DECEMBER 2019HR TECH OUTLOOK8A Few Startups Defining New HR Tech NormsBen Luntz, General Partner and David Feldman, Junior associate, Indicator VenturesByBeing early stage investors at Indicator Ventures, we are on the forefront of many different industries being augmented by new technologies. These technologies aim to either compliment traditional operations or replace them all together. One of the industries that we have made investments and have experience in is Human Resources, aka "HRTech."HRTech has evolved over the years as more and more businesses shift away from legacy, on-premise software to more efficient cloud-based solutions. In parallel with this shift, we have begun to see companies in the space explore various avenues and new technology solutions when it comes to recruitment, talent management, and even internal business communication.Early on, recruiters would rely on LinkedIn, Monster, Indeed, and their own networks to source candidates. Startup founders recognized this recruiting system wasn't optimal and began to penetrate the space with alternative offerings; now, recruiters (and candidates alike) have more tools at their disposal to make the recruitment process more enjoyable and more efficient.One such company that has made a foray into recruiting is Wade & Wendy. Wade & Wendy are artificially intelligent assistants which leverage machine learning and big data to make hiring more human and efficient. Wade is a machine intelligent assistant (chatbot) that helps candidates navigate their careers and find the right opportunity, while Wendy helps companies identify the right talent to fill their open roles. The Wade & Wendy platform essentially aims to automate the drudgery and repetition involved in the recruiting process (sourcing databases, sending hundreds of emails, etc.) through technology, allowing all parties to focus on the best parts of recruiting such as interacting with candidates and diving deep into company specific needs.HR Tech tools like Wade & Wendy's AI recruitment chatbots are changing the recruitment landscape for the better. Forward looking, as automation becomes the norm within the industry, recruiters will be able to dedicate more time to strategizing rather than laboring on the execution. And as they do this, the KPIs in the industry will naturally shift - performance will no longer simply be about time-to-fill and roles closed; it will be about more granular metrics like time-to-onboard new hires or more macro metrics like the LTV (lifetime value) of a candidate.When it comes to talent and talent management, it's clear that the way employees interact with the companies they work for is changing. Specifically, we have begun to see a monumental shift in the US workforce and their tendencies within the job market. A new-aged workforce seems to have emerged where, instead of working one steady job throughout one's lifetime, people are gravitating towards a more dynamic and distributed work-life, sometimes even working multiple part-time jobs at once. As such, the emergence of the David FeldmanIn MyOpinion
< Page 7 | Page 9 >