A weekly summary of trending news & commentary for busy talent acquisition technology execs and professionals.
“Chronobank, an Australian startup, states that its purpose is to develop a ‘blockchain project aimed at disrupting the HR/recruitment/finance industry, similar to the way Uber revolutionized the taxi business.’
A blockchain is an encrypted digital ledger of records that are organized into groups of data called blocks and distributed over a network. The blocks are located on servers called nodes linked together, hence the term “chain.” In effect, Blockchain is a way of decentralizing and sharing information across a network.
Whenever a new transaction occurs, the blockchain is authenticated across this network, before the transaction can be included in the next block on the chain. So, the agreement of each node is required to add the block into the chain. Only certain entities such as a specific person or corporation, have a digital ID and can add specific types of information (your college grades and degree, for example). Each node on the network has the same information, and all nodes must agree.
Benefits of Blockchain in Recruiting and HR
• It could eliminate the need for background checks, reference checks, educational and experience verification and so on.
• It would protect employee data from falsification and random change without the approval of everyone in the chain….”
Kevin Wheeler, Why Blockchain May Change the Talent Market, October 16, 2017
Job Boards & Social Media Sites
Facebook may make it harder for people to see publishers’ stories, unless those publishers pay to promote them. As part of a new test in six countries [Sri Lanka, Bolivia, Slovakia, Serbia, Guatemala, and Cambodia], Facebook is taking content from publishers and businesses out of its main feed. Instead, those posts will exist in a separate, hard-to-find feed that Facebook recently launched for discovering new stuff, called the “Explore Feed.” The Explore Feed’s purpose is to show users posts from people or publishers they don’t follow, in the hope that they’ll find new stuff they wouldn’t otherwise see. In some countries, though, the social giant is also testing putting all publisher content in this secondary feed, even if you do follow those publishers. [Source¨Recode.net]
Clients of JobsInTheUS network can now choose to accept applications via the site’s new ATS functionality when posting jobs. Described as a “light” ATS, the new system will allow you to:
● Tag and categorize your applicants with flags and status updates
● Communicate with candidates directly from the dashboard
● Send interview questions to candidates that have applied
● Add notes to candidates and more!
Relocate.me has launched to “promote a relocation package as an integral part of any company, hiring from abroad, and the tech industry as a whole. It should be the same standard as a coffee machine or table tennis in every modern IT office. The idea behind the creation of Relocate.me is to let software developers relocate without stress or tension, as well as help tech companies attract international talent. Although provision of relocation perks isn’t a new concept, some tech companies don’t place primary emphasis on this aspect when hiring overseas talent. Since the inception of the site’s parent company, recruitment agency Relocateme.eu in 2012, it’s already supported over 150 developers worldwide, from Australia to Sweden, from Brazil to the Netherlands, in their job relocation.”
Revelo, a job marketplace that puts the responsibility on companies to contact candidates, has raised $4.6 million in its latest financing. The company, unlike traditional job boards, puts high-end, high-profile Brazilian job seekers at the center of the search, and makes companies reach out to them. Its latest round was led by Valor Capital, the Latin American-focused venture capital fund, with participation from the online Australian recruiting company Seek. Previously called Contratado.me, the company raised a seed round in 2015 from Social Capital, Graph Ventures and angel investors.
Sourcing, Matching, Assessing Technology
AkkenCloud officially announced the release of Inbound Referral Management, the staffing and recruiting industry’s first application designed to help agencies empower and motivate their employees to find and refer top quality candidates for their available positions. While the contingent workforce trend keeps gaining momentum, the ability for recruiters to fill open jobs in a timely manner has become a huge challenge with unemployment rates so low. AkkenCloud is helping its customers leverage word of mouth marketing to discover new talent, while rewarding their employees for referring friends within the Inbound Referral Management application, which makes the introduction in a seamless, easy-to-track way. It is estimated that traditional hiring and sourcing costs range from $4,000 – $18,000 per new hire, depending on the position. Referral fees for the same quality candidate however, would generally range from $100 – $1,000. The savings, the company asserts, are game changing.
