As more automation and AI tools hit the market, HR leaders (and, frankly, HR tech editors) are eager for data on their efficacy for specific use cases. A recent survey by Bullhorn, a staffing platform built for recruitment agencies, caught my eye because it drilled down into a specific slice of human resources: recruiting and its impact on revenue.
Automation and AI for recruiting and revenue growth
Bullhorn asked more than 1,400 recruitment industry professionals worldwide about the factors that drove revenue growth in 2023. A manageable time to hire seems to be key, as the study found that firms that place candidates within 20 days or less were more likely to experience increased revenue. Automation tools seem to be critical to achieving this efficiency. According to Bullhorn’s data, firms that automated their processes witnessed a 26% reduction in time to place candidates.
Furthermore, the survey highlighted the importance of embracing artificial intelligence in recruitment. Firms with an established AI strategy were the most likely to report revenue growth at 57%, followed closely by those experimenting with generative AI at 51%.
To deal with talent shortages, recruiting firms say they are investing in technology to improve talent engagement more than any other strategy this year. Automation in outreach, job matching, and onboarding and intake are top areas where tech is being employed, according to Bullhorn. The report states that staying on top of automation tech “will showcase firms’ expertise” in a year where economic challenges persist.
Gig platforms for freelancers
Aside from the larger loom of the economy, I also thought it was interesting to learn that recruiting firms noted the rise of gig platforms as a concern for the first time this year, according to Bullhorn. Solutions in this category include Upwork and Fiverr, which connect workers or freelancers with open positions or projects that match their skills.
According to data from Upwork, 38% of the U.S. workforce freelanced in 2023, accounting for $1.27 trillion in annual earnings. That means 64 million Americans performed freelance work last year, an increase of 4 million from 2022.
And here’s the news…
HR tech in action
LinkedIn Learning has announced new features, including “Next Role Explorer” for visualizing career paths and personalized “Learning Plans” to close skills gaps.
Additionally, new internal mobility features give employees visibility into internal job openings and aim to enable HR leaders and hiring managers to find interested employees seamlessly.
Vimeo Central is a new AI-powered video hub designed for businesses. This secure, centralized solution empowers business leaders and their teams to seamlessly communicate through video and keep messaging in a single, dedicated place.
As video becomes a more frequent workplace communication mode, the tool promises productivity gains for both on-site and distributed work teams.
HR company Deel announced the March 5 acquisition of Africa-based payroll and HR solution provider PaySpace for an undisclosed sum. Alongside this acquisition, Deel unveiled an impressive milestone, achieving $500 million in annual recurring revenue (ARR) in less than five years since its founding.
More from HRE
Be a part of HR Tech Europe’s debut. Experience masterclasses, tech showcases, breakout sessions, thought-provoking debates, networking opportunities, pub crawls and more at the May 2-3 event in Amsterdam. For HR leaders interested in global insights, this event will shape strategies and turn new perspectives into practice. Register now.
Connecting over 40 million people, SEEK’s new combined platform is designed to allow employers across APAC to find talent more easily. The new solution deploys AI models to assess talent suitability and provide personalized recommendations by processing data from various sources.
HRE and the HR Technology Conference & Exposition have joined forces again this year to showcase new and innovative solutions via the annual Top HR Tech Products of the Year competition. The submission deadline is April 17. Enter now.
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