Here is your April guide to the latest trends impacting the world of work. Every month, we provide perspective on the biggest news affecting the industry and explain what to expect as new trends continue to emerge.
HRTech Investment Summary for Q1 2023
- There were 80 Global HRTech deals valued at over $2.2B in Q1 2023, making it the 7th largest quarter on record for dollars invested and 8th largest quarter for deal flow.
- Investments in HRTech and WorkTech contrasts the overall B2B technology market, which continued its decline for the 5th straight quarter.
- Talent Acquisition was responsible for 26 deals and $737M invested, with $516M of that directed at Marketplace Job Boards.
On-Demand Healthcare Workforce Marketplaces Led Funding Rounds
ShiftMed and ShiftKey raised a combined $500M in Q1 2023.
ShiftKey is a scheduling and credential management platform for the healthcare industry. It raised $300M in Q1 2023.
- Realtime access to shifts
- Automated credential verification
- Notifications system
- PayCard for daily pay and direct deposits
- Learn more: https://www.shiftkey.com/
ShiftMed is a nursing jobs app that delivers an on-demand workforce marketplace for credentialed nursing professionals. It raised $200M in Q1 2023 ($245M total).
- Realtime access to shifts
- 350K credentialed Nurses
- 110 Markets
- Instant PayTM, Next Day PayTM, direct deposits
- Learn more: https://www.shiftmed.com/
Source: WorkTech x LaRocque LLC
Life Trends 2023 x Accenture
Accenture’s annual Fjord Trends are often heralded as the gold standard in trends reports, with their thought-provoking and insightful observations on work and life, and the factors that impact them, being referenced in many a trends presentation.
In their 2023 Life Trends report, Accenture covers a plethora of factors making life difficult for society. This “permacrisis” means people are continually needing to adapt at a quicker rate than ever. The COVID-19 pandemic, continued economic and political instability, climate change and technological disruption are forcing people to constantly pivot and adjust.
Some notable highlights from the report that employers, leaders, managers and talent acquisition teams may want to take note of include:
- People will increasingly raise their voice against injustice – in some cases, at the risk of significant personal cost. “Some of these situations will catch employers by surprise, disrupt their business and economies even further.” We’ve seen that in many countries recently: protests, strikes, lobbying, social ‘hacktivism’, ‘quiet quitting’, and employees sharing their experiences on social channels.
- Continued challenges with how leaders will solve the RTO-hybrid working conundrum to meet the sometimes-conflicting and fragmented needs and desires of employees. Leaders need to decide which approach will serve their business and their employees best. It’s not about just where people work – it’s how they work, and the value exchange between employer and employee beyond pay. In some cases, leaders will need to make clear that what employees want may, in fact, be detrimental to their own experience of work. It’ll be a hard sell, but an important one. The report highlights the challenging dichotomy that leaders face in balancing the cultural and business benefits of having people together in the office, with the need for individualized flexibility, primarily around where and when we work. Some of this is driven by desire (e.g., for better work-life balance, cost savings achieved from reduced commuting), but much of it is driven by necessity (e.g., challenges with childcare or caring for the sick). A lack of commuting and being “out and about” beyond one’s immediate vicinity could hamper innovation through lack of diverse inspiration.
- Impact of the creator economy. A continued increase in the platforms and tools to enable and empower the creator economy to monetize their value could see traditional talent pools shrink as employers compete for talent – not simply with other employers, but with other ways of making money beyond conventional jobs.
The Future of Recruiting 2023 Report x LinkedIn
LinkedIn’s “Future of Recruiting” report provides insights and predictions based on surveys of global talent leaders, recruiting professionals, and candidates. The report offers 17 predictions covering trends in the role of recruiting, economic uncertainty, employer branding, skills-first hiring, and internal mobility & upskilling.
Some of the highlights include:
- Recruiting professionals will need to understand what candidates want, the skills they possess and how their careers can grow with the business.
- Rising inflation, stagnating wages and a competitive labor market make compensation [and benefits] a top priority for candidates globally. The surveys also show work-life balance and flexible working as top priorities.
- 45% of recruiting professionals say their companies increased salaries enough to keep pace with inflation, and 81% say they need to work more closely with L&D in the future.
- The top outcomes that hiring professionals hope to see from generative AI, include automating repetitive tasks, and making it faster/easier to source and engage candidates.
- Employers will hire more contractors or gig workers to protect against uncertainty. The share of US paid job posts for contractor roles increased 26% YoY, while FT roles only grew by 6% YoY (May–Nov 2021 vs. May–Nov 2022).
- The report emphasizes the importance of internal recruiting and internal mobility, with 75% of recruiting professionals saying it will be an important factor in shaping the future of recruiting. LinkedIn data from Jan 2023 found that employees at companies with high internal mobility stay 60% longer.
- The report also notes that learning will be a compelling driver for candidates and recommends that employers show potential candidates how they will help them develop new skills and what career advancement opportunities exist.
2023 Tech Salary Report for France, Germany, The Netherlands x Talent.io & Figures
Talent.io produced their annual Tech Salary Report in collaboration with compensation management platform, Figures, to provide an overview of the current state of tech salaries in France, Germany and the Netherlands. The report reviewed 100,000 job postings on talent.io together with compensation data from Figures.
The key takeaways from the report are:
- No decreases in median salaries, but some restrictions on salary increases in 2023.
- French software engineers earn less than counterparts in Germany and The Netherlands.
- Companies continue to value talent over location – remote-based developers earned the same as those on-site.
- Female developers remain underrepresented, comprising only 12% of the total developer population in France, 14% in The Netherlands and 17% in Germany.
- React is the most sought-after front-end technology, with Node.js being the most sought-after back end technology.
Download the 2023 Tech Salary Report by Talent.io and Figures
- The Scoop: Recruitment Trends & Industry Insights | May 2023 - May 31, 2023
- The Scoop: Recruitment Trends & Industry Insights | April 2023 - April 27, 2023
- The Scoop: Recruitment Trends & Industry Insights | March 2023 - March 30, 2023
- The Scoop: Recruitment Trends & Industry Insights | February 2023 - February 28, 2023
- Top 10 Talent Acquisition Trend Predictions for 2023 | The Scoop: January 2023 - January 26, 2023
- The Scoop: Recruitment Trends & Industry Insights | November 2022 - November 30, 2022
- The Scoop: Recruitment Trends & Industry Insights | October 2022 - October 27, 2022
- The Scoop: Recruitment Trends & Industry Insights | September 2022 - September 30, 2022
- The Scoop: Recruitment Trends & Industry Insights | August 2022 - August 31, 2022
- PAY TRANSPARENCY: A GUIDE FOR TALENT ACQUISITION TEAMS | THE SCOOP: JULY 2022 - July 28, 2022