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BOSTON—JAN. 28, 2020—Bullhorn®, the cloud computing company that helps staffing and recruiting organizations transform their businesses, found that 77 percent of global recruitment firms say that employers must accelerate worker pay increases in order to compete for qualified candidates in 2020. According to Bullhorn’s 2020 Global Recruitment Insights and Data, 44 percent of respondents also identify this need for higher pay as one of their top three hiring challenges over the next three-to-five years, up from 30 percent in 2019.
The reason so many firms cite increased pay as such a priority is to address the continuing tight labor pool – their second-most-cited hiring challenge. Employers and recruiters need to compete more effectively to attract candidates into the workforce and into new roles; 50 percent, for example, say skills shortages are worse now than they were five years ago. Further, 43 percent say that candidate acquisition is the top priority for 2020, a need highlighted by the talent shortage.
Recruiting professionals see increased prospects for a recession, but nevertheless bank on industry growth for 2020
As for macroeconomic trends, recruiting professionals display a mix of increased pessimism about the economy with a sustained optimism about revenue increases for 2020. The number of respondents who expect a recession in 2020 jumped to 45 percent, up from 30 percent for 2019. Overall, 64 percent of respondents named economic uncertainty as their top macroeconomic challenge for the coming year, up from 49 percent last year.
Despite anxiety over the future of the economy, respondents largely have a positive outlook for revenue growth within their own industry. Seventy-one percent of respondents expect their revenues to increase in 2020, with 19 percent saying they expect revenues to increase more than 25 percent. Furthermore, 50 percent expect to see an increase in their operating budget.
Other Key GRID 2020 Findings:
Diversity issues persist in the talent pool and within staffing firms
Sixty-five percent of firms agree that diverse organizations are more effective, and 54 percent report that clients require diverse candidate shortlists. However, they also say the talent pool falls short, with slightly less than half citing a lack of diversity in their candidates, vs. 38 percent seeing no shortage.
Within recruiting agencies, 42 percent see a lack of diversity inside their own companies. Although women make up 60 percent of salespeople and recruiters, they are only represented in 32 percent of senior executive roles. Meanwhile, people of color represent 30 percent of all practitioners but only 16 percent of leadership.
Skills shortages and high churn rates join pay increases as top hiring challenges for 2020
In addition to being among the top hiring challenges, skills shortages is the top-named recruiting challenge overall, named by 49 percent of respondents. Seventy-four percent of recruiters also say reskilling is effective against skills shortages and resultant tight talent pools. However, slightly less than half – 47 percent – say their reskilling efforts will actually increase in 2020.
Digital transformation: more see the need, but readiness still lags
For 2020, digital transformation is once again the top operational challenge for recruiters, named by 55 percent of respondents. Moreover, 83 percent state that digital transformation could help their business, and 86 percent say businesses must embrace digital transformation to remain competitive. To be ready to embrace innovative technologies like automation and artificial intelligence and realize digital transformation, staffing firms need to embrace and use their existing recruiting technology, and GRID responses reveal a gap: 20 percent cite little or no adoption of their technology.
Technology spending is expected to increase, but will it be enough?
Showing that anticipated financial support still lags behind the desire to advance digital transformation efforts, 55 percent of recruiters expect an increase in technology investment next year, though only five percent expect a decrease. Only 22 percent of respondents have changed to a new staffing technology within the last year, while 37 percent have either never changed providers or have not done so for at least five years. The top barrier to further technology investment among firms unhappy with their core staffing technology is a fear of disruption.
Online talent platforms are on the minds of recruiters
Sixty-five percent of GRID respondents say that demand for online talent platforms in the growing gig economy will increase in 2020; increased competition from these platforms is the third-ranking operational challenge recruiters say they will face in the next three-to-five years. However, 58 percent are unsure these platforms make recruiting easier or harder.
