Curated Intel from the Talent Tech Industry
September 16-22, 2024:
• Resetting the market: Stepstone CEO Dettmers on Axel Springer/KKR/CPP Investments;
• Stiffing the scammers: LinkedIn's new search filter protects against suspicious job postings;
• Expanding its solution: Kula debuts complete hiring platform with purpose-built AI for recruiting;
• Predicting tough times: ‘Largest labor shortage the country has ever seen’ looms, report warns.
• Hoping the Fed rate cut will help: SIA predicts US staffing revenue to fall 10% this year;
PLUS
The TAtech Leadership Summit on Recruitment Marketing is designed for HR/TA leaders and senior professionals at enterprise employers and their counterparts among TA solution providers. To be held at the newly renovated Le Méridien Tampa, The Courthouse, the conference opens with a welcome reception on the evening of February 26 and then runs all day February 27. The agenda is still in development, but the focus will be on showcasing the latest technology and most innovative practices for moving to full-funnel recruitment marketing. Seating is limited at the conference venue, so register today to make sure you have a spot.
A Letter from CEO Sebastian Dettmers on Axel Springer/KKR/CPP Investments
We are excited to share an important strategic development with you that will shape the future of Axel Springer. The Supervisory Board of Axel Springer in principle has approved a decision to implement a new corporate structure designed to propel Axel Springer forward. It reflects our shared vision of continued success for Axel Springer and each of the companies within it today. While the decision is still subject to final agreements expected to be concluded in the coming months and implementation of the new structure will require certain regulatory approvals, we want to transparently communicate the structure we are working towards. The new corporate structure will create a focused media company and establish separately held businesses, consisting mainly of the classifieds businesses, by adopting a new shareholding structure of Axel Springer and its portfolio companies. This step will position all companies within Axel Springer today for long-term growth in the respective markets and industries. The Stepstone Group, AVIV Group, finanzen.net, and Awin, pending approvals, will be held as separate joint venture companies with KKR and CPP Investments as majority shareholders. Axel Springer will remain a minority co-shareholder, with an economic participation by the grandchildren of Axel Springer. The exact participation of the respective shareholders is subject to final valuation reviews. All four businesses will continue to focus on their respective strategies independently.
LinkedIn's new search filter aims to protect you from suspicious job postings
Finding a job through LinkedIn can be tricky, especially if you're unfamiliar with the company posting the ad. To help you find the right employers, the site will assign a verified badge to those considered legitimate. Now, LinkedIn is making it easier for you to find jobs from those verified companies. With summer ending and many people revving up their job search, LinkedIn has kicked off a new search filter that can narrow the results to verified employers. Rohan Rajiv, product lead for LinkedIn's Jobseeker, said in a post on Friday that by applying this filter, you'll see only jobs with verified information about the company and job poster.
Kula debuts the first complete hiring platform with purpose-built AI for recruiting
The rise of AI has transformed the recruiting playbook. At least 62 percent of recruiters expressed optimism about AI’s impact on recruitment in a survey carried out this year — and Kula is ahead of the curve. Kula’s latest launch is an all-in-one hiring platform that leverages generative AI to assist recruiters in sourcing, screening, scheduling, and capturing interview feedback with prospective hires, complete with an AI-powered analytics dashboard. This marks Kula’s evolution from a point-solution tool for sourcing candidates to a full platform alleviating all of the pain points recruiters have faced over the decades.
‘Largest labor shortage the country has ever seen’ looms, report warns
U.S. employers will soon face “the largest labor shortage the country has ever seen,” a labor market report predicted Tuesday. There will be several major roadblocks on the path to developing a future-ready workforce: a “Silver Tsunami” of Baby Boomers retiring; falling childbirth rates; younger generations desiring office-based jobs requiring a college degree; and a shrinking number of working age adults participating in the labor force, according the report from Lightcast, a labor market data and analysis firm. There’s also a misalignment problem, the organization said: While women are earning degrees at record proportions and filling a growing share of critical roles in sectors like healthcare, they’re still filling less than 2% of jobs in traditionally male-dominated fields facing critical labor shortages, such as plumbing, HVAC and auto maintenance. Meanwhile, prime-age men are disappearing from the labor force driven by an uptick in substance abuse and incarceration, the data showed. The only growth in the U.S. labor force since 2019 can be attributed to immigration and foreign-born workers, Lightcast asserted.
US staffing revenue to fall 10% this year
US staffing industry revenue is projected to decline 10% this year to reach a market size of $189.0 billion, according to a new report by SIA. That’s a deeper decline than the 3% projected in March, though the industry is projected to return to growth in 2025. Several factors contributed to this year’s forecast fall in revenue, according to the US Staffing Industry Forecast: September 2024 Update report. “The decline has been driven by widespread client caution and project delays, a depressed manufacturing sector, falling bill rates in sectors such as healthcare and employer and worker heightened preferences for permanent positions over temporary positions,” according to the report.
Reimagining Recruitment Marketing for a Challenging Labor Market
The TAtech Leadership Summit on Recruitment Marketing is designed for HR/TA leaders and senior professionals at enterprise employers and their counterparts among TA solution providers. To be held at the newly renovated Le Méridien Tampa, The Courthouse, the conference opens with a welcome reception on the evening of February 26 and then runs all day February 27. The agenda is still in development, but the focus will be on showcasing the latest technology and most innovative practices for moving to full-funnel recruitment marketing. It will address the latest research on the labor market and its implications for recruitment marketers and then explore the three legs of an effective recruitment marketing strategy: Attraction, Awareness, and Application & Hire. Seating is limited at the conference venue, so register today to make sure you have a spot.