“WayUp, the student focused job market is launching public profiles for its 3.5 million members. Designed specifically for ‘early career candidates,’ these profiles will emphasize what makes job seekers desirable to prospective employers outside of traditional work experiences. Users can highlight unique attributes such as hobbies, fun facts, skills, leadership positions, and more. The profiles are searchable by search engines and have a simple URL structure similar to what LinkedIn does.” Source: Recruiting Headlines
AI & Machine Learning Solutions
Leap, a Dubai, UAE-based new career platform, raised AED3m in funding. The backers were not disclosed. The company intends to use the funds to expand quickly on a global scale within its first year of operation. Leap uses artificial intelligence technology to give candidates and companies an online career platform which provides useful resources throughout the recruitment cycle. Candidates can view detailed information and rich media about companies in the region – including “behind the scenes” videos – and have access to career resources including coaching and informative articles. For clients, applicants are scored on their suitability for each job vacancy. They get company pages to enhance their employer branding and the Leap media team will create videos and corporate photography.
TechCrunch reports that LinkedIn has introduced “a new smart reply feature in its messaging app, which gives users prompts with different phrases to use while they are chatting to keep the conversation flowing. The feature is launching in English first in LinkedIn’s mobile app and on desktop. LinkedIn says that it plans to roll it out to more languages sometime in the future. And users can opt out of the smart reply feature in their settings. Smart replies may sound familiar to you for a couple of reasons. The first of these is that LinkedIn itself has been trying out a version of suggested replies since January of this year, and was actually already talking about its plans on this front months before that. The key difference in today’s news is that the company is now using more AI tools like machine learning and more sophisticated natural language processing to be able to understand the gist of a conversation and how to help keep it going.”
Mya Systems, the creators of AI recruiter Mya, announced today that it has secured $18M in Series B funding, led by Foundation Capital with participation from Emergence Capital. The company also announced new, groundbreaking product advancements, including multi-lingual support, and proprietary AI capabilities that automate the candidate sourcing process. The new funding will enable Mya Systems to accelerate growth of its world-class AI team, open new offices in Europe to support its ever-growing global customer base, and expand its solution into new job categories.
Standards & Best Practices
IT suppliers managed to seize on chaotic price inflation following the Brexit vote to maximise their profits, according to the annual KnowledgeBus IT Margins Benchmarking Study. Now in its fifth year, the study reveals the average margins charged by suppliers across the 29 different sectors. In the previous four years, the report has shown buyers becoming shrewder about IT purchases – with a gradual reduction in the average mark-up being paid to suppliers each year. Industry best practice, as specified by the Society of IT Managers, states that organisations should not pay more than a 3% margin to suppliers. However, this year’s study revealed that those margins had risen for the first time ever – up to 18% from 17.6% the previous year. The recruitment sector seemed to have gradually bucked this trend however. The average margin paid in 2016 was 19%, down from 30% in 2014. Source: RecruitmentBuzz
TAprose and TAtech Global News Bulletin are brought to you by TAtech: The Association for Talent Acquisition Solutions.
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• February 12-13, 2018 Scottsdale, Arizona USA: The TAtech Leadership Summit on AI/Machine Learning in Talent Acquisition – the only conference totally focused on the capabilities and impact of AI/ML/NLP in recruitment.
• March 13-14, 2018 Dublin, Ireland: TAtechEurope 2018 – the premier event for recruitment advertising and technology thought & business leaders in Europe, the Middle East and Africa.
• April 18-19, 2018 Las Vegas, Nevada USA: The TAtech Spring Congress & Meetup – a unique conference designed to maximize opportunities for B2B networking, trending topic discussions and the exploration of partnerships and business opportunities.
• June 5-6, 2018 Minneapolis, Minnesota USA: The TAtech Leadership Summit on Programmatic Ad Buying – the only conference totally focused on the technology and applications of programmatic ad buying by both publishers and advertisers.
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