“The global recruitment industry continues to roll with optimism for growth in the new year, focusing on practical solutions to challenges rather than fear of a potential economic downturn” said Gordon Burnes, Bullhorn’s chief marketing officer. “The focus on the need for employers to increase rates of pay to remain competitive in the labor market stands out as a new emphasis on finding ways to draw talent into a tight labor market. Firms are also clear about their need to embrace digital transformation to remain competitive, whether that’s moving to the cloud or embracing automation, and over half of the respondents said their technology budgets are going to increase in 2020, in part to facilitate this transformation.”
Bullhorn’s Global Recruitment Insights and Data research is the result of a global survey conducted among 2,200 recruitment professionals in the autumn of 2019. The findings spotlight the industry’s take on the current recruitment landscape—from financial forecasts and top priorities to persistent challenges and emerging technologies.
To read more about Bullhorn’s Global Recruitment Insights and Data research, visit https://grid.bullhorn.com/.
Bullhorn® is the global leader in software for the staffing industry. More than 10,000 companies rely on Bullhorn’s cloud-based platforms to power their staffing processes from start to finish. Headquartered in Boston, with offices around the world, Bullhorn is founder-led and employs more than 1,100 people globally. To learn more, visit www.bullhorn.com or follow @Bullhorn on Twitter.
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SVP of Product and Salesforce
Jonathan Novich is SVP of Product and Salesforce for Bullhorn, the global leader in CRM and operations software for the recruitment industry. A staffing technology innovator, he has developed broad and deep product and technical experience consulting to staffing firms over the past 15 years. Jonathan has acted as an independent consultant for some of the largest staffing companies in the world and advised companies on acquisition targets.
At Bullhorn, he oversees product initiatives as more than 10,000 staffing companies rely on Bullhorn’s cloud-based platform to drive sales, build relationships, and power their recruitment processes from end to end. He graduated with honors from Princeton University, earning a Bachelor of Science in Engineering in Computer Science and a certificate in Operations Research.
SVP, Workforce & Revenue Cloud
As Bullhorn’s SVP of Workforce & Revenue Cloud, Ed drives the company’s middle office strategy and overall product offering. Ed joined Bullhorn as part of the Peoplenet acquisition where he spent 7 years as the President/CEO leading up to the acquisition in late 2017. Prior to joining the Bullhorn family, Ed has spent his career designing, building and managing technology solutions for numerous Fortune 500 companies. He has been a Partner in an ERP-focused consulting firm, a CIO for a global pharmaceutical company, a supply-chain leader for a retail company and the leader of a services company from its inception to $50MM in revenue. Ed was born in Florida but has spent the last 20+ years in Atlanta, GA. Ed loves to play golf, tennis and basketball and occasionally gets out kite boarding when the wind is just right.
Ed holds a Bachelor of Science in Industrial and Systems Engineering from the Georgia Institute of Technology and an MBA from Goizueta Business School at Emory University.
Brian Sylvester is Bullhorn’s Chief Financial Officer (CFO) with more than 15 years of financial leadership experience. Brian leads Bullhorn’s financial, accounting, and legal functions. Prior to becoming CFO, Brian spent three years at Bullhorn in various finance & accounting roles. Prior to Bullhorn, Brian was Corporate Controller at Pegasystems, a global provider of business process management software where he scaled the finance organization during a period of 2.5x revenue growth. Brian began his career at PricewaterhouseCoopers in their technology audit practice.
Brian is a CPA in Massachusetts, has a Master’s of Science in Accounting from Boston College and a Bachelor’s of Science in Accounting from Bryant University.
SVP, Customer Success
As the Senior Vice President of Customer Success, Tamsyn leads Bullhorn’s Services and Customer Success teams. She is responsible for the successful delivery of all products and services globally and is committed to creating and maintaining incredible long-term customer experiences in the Candidate to Cash process. Tamsyn has been delivering implementations for over 25 years with companies such as SAP, Ariba, Zuora and Apttus: specializing in HR, Payroll, Procurement and Quote To Cash capability. She trained as a software engineer after studying Maths, Statistics, and Computing in England.
