With reports indicating that the UK’s rate of unemployment last year reached the highest levels it has since records began, it is clear that many people are looking for work in a very competitive jobs market.
For recruiters, the prospect of managing and organising such a large volume of candidates can feel like a somewhat overwhelming task. So given that we live in an age of constant technological advancement, it’s unsurprising that many recruitment firms are turning to software to help manage their workforce and consequently make their lives a whole lot easier.
One such company is San Francisco based start up, SmartRecruiters. The company has just secured an impressive $30 million funding round led by Insight Venture Partners, a company of technological investors and oprerators who specialise in aiding with the growth and acceleration of start up software ventures. Their vision is simple: develop software that makes recruitment as simple as possible. From managing applicants to communicating with clients and even organising job their postings, this software is a one-stop shop for recruiters who are becoming bogged down with the sheer numbers of candidates on their books.
Of course, this is not a new concept and many software platforms specialising in the recruitment field are also working on strategies to improve their own technology. However with recruitment being one of the fastest growing sectors of both the UK and American business markets, experts anticipate that there will be no shortage of recruitment firms wanting to invest in and deploy the type software that will make their working lives easier. Speaking to TechCrunch, the managing director of Insight Venture Partners states that ‘the space is large enough’ and goes on to predict ‘billions of dollars of potential annual recurring revenue.’
Some argue that SmartRecruiters set themselves apart through their ‘mobile first’ approach, and the collaborative strategies that seem to enable them to entice and retain a wealth of good quality candidates. Indeed, they have secured 700 enterprise customers in the past two years alone. Bearing in mind that the start up is still only six years old this – plus the significant funding that they have secured – seems to indicate a bright future.
While no mention of IPO possibilities has yet been made, investors must certainly hold out high hopes for the company and it’s future prospects based on it’s achievements thus far.
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