mobility, simplify the candidate experience, and use AI and technology strategically.
Employers Rely on More Talent Technology to Address Skills Shortage
More than anything else, employers are looking at technology to help them solve their bigger talent challenges. At least, that’s what new research by Lighthouse Research & Advisory discovered. Lighthouse’s study, “Hiring is more critical than ever: How employers and candidates are evolving in the current market,” was based on a survey of 1,054 employers with headcount ranging from under 250 employees to over 10,000, plus 1,000 candidates and workers. Using new hiring technology to solve the challenges of the tight talent market is the number one action employers are taking right now, Lighthouse said. Some 90% of employers plan to purchase talent acquisition technology to add value for candidates, hiring managers and recruiters. “In the last 12 months, eight in 10 employers said that hiring has risen to the level of a business challenge, not just an HR or talent priority,” Lighthouse said. Nine of 10 companies are actively shopping for some type of talent acquisition technology, the report said. Talent acquisition technology for recruitment marketing, video interviewing and diversity hiring rank top of their technology wish list.
Google searches for ‘Remote jobs’ hit their highest level
Searches in the UK for ‘remote jobs’ has hit their highest ever level during August of 2022, more than two years after the very first COVID-19 lockdown. This shows that the working cultural changes initiated by the behavioural changes triggered by the pandemic continue to resonate. A new study, which comes from document management company SmallPDF reveals that Google searches for remote jobs hit their highest ever level since searches began being recorded in 2004. According to the UK government, searches for ‘remote IT jobs’ also hit their highest level ever, indicating a demand in the industry for working from home opportunities. For many, working at home remains a new development. For example, 56 percent of those currently working remote have only been doing so since the onset of the 2020 coronavirus pandemic.
Most recruiters say increasing quality of hire is now a top priority
A new report shares the chief worries of talent acquisition professionals—and they are worried. In its first Quarterly Insights Report, Staying the Course In a Challenging Labor Market, talent acquisition provider Employ reports that 63% of respondents say new hires leave in the first 90 days after starting a new job and another 63% said their current hiring volume is greater than last year’s volume. The drive to hire outstanding candidates is at the top of their minds as well. An estimated 62% of respondents said their top recruiting priority is improving their “quality of hire.” What it means for HR leaders and recruiters? Job seekers still control today’s job market and are demanding more from their employers, according to Employ’s report, which was compiled from employer and job seeker activity across the vendor’s 18,000 customers. “While the latest Bureau of Labor Statistics Jobs Openings and Labor Turnover report shows that the jobs market is starting to cool off, there are still signs of a tight labor market, and recruiters will continue to face challenges,” said Allie Kelly, chief marketing officer of Employ.
Get Early Bird Discounts for TAtech North America
Register now, before early Bird Discounts end 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!