Job Recruiting Analytics Gets a Boost
A so-called U.S. “skills gap” has made it tougher for American companies to find qualified candidates. The result has been plenty of job listings but increasing difficulty in filling those positions despite the proliferation of job and professional websites.
A New York-based “recruitment technology company” that is developing data analytics tools as part of its software-as-a-service (SaaS) offering said it has raised $20 million in a Series C funding round. Jibe Inc. said it would use the latest cash infusion to, among other things, expand its software engineering team to boost its cloud-based job-recruiting tool that leverages business intelligence technologies.
Last year, the company launched a big data tool called Recruiting Analytics that Jibe claims is the first real-time business intelligence tool developed specifically for “head hunters” trying to match candidates with professional positions. The tool consists of a dashboard that can be customized and leverages real-time data about job candidates. The goal is to identify and recruit the right candidate for a specific job opening.
The data analytics tool builds on earlier recruiting tools based on social media along with the company’s “applicant tracking system.”
The company stressed that its tool provides a “good [job] candidate experience.” In a blog post, the company added: “A candidate frustrated by the application experience not only may move on to another opportunity, but could also spread word and damage the [hiring] company’s reputation and employer brand.”
Jibe said the recent funding round was led by SAP Ventures. SAP will now have a seat on Jibe’s board of directors. The recruitment analytics company founded in 2009 said it has so far raised $37 million in venture funding. Other investors include Polaris Partners, Draper Fisher Jurvetson, Gotham Ventures, Longworth Venture Partners and Thrive Capital.
Jibe added that the new funds would be used to expand its international operations.
Market researcher Gartner estimates that the global “human capital management” (HCM) market has grown to $8.2 billion. “The HCM software market has exploded in recent years as companies search for new technologies to effectively manage recruiting,” Doug Higgins, SAP Ventures’ managing director, said in a statement.
Among those new technologies are recruiting analytics as employers seek to leverage social media and mobile data to identify and recruit qualified candidates. Jibe said it plans to use the latest investments to expand its recruitment platform.
The goal, the company says, is to design software “for the people who are going to use it instead of just for the [recruiting] process itself.”
Jibe said its platform includes an analytics engine that “pulls recruiting metrics from disparate back-end systems and turns them into actionable intelligence to guide hiring decisions.” Fortune 500 customers for the tool include Accenture, Macy’s and Walmart.