HCM Abuzz Over Free Recruiting Strategy
While the human capital management industry has been abuzz by the recent acquisitions of Rypple to Salesforce, SuccessFactors to ADP, Jobs2Web to SuccessFactors and most recently VisualCV by Talent Technology, there is a visible shift happening in the world of human resources technology and HCM. VC firms and investors are waking up and realizing the golden opportunity that this industry represents as CEOs and corporate teams agonize over succession plans, recruiting strategies, and employee development programs. We have entered the war for talent but the war may be entirely different than we first expected. It is the war for talent technology instead solely talent.
Saas based models, those that are hosted in the cloud are of great interest as companies look to go paperless storing all their company data including candidate and employee records completely online. With a Saas system, gone are the days of software versions and inconvenient server data storage systems.
But imagine a Saas-based system that is completely free and easy to use that provides you a variety of interactive option created for the small to medium sized business. Now, imagine if that free system was an ATS.
Saas 2.0 Changes Recruiting Strategies Forever
That’s exactly what SmartRecruiters is doing and succeeding at changing the HCM industry and offering recruiting and HR departments a no-cost recruiting option. (Full FTC disclosure, I work with SmartRecruiters and provide them with consulting and serve as a writer on their site.) But that doesn’t stop me from thinking they’re a whole lotta awesome.
And of course I was excited to learn that SR recently secured $5 million in venture funding from the Mayfield Fund to further their efforts in disrupting recruiting with their Free Saas 2.o model.
Small firms pay a median figure of $3,665 in recruiting costs per hire, compared with $1,949 per hire at companies employing 10,000 employees or more according to a November 2011 study by Bersin & Associates. SmartRecruiters free social recruiting platform aims to empower small and medium-sized businesses – the largest hiring segment – and that can also have the biggest impact in creating jobs and helping fuel our economy.
Small & Medium Business Fuel Economic Growth and Jobs
And focusing on economic growth continues to be a challenge that many experts believe will happen as small not large businesses focus on hiring and through job creation. ADP’s December 2011 Employment Report released earlier this month, was promising and December was the largest monthly gain for job creation with much small to medium sized businesses leading the charge.
Technology innovations are helping to make a difference to fuel our economy. They are a factor in what I like to think of as the New Renaissance. These technological advances are making the entire employee life cycle process easier and more enjoyable for everyone involved (hiring managers, managers, recruiters, and candidates included). I also believe the disruptive free recruiting model along with industry thinkers, analysts, and leaders might be the reason that our economy and the industry is moving in a positive direction.
FTC Disclosure: I received compensation for mentioning the product listed above as part of one of the services I offer my clients. Regardless, I only recommend products or services I use personally and believe will be good for my readers. I am disclosing this in accordance with the Federal Trade Commissions 16 CFR, Part 255: Guides Concerning the Use of Endorsements and Testimonials in Advertising.