Résumés often do not accurately reflect candidates’ capabilities, and interviewers have to spend time extracting a more complete picture. Even then, candidates may pass the interview process but fail evaluations of their various claimed skills, references or background checks. Failure at this stage is an expensive process.
New technologies are providing alternative ways to overcome these structural issues, making this a very important area for staffing firms to focus on given the efficiencies and cost savings they will, increasingly, be able to provide.
From 2008 through June 30, 2023, venture capital firms have injected more than $59 billion of invested capital into 3,508 workforce solutions startups globally. Workforce solutions startups have garnered an increasing share of the global venture capital pie, with the past two years representing highs over the period. The data suggests workforce solutions was already gaining mindshare from investors prior to the pandemic, though it may have accelerated the trend even further.