Despite a global pandemic it was a banner year for funding in 2020 when it came to HR technology. The big winner was Eightfold’s $125 million round for its AI based recruiting software. We are living through the golden age of HR tech and the money is still flowing like a torrent.
THE FUTURE OF DICE: my pal Jeff Dickey Chasins writes about his former employer, the job board Dice.com and its future. Its an interesting look at whats happening to them and the "big" job sites in the market. Check out my comment at the end.
TOO MANY RECRUITING TOOLS? Tim Sackett says we are forcing too many tools onto recruiters. There is certainly truth to this statement.
"We start out with a bunch of recruiters and some phones. That’s not enough we need to add some other stuff, these recruiters need tools! So, we give them email and an ATS. Then comes the job boards, postings, InMails, etc. Might as well automate background checks and references. We really need to fill the pipeline, here comes sourcing tech!
Wish we had a way to get our messages out to candidates more effectively! CRM, branding technology, data analytics, SMS messaging, etc. Just keep adding more tools! That’ll a fix it Except it doesn’t!"
WHATS NEXT IN HR TECH? Too early to tell says analyst Josh Bersin. It is impossible to predict but he does have a few thoughts. "Next year I anticipate seeing more vendors here discussing wellness and work/life balance. From our data we know 45% of millennials consider a healthy work/life balance to be their top priority, so we can expect more tools based around this."
Bersin also anticipated a rise in rapid feedback software. "We used to operate a system that offered feedback once a year at appraisals. But in reality this is way too little feedback. We can expect to see a rise in tools that offer fast feedback on everything the employee does."