Curated Intel from the Talent Tech Industry
June 6-12, 2022:
• Making everyone great: GR8 People rebrands as The Everyone Platform for total TA;
• Building internal talent marketplaces: ServiceNow acquires AI-skills mapping solution Hitch;
• Humbling the mighty computer: Microseconds by a quantum device vs 9,000 yrs by a computer;
• Curing the social care system in the UK: Startup Florence raises $35M in Series B round;
• Pinpointing today’s deal makers: Study finds talent, tech and trade are key M&A drivers.
PLUS
• Make the smart investment with no downside risk. Join an association totally dedicated to the bottom-line success of talent technology companies – join TAtech: The Association for Talent Acquisition Solutions. Get the information, insights, business contacts and new ideas you can use to grow your business.
GR8 People Rebrands as The Everyone Platform™ to Enable Total Talent Acquisition for All Workforce Types from a Single Solution
GR8 People, the only talent acquisition platform to source, attract, engage and hire every workforce type in one seamless experience, announced the unveiling of their new brand identity and market positioning. The rebrand and strategic expansion of GR8 People’s talent platform capabilities are in direct response to the greatest workplace disruption in generations. Record breaking job openings, candidate expectations, the great resignation and changing ways of work have left organizations with shrinking talent pools, countless unfilled positions, and obsolete legacy software. Recruiting technologies designed exclusively for either full time talent or non-employee talent are the industry norm resulting in a disjointed and outdated approach to fill today’s talent gaps. To provide true recruiting agility, organizations require a unified hiring experience that moves beyond worker and technology silos for friction-free hiring of the best workforce when they need it.
ServiceNow acquires Hitch to solve skills crisis
The ‘Great Resignation’ is not just causing a talent crisis, it has also worsened the skills crisis. Businesses are grappling with huge skills gaps, particularly in the realm of digital, and they are desperate to find a solution. One answer that is being discussed is talent marketplaces which employers use to find the right skills that they need for certain projects from within their current talent pool. This is a net positive in the ‘Great Resignation’ given career development is a leading cause of the talent crisis, and talent marketplaces are a new way to develop and upskill employees. HR tech giant ServiceNow is embracing this approach to support its clients with the skills crisis, and therefore has bought Hitch. This comes hot on the heels of acquisitions of Geekobrain, Loom and LightStep over the past two years. Hitch is an artificial intelligence (AI) skills mapping and intelligence company with the tagline ‘unleash the talent inside’. It is headquartered in Seattle and was founded in 2017 by Kelley Steven-Waiss – she now acts as its founder and executive chairman. Steven-Waiss and Hitch CEO Heather Jerrehian will remain with ServiceNow as a result of the acquisition, which is expected to close in the second quarter of 2022.
A Photonic Quantum Device Took Microseconds to Do a Task a Conventional Computer Would Spend 9,000 Years On
Are quantum computers overhyped? A new study in Nature says no. A cleverly-designed quantum device developed by Xanadu, a company based in Toronto, Canada, obliterated conventional computers on a benchmark task that would otherwise take over 9,000 years. For the quantum chip Borealis, answers came within 36 microseconds. Xanadu’s accomplishment is the latest to demonstrate the power of quantum computing over conventional computers—a seemingly simple idea dubbed quantum advantage. Theoretically, the concept makes sense. Unlike conventional computers, which calculate in sequence using binary bits—0 or 1—quantum devices tap into the weirdness of the quantum world, where 0 and 1 can both exist at the same time with differing probabilities. The data is processed in qubits, a noncommittal unit that simultaneously performs multiple calculations thanks to its unique physics. Translation? A quantum computer is like a hyper-efficient multitasker, whereas conventional computers are far more linear. When given the same problem, a quantum computer should be able to trounce any supercomputer in any problem in terms of speed and efficiency. The idea, dubbed “quantum supremacy,” has been the driving force to push for a new generation of computers completely alien to anything previously made.
Social care startup Florence raises $35 million
Florence, a UK-based social care startup, has raised $35 million in Series B funding round. The round was led by AXA Venture Partners with participation from Roo Capital and existing backers SEEK Investments. Founded in 2016, Florence connects independent nurses and carers directly with care providers to fill their temporary shifts. The startup also offers free accredited training for social care workers and it says that 100,000 e-learners, 90,000 care professionals and over 2,000 care organizations have signed up for its services. “We believe everyone should have the care and dignity they deserve. We see this funding as an investment in solving the issues our broken system faces on a daily basis, which disproportionately impact the most vulnerable people in our society. With an expanded scope, we are positive we can help revolutionize care at a greater pace than ever before.” – Dr. Charles Armitage, Florence co-founder.
Study finds Talent, Tech and Trade the key drivers for M&A
According to a new M&A report launched today by global law firm Eversheds Sutherland – Putting the pieces into place: The next drivers of strategic M&A – 70% of global business leaders view the "triarchy" of talent, technology, and trade as core to their future M&A business strategy. Talent: 72% of business leaders see talent retention and acquisition as important in their organizations' business strategy over the next year. Three in five (62%) also believe the "Great Resignation" is acting as a catalyst for M&A as the battle for talent continues. Technology continues to drive organizations' business strategies, with almost 80% of business leaders seeking to improve their cyber security and three-quarters seeking digital transformation. M&A is seen as a rapid way to absorb new technology and expertise, with 74% saying M&A was important in bridging technology gaps. Trade: Impacted by supply chain disruption and trade sanctions, 68% of business leaders say that increasing supply chain resilience will be a strategic M&A priority over the next year. 72% of business leaders also see increasing supply chain resilience as important to their organization's business strategy over the next year.
The Only Association Dedicated to the Success of Talent Technology Companies
If you’re in the job board, recruitment marketing, ATS, chatbot or conversational AI, CRM, assessment & interviewing or any other talent technology business, join an association that works continuously to promote your success – join TAtech: The Association for Talent Acquisition Solutions. From its multiple B2B and B2C conferences every year to its publications, podcasts and webcasts, TAtech is all about talent technology all the time. It is the single best place to stay on top of the market, keep an eye on the competition, and do partnership and other deals that can grow your business. Make the smart investment. Join today!