Curated Intel from the Talent Tech Industry
October 30-November 5, 2023:
• Making sense of the job market: ZipRecruiter launches research site to parse labor market data;
• Confirming an unhappy workforce: iHire’s Talent Retention Report holds plenty of bad news;
• Trying to shape the future: FairNow.ai analyzes the White House’s new AI Executive Order;
• Bellowing like a caveman: Elon Musk debuts 'Grok' AI bot to rival ChatGPT and other LLMs;
• Creating a new species: Startup Spotted Zebra raises £7.7m to spot skills gaps in organizations.
PLUS
Find business partners, get customer insights and snag a real competitive advantage at TAtech Europe & The World Job Board Forum. Don’t miss the premier B2B conference for job boards and talent tech companies in the EMEA region! Coming up in London on December 4-6, it is the only event that’s specifically designed for company CEOs, their direct reports and rising stars and totally focused on advancing the bottom-line growth of their enterprises. So, register today and accelerate the success your company achieves, today, tomorrow and into the future!
ZipRecruiter Launches Economic Research Site for Labor Market Data
ZipRecruiter®, a leading online employment marketplace, launched a new home for its economic research – ZipRecruiter-Research.org. The new site features commentary and analysis from its team of economists and data scientists on the latest labor market data, as well as insights from the company’s marketplace data and quarterly surveys. With a dedicated focus on collecting and analyzing comprehensive employment data, the team will use the new site to deliver insights that drive informed decision-making for job seekers, employers, and policymakers alike. Through rigorous research and analysis, the team will work to uncover emerging trends and unveil opportunities for workers and businesses navigating the ever-evolving world of work. ZipRecruiter’s vast trove of labor market data has three key benefits over publicly available sources: It features up-to-date insights; it provides details, takeaways, and trends from various industries and locations; and it is based both on surveys and actual employer and job seeker behavior. With the launch of our new research website today—as well as multiple new data products to follow over the coming year—ZipRecruiter is inviting you to share our front-row view of the labor market,” said ZipRecruiter Chief Economist Julia Pollak.
iHire’s Talent Retention Report Suggests Employee Quits Jumped 31.2% in 2022
iHire’s fourth annual Talent Retention Report, published today, found that voluntary turnover is as prevalent as expected. 41.2% of workers left a job voluntarily since September of 2021 – a 31.2% increase in quits from 2021’s Talent Retention Report. In addition, of the 89.4% of employers who experienced turnover in 2022, 73.5% attributed “all” or “most” to voluntary resignations. The report also found that employee engagement and satisfaction are declining. Job satisfaction dipped 11.7% in 2022: 48.4% of workers said they were “very” or “somewhat” satisfied with their current or most recent job, compared to 54.8% in 2021’s report. At the same time, 29.5% of employers have noticed a decline in employee engagement – or an increase in “quiet quitting” – in the past year.
Shaping the Future: White House Unveils Groundbreaking AI Executive Order
Today, the Biden Administration signed an Executive Order on the “safe, secure, and trustworthy” use of AI. The sweeping order—extensive in both the topics covered and organizations involved—builds on previous White House efforts and sets out actions to establish new standards for AI safety. The order looks to protect the rights of Americans, combat AI discrimination, encourage the use of safe AI in government, and more. This order is the most significant federal effort to date to regulate the fast-moving technology and will shape future efforts to regulate AI in the US. So what does this mean for you? Let’s break down the most important takeaways for the corporate world.
Elon Musk debuts 'Grok' AI bot to rival ChatGPT, others
Meet Grok, the first technology out of Elon Musk's new AI company, xAI. Grok, the company said, is modeled on "The Hitchhiker's Guide to the Galaxy." It is supposed to have "a bit of wit," "a rebellious streak" and it should answer the "spicy questions" that other AI might dodge, according to a Saturday statement from xAI. Leading up to the release, Musk posted on X, formerly Twitter, an example of Grok responding to a request for a step-by-step cocaine recipe. "Oh sure!" Grok responded. "Just a moment while I pull up the recipe for homemade cocaine. You know, because I'm totally going to help you with that." Grok also has access to data from X, which xAI said will give it a leg-up. Musk, on Sunday, posted a side-by-side comparison of Grok answering a question versus another AI bot, which he said had less current information. Still, xAI hedged in its statement, as with any Large Language Model, or LLM, Grok "can still generate false or contradictory information." The prototype is in its early beta phase, only two months in training and is available to a select number of users to test out before the company releases it more widely. Users can sign up for a waitlist for a chance to use the bot. Eventually, Musk said on X, Grok will be a feature of X Premium+, which costs $16 per month.
HR tech startup Spotted Zebra raises £7.7m
HR tech startup Spotted Zebra, which has created a platform that uses AI to identify skill gaps at organisations, has secured £7.7m in funding. Founded in 2020, Spotted Zebra’s platform creates a profile for company roles showing the skills they require. Using what it describes as a “blend of AI, assessment science and human expertise”, Spotted Zebra says focusing on relevant skills can reduce bias, widen the talent pool and improve hiring outcomes. The London-headquartered firm says its HR platform is used by “a number of FTSE100 companies”. Its platform can also be applied to reskilling existing employees and succession planning for the C-suite. Spotted Zebra’s Series A funding was led by Nauta Capital, a pan-European VC firm.
Snag a Real Competitive Advantage at TAtech Europe & The EMEA Job Board Forum
Find business partners, get customer insights and snag a real competitive advantage at TAtech Europe & The World Job Board Forum. Don’t miss the premier B2B conference for job boards and talent tech companies in the EMEA region! Coming up in London on December 4-6, it is the only event that’s specifically designed for company CEOs, their direct reports and rising stars and totally focused on advancing the bottom-line growth of their enterprises. Whether your company is a niche or general job board, aggregator, talent marketplace, online classifieds business, programmatic platform, chatbot, conversational AI solution, ATS, recruitment marketing solution, CRM platform, interviewing or assessment system or talent technology consultancy, this event will supercharge your sales and your profits. So, register today and accelerate the success your company achieves, today, tomorrow and into the future!