American companies spent about $15 billion hiring 52 million people in 2012, and Seattle-based Hiring Process Management solutions provider TalentWise is aiming for a bigger piece of that spend following yesterday's raise of $25 million in growth capital.
"We believe we are in a position to capitalize on what is perhaps the last great opportunity within the human capital management space and that is the hiring process," CEO William Kerr told me in an interview Tuesday. "The software as a service (SaaS) environment we exist in takes a lot of capital to invest in product development and that is what we intend to do with this cash infusion over the next number of years."
[caption id="attachment_23782" align="alignright" width="90" caption="TalentWise CEO Bill Kerr"][/caption]
Kerr says the high demand for increased organizational efficiencies in the hiring process is driving the company's revenue growth, which came in at 50% last year.
"The HR environment is undercapitalized and overworked," states Kerr. "Companies expect more and more from their HR departments, yet their budgets and resources might in many cases actually be shrinking. We want to deliver cloud-based technology that makes the hiring process more efficient, compliant and a better experience for all.”
"The HR environment is undercapitalized and overworked. Companies expect more and more from their HR departments, yet their budgets and resources might in many cases actually be shrinking."
Kerr told me the company sees the employee lifecycle consisting of three main areas: recruiting, hiring, and employing.
"The first area, recruiting, is well served by many developments over the last 10 years. And the third element of the employee lifecycle, ongoing talent management, has also evolved. The second area though, the hiring process itself, hasn't changed much at all. But think how complex it is now with offer letters, background checks and drug screenings, E-Verify, new hire forms and I-9s and a huge amount of internal or external processes that have to be undertaken and implemented by the HR community to fulfill their obligations to the employee. We want to pick up where recruiting leaves off."
The real opportunity for Kerr and his company he says, is to bring all of that together on a single online platform.
"Our goal is to allow HR pros to be able to redeploy their time and get back to being more strategic about their work. We want to free up some HR human capital so they can do what they do best, and that is provide strategic initiatives to the companies or organizations they work for."