I encourage you to read our own Scott Fowle’s recent blog post, “The Next Chapter is Total Recruitment Marketing”, which is a great piece on where recruitment is headed.
Last week, we announced that SmashFly has secured $9 million in funding from OpenView Venture Partners. It’s an important milestone for us as a company and we’re excited about the future of recruitment marketing and our role in its evolution.
On a personal note, the milestone is particularly invigorating. I’ve lived and breathed SmashFly for nearly 5 years since joining Mike Hennessy’s vision back in early 2010 and it’s been one of the more rewarding experiences in my life. It’s been eye-opening being part of the growth that has transformed SmashFly from a small shop to the leader in this emerging product category. And I’m incredibly proud to work on a team that is uber talented and consistently challenges me (and each other) every day. Without them, none of this happens.
(By the way, we are growing our team and are looking for quality people to join us in our vision. See our Jobs page for more information.)
At moments like these, I always like to take a look at what it means not only from a personal level but on a global level as well. It is the perfect opportunity to take a step back and look at what these events mean to the bigger picture and the trends that are unfolding in our space. Truly examine where we’ve come, where we’re at today and where we’re going.
So in the midst of internal excitement here are SmashFly, here are a few thoughts and observations on what this funding means in the big picture as we look at how we as companies build great teams.
Pre-applicant recruiting (or Recruitment Marketing) is being funded considerably…If you’ve been following the technology space over the past 24 months, you’ve seen considerable money entering the recruitment marketing space. From investment funding for social recruiting, mobile, job distribution, CRM, analytics, Recruitment Marketing Platforms and other technologies to acquisitions of important players by IBM, SAP and Oracle (such as the Jobs2Web acquisition). When money is being spent in a technology category, there’s a reason for it. The investors think there is considerable money to be made and their investments will be paid back tenfold. And their instincts are often correct.
Strategic Talent Acquisition will occur outside of legacy systems… There’s also a significant increase in investment happening with companies looking to be more strategic in their talent acquisition efforts. While in the past, they’ve looked to ATS and Talent Management Systems to improve their Talent Acquisition efforts, companies are looking more to the beginning of the recruitment funnel (or the pre-applicant) for tools that can help them strategically execute and measure toward their talent acquisition goals. Today, it’s become less about switching out the ATS to improve recruiting and more about building strategic processes and systems with actionable analytics around the ATS, no matter the one a company uses.
Analytics will drive continued improvement…The old question, “if you can’t measure it, how do you know if it’s working?” stands true in recruitment today and with technology, companies are finally gaining the visibility and insight needed to consistently improve their talent acquisition strategies. While the recruiting analytics today are good, they will continue to get better and the organizations that have better, accurate, more actionable data will be able to adapt their strategies in ways that help them better meet talent acquisition and just as important, overall business goals.
The Shape and Structure of Recruitment Teams is changing…As Scott mentions in his post, how we structure our recruitment teams is changing with specialization and deep expertise supplementing the broader skill sets that exist today in recruiting (which is a key business trend that is happening in every department not just recruiting). So as companies evaluate their strategies, they will also be evaluating their teams and bringing in experts that can help them in the areas needed to find and attract candidates whether it’s branding, content creation, social, analytics, etc. All with the goal of getting more qualified candidates in the door, which is one of the most important goals in talent acquisition. This organizational shift is a key tenet in Total Recruitment Marketing.
Technology is evolving along with it…While we touched upon the need for pre-applicant recruiting technology above, we are also seeing Platforms that are adapting in concert with this increased specialization that’s occurring in our recruiting teams. It’s less about the siloed tools to get a specific function done and more about Platforms that help bring together the team and various functions and unite them in working toward the common goal of finding and attracting quality candidates. Organizations don’t want to use multiple tools and systems to do everything they need to do to attract candidates (and that list is getting longer by the day) but are looking to use comprehensive Platforms that unify the execution and measurement of the strategy in a single centralized solution. And that technology category is Recruitment Marketing Platforms.
SmashFly is one of the leaders in this emerging category…What we’ve seen in the past 24 months isn’t really a surprise as it fits our vision for where we always thought recruitment was headed. It’s just the market that’s been catching up.
With year over year sales increasing by 263 percent, we’ve seen firsthand the demand for solutions like ours in the marketplace and don’t see it stopping any time soon. Prospects and customers understand that we’ve built our Platform the right way: a single solution built entirely off the same code base. And it’s helped our name become synonymous with Recruitment Marketing Platforms and the innovation happening in the recruitment space. This funding will help secure our place on the front end of that innovation curve.
We are excited for what the future brings for recruiting organizations as we look to try and put our stamp on what Total Recruitment Marketing can and will be. Jason Averbook always likes to point out that “the only constant in this world is change” and we expect the change happening in the space to have a transformational impact on how we recruit that will lead to overwhelmingly positive business outcomes for companies willing to embrace it.