Curated Intel from the Talent Tech Industry
April 8-14, 2024:
• Removing bias in selection: Multiverse acquires Searchlight to add AI screening of applications;
• Peering behind the curtain: Companies confirm they’re using gen AI to reduce workforce size;
• Reaching out to young workers: French online media firm HugoDécrypte launches job board;
• Stepping up to address the issue: Tech giants form consortium to deal with AI-driven job loss;
• Taking the lead in Europe: The French economy is hot tightening the labor market even further.
PLUS
Seats are going fast at TAtech North America & The World Job Board Forum. Avoid FOMO, register right now for the only conference in the North American market that is specifically designed both for job board and talent technology company CEOs, their direct reports and rising stars and to accelerate the bottom-line growth of their enterprises. Why the rush? Because the conference will be held June 4-6, 2024 at The International Spy Museum which has a limited seating capacity. So, register today and accelerate the success your company achieves, today, tomorrow and into the future!
Multiverse acquires Y Combinator-backed US talent platform
British edtech company Multiverse has acquired Californian talent platform Searchlight to apply generative AI to closing skills gaps at organisations. The deal will see Multiverse integrate Searchlight’s technology, which uses AI to screen job applications and automate parts of the hiring process, into its own platform. Founded in 2018 by twins Anna Wang and Kerry Wang, Searchlight has built tools that it claims can reduce bias in hiring and identify suitable candidates four times more accurately than traditional hiring techniques. Searchlight began at the prestigious Silicon Valley accelerator Y Combinator. It has since received financial backing from venture capital firms including Accel and Founders Fund. It is London-based Multiverse’s second acquisition after it snapped up Danish startup Eduflow in May last year. Blair – the son of former UK Prime Minister Tony Blair – founded Multiverse in 2016. The company provides people with access to education and apprenticeship opportunities beyond university.
Generative AI Is Changing the Hiring Calculus at These Companies
Generative AI is reshaping the conversation around hiring at many companies as they realize that one way the pricey technology will pay off is if it helps them employ fewer people to do more work. While early wins from using generative AI don’t necessarily portend future layoffs, they hint at the need for companies to hire less, chief information officers say. This observation comes as business technology leaders seek returns for their increased spending on AI. “We’re looking at a lot of interesting tools and they have a lot of promise—but then when you look at the cost of the tool you say, ‘Am I really going to realize that productivity internally or am I just going to increase my technology cost?’” said KeyBank CIO Amy Brady. Brady said she sees AI playing a role in workforce size to the extent that if it does make workers more efficient, companies will ultimately save money by doing more with smaller workforces.
FRANCE-Based Media Startup HugoDécrypte Launches Job Board
French online media firm HugoDécrypte has announced the launch of a brand new job site ‘Jobs.hugodecrypte.com’, reports La Gazette Francaise. The site brings together employers from various sectors, who offer internships, work-study programmes or formal jobs. Companies that joined include SNCF Voyageurs, Decathlon, Metro, L'Oréal, and STMicroelectronics. HugoDécrypte delivers news aimed primarily at young audiences. It was founded in 2015 as a YouTube channel by Hugo Travers and is now followed by 14 million people on all social networks (including 5 .9 million on TikTok and 3.4 million on Instagram). According to CNN, the HugoDecrypte channel launched with the mission to give young French audiences a fast, digestible way to understand the news.
Tech giants hatch a plan for AI job losses: Reskill 95 million in 10 years
Some of the biggest tech companies in the world -- including those heavily invested in artificial intelligence -- have formed a consortium to address the impact of jobs lost to AI. Accenture, Eightfold, Google, IBM, Indeed, Intel, Microsoft, and SAP, along with six advisers, have formed the AI-Enabled Information and Communication Technology (ICT) Workforce Consortium to help those who have lost or will lose their jobs to AI to either upskill or reskill to reenter the workforce. The consortium will help impacted workers to find training programs and connect businesses with companies looking for their skillsets. "The mission of our newly unveiled AI-Enabled Workforce Consortium is to provide organizations with knowledge about the impact of AI on the workforce and equip workers with relevant skills," Cisco executive vice president and chief people, policy & purpose officer Francine Katsoudas said in a statement. It's no secret that workers around the globe are being impacted by AI adoption. Several companies, including UPS and IBM, have already acknowledged that they're laying off or freezing hiring because of AI. In total, US companies have cut more than 4,600 jobs as they seek new AI-ready hires or replace positions with AI, according to a study earlier this year from outplacement companies Challenger, Gray & Christmas.
Weapons, Wine, and Beauty Products: The French Economy is Hot
[Note: TAtech is pleased to announce that TAtech Europe & The EMEA Job Board Forum will be held in Paris on September 17-19. Click here for more information]
While some of the Eurozone is suffering from poor demographic trends and sluggish employment growth, Southern European economies have been performing quite well – especially the French economy! France’s economy grew far faster than Germany throughout 2022 and 2023. Plus, GDP projections show that France will continue to exceed German growth rates in the coming years. Its cultural appeal, including high-quality wine, fine-dining experiences, and beautiful beaches, all contribute to high international tourist revenues. Its export of luxury goods from high-end makeup to beautifully crafted clothes also contribute to the soft power held by the French economy. But France is not just about wine, cheese, and perfumes. More recently, the country has also benefited from the rise in international conflicts. Having always been one of the more hawkish members of NATO, France is proud to have the largest military in continental Europe and to be a large exporter of arms. The French economy is hotter than it has been in some time with a strong labor market that has created difficult conditions for recruiters in the country. What does this mean for recruiters? For the time being, recruiters will continue to face some challenges hiring in France, which is enjoying the tightest labor market in decades. Job postings across different occupations and labor market segments remain elevated for now, meaning the country has escaped the white-collar slowdown that many other markets are currently experiencing. This means that competition for workers will remain high across industries.
Register Today While Seats Are Still Available at TAtech North America
Seats are going fast at TAtech North America & The World Job Board Forum. Avoid FOMO, register right now for the only conference in the North American market that is specifically designed both for job board and talent technology company CEOs, their direct reports and rising stars and to accelerate the bottom-line growth of their enterprises. Why the rush? Because the conference will be held June 4-6, 2024 at The International Spy Museum which has a limited seating capacity. 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!