Curated Intel from the Talent Tech Industry
January 24-30, 2022:
• Nothing mythical about these figures: unicorns are minted in earlier rounds than ever before;
• TA platform takes flight: Radancy acquires Firstbird referral software solution;
• No longer a shot in the dark: OSHA to set permanent vaccine or testing rule;
• Adding intelligence to referrals: Crosschq launches referral network for employer candidates;
• Yet another group to study the obvious: U.S. Chamber launches AI commission.
PLUS
• Episode 1 of the Start Smart podcast drops soon. Get the latest research on “The Modern Recruiter: A New Look at the TA Tech Stack” from Aptitude Research.
Unicorns Are Being Minted In Earlier Rounds Like Never Before, Valuations Skyrocket
Not only were new unicorns minted at a breakneck pace in 2021, but they were created in early-stage funding rounds at an unprecedented rate. While nearly 600 new unicorns were minted last year, about 18 percent were companies reaching that status after an early-stage funding round—defined as seed, Series A or Series B, according to Crunchbase data. Last year saw more than 100 unicorns created through early funding rounds, nearly 5x the number in 2020. In addition, Crunchbase numbers show those early rounds that bred unicorns totaled nearly $26 billion—more than 5x the total value of the early-stage rounds that minted new unicorns in 2020. Valuations similarly soared, as total valuations of unicorns born from early-stage funding hit $218 billion, compared to just $38 billion in 2020.
Radancy Announces Acquisition of Firstbird - A Global Leader in SaaS Based Employee Referral Programs
Radancy, the global talent technology leader, is pleased to announce its plans to acquire Firstbird, a global leader in SaaS based employee referral programs. Based in Vienna, Austria, Firstbird offers a comprehensive software solution to digitize and streamline the employee referral process. The acquisition of Firstbird is expected to close in the first quarter of 2022, subject to the satisfaction of customary closing conditions, including certain regulatory approvals. This strategic acquisition combines Firstbird's innovative referral technology with Radancy's unified talent acquisition platform. Together, they will provide global clients with enhanced touchpoints along the entire candidate journey, connecting people to careers and companies with qualified candidates to solve their most critical talent acquisition challenges.
OSHA Seeks Permanent Vaccine-or-Testing Rule, Shelves Temporary Directive
The Occupational Safety and Health Administration (OSHA) is withdrawing its emergency temporary standard (ETS) that would have required by Feb. 9 that large businesses ensure employees are vaccinated against the coronavirus or undergo weekly COVID-19 testing. Nonetheless, the agency is moving forward with its proposal to make the temporary directive a permanent standard. On Jan. 13, the U.S. Supreme Court halted the ETS while the 6th U.S. Circuit Court of Appeals considered the merits of the challenge against the vaccination-or-testing directive. OSHA announced on Jan. 25 that it will no longer seek to enforce the ETS, which will end the lawsuit, but the temporary directive served a dual purpose. The ETS also acts as a proposal for a permanent standard, which is separate from the litigation. “OSHA is not withdrawing the ETS to the extent that it serves as a proposed rule," according to the agency.
Crosschq Launches Platform to Source Talent with Candidate Referral Network
Crosschq, pioneers of the Talent Intelligence Cloud(tm) powering a revolution in data-driven hiring and people analytics, today announced the launch of Crosschq Recruit, the world's first recruiting platform built specifically to help companies source qualified talent directly from the professional networks of job applicants. Crosschq's Recruit allows talent leaders to effortlessly build talent pools of highly qualified candidates who are open to new career opportunities. This pool is built from individuals who served as a Crosschq 360 reference. When acting as Crosschq 360 reference, that person is invited to "opt-in" and be considered for new job opportunities across the entire Crosschq customer base. Profiles of candidates who "Opt-in" are enriched and matched through the Crosschq Talent Intelligence Cloud(tm) and are directly delivered to the inboxes of recruiters.
Yet another group to study the obvious: U.S. Chamber launches AI commission
The U.S. Chamber of Commerce has officially launched its Artificial Intelligence (AI) Commission on Competition, Inclusion, and Innovation to advance U.S. leadership in the use and regulation of AI technologies. Suzanne P. Clark is president and CEO of the U.S. Chamber of Commerce. “Artificial intelligence is rapidly changing how businesses operate, and this emerging technology can be a tremendous force for good in developing new medical treatments, identifying cyberthreats, expanding opportunities for the underserved, and making communities safer and more prosperous,” said Clark. “Technological innovation is foundational to a thriving 21st century economy. We must leverage AI to compete globally, and we need reasonable and responsible rules governing the use of AI that harness its potential while effectively mitigating its risks.” The AI Commission is co-chaired by former Rep. John Delaney (D-MD) and Rep. Mike Ferguson (R-NJ). It will bring together thought leaders with experience in government, industry, and civil society. The aim of the Commission is to address the advancement and challenges of AI adoption in communities throughout the U.S.
Episode 1 of the Start Smart Podcast: The Modern Recruiter: A New Look at the TA Tech Stack
Aptitude Research Founder Madeline Laurano and TAtech CEO Peter Weddle will explore the latest research and data on “The Modern Recruiter: A New Look at the TA Tech Stack” in the first episode of the Start Smart podcast. Get the facts and an expert analysis of their implications for enterprise employers and SMBs in this 30-minute show that will now be available every two weeks. It’s the smart way to shape high performing recruitment teams. Download the podcast at Apple podcasts, Google podcasts, and Spotify or at TAtech.org and AptitudeResearch.com. And also, stop by our Sponsors: Talent.com and Gr8People.