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As more automation and artificial intelligence tools enter the market, HR leaders (and frankly, HR technology editors) are hungry for data on their efficacy for specific use cases. A recent survey from Bullhorn (a recruiting platform for recruiting agencies) caught my attention because it delves into a specific part of HR: recruiting and its impact on revenue.
In addition, the survey also highlighted the importance of using artificial intelligence in recruitment. Companies with established AI strategies were most likely to report revenue growth of 57%, followed closely by those experimenting with generative AI at 51%.
To address talent shortages, recruiting firms say they are investing more in technology to improve talent engagement than any other strategy this year. Automation in outreach, job matching, admissions and admissions are top areas for technology adoption, Bullhorn said. The report noted that staying at the forefront of automation technology “will demonstrate the company’s expertise” in a year of continued economic challenges.
Gig platform for freelance workers
“Beyond the larger economic outlook, I think it’s interesting that recruiting companies are identifying the rise of gig platforms as a concern for the first time this year,” Bullhorn said. Such solutions include Upwork and Fiverr, which connect workers or freelancers with openings or projects that match their skills.
Upwork data shows that 38% of the U.S. workforce will be freelance workers in 2023, with annual income reaching $1.27 trillion. This means that 64 million Americans were employed in freelance work last year, an increase of 4 million from 2022.
This is news…
HR technology in action
LinkedIn Learning announced new features, including the Next Role Explorer to visualize career paths and personalized Learning Plans to close skills gaps.
These learning and recruiting tools enable employees to learn about internal job openings and are designed to enable HR leaders and recruiting managers to seamlessly find interested employees.
Vimeo Central is a new artificial intelligence video center designed specifically for enterprises. This secure, centralized solution enables business leaders and their teams to seamlessly communicate via video and deliver messages to a dedicated place.
As video becomes a more frequent mode of workplace communication, this tool promises to increase the productivity of on-site and distributed work teams.
Human resources company Deel announced on March 5 that it has acquired PaySpace, an African payroll and human resources solutions provider, for an undisclosed amount. In addition to this acquisition, Deel also announced an impressive milestone, reaching $500 million in annual recurring revenue (ARR) in less than five years since its founding.
More from Holy Roman Empire
Attend HR Tech Europe debut. Attend the event in Amsterdam on May 2-3 to experience masterclasses, technology demonstrations, breakout sessions, thought-provoking debates, networking opportunities, pub crawls and more. For HR leaders interested in global insights, this event will develop strategies and translate new perspectives into practice. Register now.
SEEK’s new combined platform connects more than 40 million people and is designed to make it easier for employers in Asia Pacific to find talent. The new solution deploys artificial intelligence models to assess talent suitability and provide personalized recommendations by processing data from various sources.
Holy Roman Empire and the HR Technology Conference & Expo are joining forces again this year to showcase new innovative solutions through the annual Top HR Technology Product Competition. The deadline for submissions is April 17. register now.
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