TA Tech Business Newz is the only weekly publication that focuses entirely on key announcements and individual newsmakers in the talent tech industry. It is designed for executives, thought leaders and trend-setters looking to stay on top of the ever-morphing world of talent technology.
And now, TAtech is pleased to introduce Talent Tech Joe, our quarterly summary of the key dynamics shaping the field of talent technology. Each quarter, Talent Tech Joe will highlight the major trends brewing among the organizations that design, develop, produce and sell technology-based talent acquisition products and services.
So, without further ado, here is Q1's Talent Tech Joe.
Trend #1: Talent Tech Acquisitions Are Accelerating
Talent technology companies are aggressively acquiring other companies in order to expand in two areas: their technology development capabilities and their product offerings. For example:
• In January, Paradox acquired Israeli Chatbot Spetz.io to help “global talent acquisition teams automate recruiting tasks like screening, interview scheduling and candidate communications.”
• In February, Recruitics acquired UK-based Reverse Delta to add integrated recruitment websites and digital marketing to its suite of recruitment marketing services.
• In March, iHire announced plans to acquire WorkinSports.com, making it “the 57th industry-focused community on iHire’s recruitment platform.”
Trend #2: AI is Reshaping the Talent Tech Marketplace
Talent technology companies are pushing AI, machine learning, neural networks and deep learning into every facet of talent acquisition. For example:
• In January, Hiretual introduced a Sensitive Compartmented Information (SCI) filter that uses AI to help improve accuracy when identifying online candidates with security clearances.
• In February, Circa launched AI Candidate Match “to help companies accelerate their success toward building more diverse, innovative, and high-performing teams.”
• In March, ZipRecruiter introduced a feedback tool for candidates that indicates how strong a match they are for a job using AI algorithms trained on data from billions of employer and job seeker interactions.
Trend #3: Money Cascades into Talent Tech Companies
HR tech is fine, but it’s only worth the squeeze if there are workers to whom it can be applied, which makes TA technology a smart investment for a growing number of angels, private equity firms and investment banks. For example:
• In January, Greenhouse announced a private equity investment of $500 million “to accelerate product innovation, grow into new markets, and enhance solutions aimed at accelerating diversity, equity and inclusion in hiring.”
• In February, WizeHire closed a $7.5 million Series A funding round to “provide small businesses a faster, easier hiring experience previously only available to large corporations.”
• In March, JobandTalent grabbed $120 million in a Series D funding round to enter the U.S. staffing market with its “dual-sided platform that matches temps with employers needing casual labor in sectors like ecommerce, warehousing, logistics and manufacturing.”
There was plenty of other news in Q1, of course, but those are the trends giving talent technology a jolt. We’ll be back in Q2, but don’t wait until then to stay informed. Read TAtech’s weekly report TA Tech Business NewZ to get a curated summary of up-to-the-minute announcements, developments and individual moves in the field of talent technology. Subscribe on the drop down window at TAtech.org.