Founder & CEO
Art Papas is the Founder and CEO of Bullhorn, Inc, the global leader in software for the staffing & recruitment industry. Art was the original architect of Bullhorn’s flagship Customer Relationship Management (CRM) system, which now helps more than 8,000 companies around the world run their businesses. Art is the Chairman of the Board at Career Collaborative, an organization that teaches unemployed and underemployed adults how to build careers that change lives and strengthen families. In 2014, Ernst & Young named Art an EY Entrepreneur of the Year Award Winner in New England. Prior to starting Bullhorn, Art started his career as a software engineer at Thomson Reuters. Art is a graduate of Tufts University, holding a Bachelor of Science degree in Mathematics.
President and Chief Technology Officer
As President and CTO, Matt leads Bullhorn’s architectural, technical, and software design and development efforts. He also directs the product management team’s work defining product strategy, and global customer support and success. Since joining Bullhorn in 2004, Matt has held a variety of leadership positions managing the growth of various technical and services teams, including Vice President of Professional Services. Prior to Bullhorn, Matt worked at PricewaterhouseCoopers, specializing in systems process assurance for such companies as Fidelity and State Street Global Advisors. Matt holds a Bachelor of Science in Business Administration with a concentration in Finance from Boston University’s School of Management.
Chief Revenue Officer
As Bullhorn’s Chief Revenue Officer, Mike drives the company’s global revenue growth. Mike was one of the first 15 team members of Bullhorn Inc. in Boston and relocated to London in 2010 to start up the International team. In his 6 years in London, Mike drove regional expansion into the Netherlands, Germany, Singapore, and Australia. He has supplied cloud-based solutions to recruitment consultancies in over 50 different countries worldwide for the past 10 years. Mike was born and raised in the Boston-area where he grew up an avid sport fan. He earned his Bachelor of Science in Business Management from Babson College.
Chief People Officer
Kristin oversees Bullhorn’s human resources function in her role as Chief People Officer. Kristin joined Bullhorn in 2020 and is responsible for helping Bullhorn scale to the next level, build leadership capacity, and accelerate growth in global markets. Kristin brings to the role over 20 years of experience leading high-potential companies through breakthrough growth and brings a depth of knowledge in organizational design, scalable processes, and flexible systems culled from some of the most successful global companies in the world. Leary joins Bullhorn from Hitachi Vantara, where she served as Chief Human Resources Officer, and before that she worked as Chief Human Resources Officer at Forcepoint, a private equity-backed company with 3,000 employees operating in more than 45 countries. She has also worked at high-growth enterprise technology companies like Alphatec Spine, Boston Scientific, and Hewlett-Packard.
Executive Vice President of Corporate Development and International
Peter oversees Bullhorn’s international operations across EMEA and APAC in his role as Executive Vice President of Corporate Development and International. Peter joined Bullhorn in 2009 and was responsible for its highly successful UK launch. In addition to growing the international team to over 50 staff and establishing Bullhorn as the UK’s market leading recruitment software in fewer than three years, Peter has expanded Bullhorn’s reach into EMEA and APAC and achieved a user base of more than 10,000 international users. Prior to taking on the launch of Bullhorn in the UK, Peter spent 20 years working in the recruitment industry and held a number of senior director roles before moving into the technology space.
Executive Vice President of Enterprise and Salesforce
Ryan Murphy is the Executive Vice President of Enterprise and Salesforce. He began his 10-year career at Bullhorn as a finance and sales intern, affording him a 360-degree view of the software-as-a-service industry and Bullhorn’s business model. Prior to his current role, Ryan served as an Enterprise Account Executive where he honed his customer-first leadership style and championed Bullhorn’s offerings to its most strategic clients. Today, Murphy is charged with leading the enterprise strategy and go to market for both Bullhorn and Bullhorn for Salesforce, enabling customers to maximize their investments on both platforms and deliver an incredible experience to their customers and candidates. Ryan has a Bachelor of Arts in Business Administration from Boston University.
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