OCTOBER - 2022HR TECH OUTLOOK19CXOInsightsThere is a talent war going on and it's not becoming easy to attract and retain great talent, even for the best of the companies in the world. We no longer are in the era of candidates applying to any job; in any company; in any team, but candidates want to consciously understand culture, social impact, career progression, seek learning opportunities and the ability to live their personal life. Traditional talent process has failed candidates and companies. The current HR tools are ineffective to market, attract, recruit, onboard, manage, develop and grow the talent.Entrepreneurs interested in disrupting vertical software should find a great opportunity in the HR suite of applications. The global HR software market will be worth $38.36 billion by 2030 based on the analysis by verified market research. In 2021, the market was worth $23.32 billion with a constant growth from 2022 to 2030. With the market in perspective, we need to understand the tailwinds helping the much further growth.1. The pandemic has given power to employees and thereby changed the bargaining power from employers to employees. 2. While the hybrid work environment is here to stay, the challenges only multiplied. Most importantly, how do we engage and retain the employees. 3. With the widening skill gap from what is being taught at universities to what employers what, the need to bridge the gap is becoming critical for company success. If you are thinking of disrupting the HR industry, you should look at HRTech industry in a simplified landscape. There are thousands of startups worldwide that are starting in one segment and move to expand into the whole suite of HR applications based on their success. For startups, it's not really about providing a suite of applications for the HR teams, but it's about solving one problem, landing in a company, providing value, and then expanding with other products in time.CANDIDATE EXPERIENCE MANAGEMENT (TALENT ACQUISITION)· Candidate Marketing: How do you provide power and tools to recruiters to reach out to candidates about their next move or reach out to ex-employees to engage them about talent needs?· University Recruiting: How do you reach out, engage and recruit talent from the universities?· Candidate Sourcing Events: What are the different avenues (such as Google, LinkedIn, TikTok, Facebook) to source candidates into your recruiting system so that recruiters can evaluate and reach out?· Candidate Engagement: Once a candidate is on your website or in your database, how do you engage them? You only get a few chances to impress the candidates in a highly competitive environment.· Interview Management: Let's face it, interview experience sucks. You give the interview and you will never hear back or you don't know what to expect in those 5 rounds of Suresh Krishna MSuresh Krishna M, Managing Partner, P10x VenturesByMAKING A DIFFERENCE WITH STARTUPS
< Page 9 | Page 11 >