On Our Mission to Transform Hiring, We’re Announcing Record Growth, a Subscription Service, and Our New SVP of Revenue
As CEO of Hired, I sit on the frontlines of helping innovative companies build great teams. Years ago we saw an opportunity to fix the broken recruiting model, and with our subscription offering fueling 300 percent bookings growth year over year, we’re in a position to continue leading critical conversations about hiring.
For most companies, business success starts with a conversation about revenue. But for the 10,000+ companies on our platform, we’re helping them discover the full picture: that great people are the foundation of every successful business, and only through strong recruiting can you build a great product and a thriving company. Ultimately, your recruiting funnel is just as important as your revenue funnel.
We’re dedicated to helping organizations of all sizes reach their goals, and all of that starts with hiring. Today, I’m thrilled to share how a new subscription offering, financing, leadership, and product features will set candidates, companies, and the hiring market up for success.
Revolutionizing the Marketplace Model with a Subscription Offering
At Hired, going against the grain is in our DNA. First, we flipped the traditional recruiting process on its head by putting candidates in the driver’s seat. And now we’re making a fundamental change to the marketplace model with the launch of our new subscription service. As a result of the impact we drove for our customers, companies were eager to partner with us long term for their hiring efforts. For our customers, a subscription provides them the hiring predictability that they need along with the ability to more quickly hire quality candidates, which reduces the cost of an empty seat and offers a better way to measure the financial success of their hiring efforts.
Since introducing our subscription offering last year, many customers have put it to work and seen great results. Among candidates who are on our platform, over 95% respond to an interview request from a company and nearly two thirds agree to interview with that company. The overall time to fill is much shorter, too — most candidates respond within 24 hours, and average time to hire is 25 days.
“As one of the leading fashion retailers in the US, we rely on having the best people to build the most amazing digital experiences for our customers. Hired has moved the needle for us when it comes to hiring efficiency and our results are outpacing our other sourcing platforms. Hired delivers on their promise of ready to interview candidates who align with our Nordstrom values.” — Lara Modisette, Talent Acquisition Manager at Nordstrom Technology.
“We firmly believe that our company is only as good as the people we hire, and we need to prioritize hiring in both a predictable and scalable way for growth. A subscription with Hired has not only reduced our time to hire, but also brought much-needed predictability into our hiring funnel. At Zuora, we are champions of the subscription model, and we believe that Hired’s vision for the hiring industry will become the defacto standard.” — Karen Gaydon, SVP, ZEO Success at Zuora.
“We continue to grow our Engineering & Product teams at scale; direct sourcing in this hot talent market is key to that growth,” said Neil Frye, Global Head of Recruitment, HR Operations & Technology at Dropbox. “Hired delivers a strong pipeline of top tech talent and the data-based insights we need to provide the best possible candidate experience. Hired is a key talent partner in this space.”
“We know firsthand that the nature of work is evolving,” said Chris Lyon, Director of Technology Recruitment at WeWork. “In response, Hired has reimagined the hiring process with a predictable pipeline of candidates, enabling us to scale our tech teams in New York quickly and confidently. We’re excited to continue our growth with Hired.”
“As a global business, we empower people to experience the world with an exceptional digital experience,” said Dakotta, Global Lead in Recruiting Strategy & Analytics at Booking.com. “Hired delivers us a predictable pipeline of top tech talent. Their intuitive platform has enabled us to optimize our tech recruiting process and connect with the right candidates such as senior software developers, principal developers, and designers for our Amsterdam office, faster. Hired is our trusted talent partner when it comes to finding and recruiting the tech talent that fuels our growing tech department in Amsterdam.”
Powering our Continued Growth: Funding and Executive Hires
Our mission is to get everyone a job they love, and that starts with offering the right services to our customers. We’re doing that by making key hires to support our product and sales team, investing in our community of talent, and continuing to introduce innovative products that provide our customers with a predictable hiring pipeline — all while increasing productivity through data-based hiring insights. With our latest round of funding, we’re excited to increase the pace of those efforts. We’ve raised $30 million in Series D funding which will take us to profitability in a round led by Investment Management Corporation of Ontario, a global investor with over $60 billion in assets under management, bringing our total funding raised to-date to more than $130 million.
“As an investor, we’re thrilled with Hired’s traction,” said Sean Macaulay, Managing Director at IMCO. “With their history of growth and ability to lead the market, they have demonstrated a continued capacity to bring innovative solutions to customers.”
To further support our revenue goals and new subscription offering, John Kelly has joined our executive team as Hired’s Senior Vice President of Revenue. John brings more than 25 years of executive leadership experience to Hired, with specific experience managing revenue growth and launching partnerships at companies like InsideView, Findly (now Symphony Talent), Icarian, SAP, and Oracle.
Fueling the Future of Hiring with Next-Generation Technology
With the data in our marketplace, we see an opportunity to use next-generation technology to make the hiring process more efficient than ever before. Leveraging our newly enhanced hiring technology, clients can take their hiring efforts to the next level.
- Intelligent Job Matching: This new capability is powered by machine learning to suggest potential candidates that are actually qualified to fill your open position. Our algorithms infer the skills a customer needs for that role, analyzes the candidates with the appropriate experience, and intelligently matches skills with a job opening. This way, companies can set aside the manual effort of sifting through hundreds of applications and instead access our intelligent marketplace to find the right match. The results show that it’s already making a difference — time to hire has decreased by 33 percent for our customers.
- Expanded Specializations: To further improve the quality of candidate recommendations on our marketplace, we’ve launched specialized positions for various technical roles. Beyond the common technology roles, we’ve introduced several specific positions such as DevOps, Test Automation, and Engineering Management. This allows our Intelligent Job Matching technology to more quickly and precisely recommend the ideal candidate for an open role.
- Hired Insights: This data set benchmarked against market trends allows our customers to be data driven when it comes to improving their hiring practices. With these enhanced insights, recruiters can now evaluate how competitive their brand is in the hiring marketplace, understand what draws a candidate’s interest, and access data and feedback on what’s working and not working for their company. These combined services will give recruiters a clear picture of where their offer and overall brand stands in the marketplace.
These advances represent a multi-phased vision for a world where the hiring experience is predictive, data-driven, and candidate-centric. To date, we’ve seen a total of $57.5 billion worth of salary offers extended through Hired. This growth is a testament to the foundation we’ve set in driving the $700 billion global recruiting industry forward, and we’re not slowing down.