After a decade of an amazing run at salesforce.com, it is now time for me to take all the great learnings from Marc Benioff and others and create a new mission, inspire a new team, and hopefully disrupt an entire industry.
I have known Jerome for more than two years as I invested in his Series A round after spending just 30 minutes with him – the idea, the passion, and the opportunity for disruption was simply too large to pass on.
The 50+ person team at SmartRecruiters are on a huge mission and have already delivered amazing results against a market opportunity that is enormous. Our mission is simple but audacious in its ultimate goal: make it beautifully easy for businesses to find good people and for people to find the right job.
Companies today spend over $400B a year in recruiting technology and services to tackle their number one corporate priority – attracting and hiring top talent in the industry. It is this talent that more than anything else, will enable them to compete and win in an increasingly real-time, flat and connected world. This is without a doubt the top determinant of any executive’s success I have ever met at any level of an organization – those that bring in the best, win – and those that don’t, exit.
Yet, as we all know intuitively, recruiting is a broken process that consumes a lot of money and time but delivers mediocre results. It takes on average 100 days and at least $3500 to make a hire with a 30% chance of mistake (1st year turnover) and 56% of offers made are actually declined by candidates. If you combine those stats with the fact that 50% of the US workforce wants to change jobs in 2014, it’s not surprising that Lloyds Risk Index Assessment found that “talent and skills shortage is the number two business risk facing all organizations today.”
Despite all of this need and corporate spend, it is amazing to me that no manager I have ever met swears by the use of his or her amazing HR and recruiting technology that makes them a star. I shouldn’t be. It doesn’t exist. Until now.
I am proud to state the SmartRecruiters is the industry’s first recruiting end to end platform that hiring managers actually use on a regular basis. We provide a one-stop destination for managers, along with their recruiting counterparts, to increase their number of high-quality candidates and work as a team to successfully hire the stars they need. Our cloud hiring platform is deeply integrated with the who’s-who of recruiting service providers and delivers the insight needed to track and improve hiring success.
Most importantly, it’s dead simple to use, free to join and get started. In less than two years, more than 60,000 companies have used our technology to move beyond merely tracking applicants and have started hiring, creating 360,000 jobs on our platform. Our customers that rely on us as their hiring platform are thrilled, stating that they have on average reduced both their time to hire by 75% and their cost of hire by 70% while increasing their applicant volume by 250% – giving them the opportunity to be selective and hire the best in the industry
Our mission is huge and our appetite for change even larger. I could not be more thrilled to partner with Jerome in changing an industry and doing our small part in removing the unnecessary frictions of the labor market.
Feel free to reach out anytime as we are not only here to help all of you hire your next rock stars, we are looking for our own!
Clear eyes, full hearts, can’t lose,