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LinkedIn lays off staff and more news of the job board industry

LinkedIn lays off staffLayoffs are always news (of the unpleasant sort), and news that LinkedIn lays off staff is pretty big news. They’re not the only one, though (looking at you, Stepstone). However, there is also news of funding, acquisitions, and new product releases. Let’s take a look:

  • LinkedIn lays off staff and adds AI: LinkedIn has laid off approximately 668 people across its engineering, product, talent and finance teams. At the same time, the platform is adding AI that will provide personalized digests for people reading content on the site, and AI that will help them write their own content on the platform. They are also adding features that will analyze the posts on users’ feeds to provide personalized suggestions on how to boost their skillset and whom to contact in their network with questions. It will also assess whether vacancies are suitable. AI, AI, AI….
  • DHI revenue up: DHI Group reported third-quarter revenue fell 2.8% year over year to $37.4 million. While revenue rose in the company’s ClearanceJobs division, revenue fell at its tech jobs website Dice. DHI noted high demand for professionals with government security clearances helped fuel growth at ClearanceJobs. Meanwhile, its Dice division was impacted by macroeconomic conditions, according to the company. Kinda good news, I guess.
  • ZipRecruiter launches research siteZipRecruiter has launched, a publicly available repository for its labor market research. The site features commentary and analysis from ZipRecruiter’s team of economists and data scientists, providing insights on the latest market data. It also includes information from the company’s own marketplace data and quarterly surveys. Smart move.
  • Gigster buys CodersRankGigster LLC, an Austin, Texas-based firm that assembles virtual software development teams, has acquired CodersRank, a Debrecen, Hungary-based platform that ranks IT developers. The acquisition has helped Gigster reach out to a wide network of engineers and assist its clients in obtaining more comprehensive data about their potential hires among other things, according to the company. Interesting.
  • Appcast launches new toolAppcast has launched AppcastOne, which it says simplifies job ad distribution for employers. The product combines programmatic job ad distribution, search, social media and traditional media buying into a single platform. The company has also released Appcast Brand and Creative, to help companies attract and retain workers. The product package helps companies develop authentic employer brand messaging and assets they can use across various recruitment marketing channels. Very busy folks!
  • EmploymentHero raises lots of cashEmploymentHero, an Australia-based provider of end-to-end HRTech services, has raised A$263 million ($167 million U.S.) in a Series F funding round. The company offers a wide range of recruitment and HR features — a job board, onboarding, payroll, employee engagement and performance appraisal — to more than 300,000 businesses in Australia, New Zealand, the U.K., Malaysia and Singapore. The capital injection, earmarked for global expansion, valued the company at $1.3 billion U.S., up from $800 million U.S. in its previous funding round. Congrats!
  • Xing becomes a job boardIn April 2023, Hamburg-based Xing announced that it would pivot its business model from a professional social network to a job board. Six months on, it has unveiled a number of changes to its website and app. On the revamped homepage, users can search through job offers using a wide variety of filters, sections and settings, such as positions with a flexible schedule or a specific corporate culture. According to New Work SE, Xing currently has around 22 million users and 1.4 million ads. Hmm.
  • Martec gets some cashSydney recruitment marketing startp The Martec has raised $8 million in a round let by multi-family investment office AS1 as it looks to ramp up its offshore presence. The platform uses artificial intelligence (AI) to enhance its personalised talent marketing to a level that’s normally customer-focused. The business now has teams and offices in the USA, UK and Australia. Congrats!
  • Randstad revenue downRandstad nv, the largest staffing firm globally, reported challenging conditions continued in the third quarter. Revenue fell 7% year over year on an organic basis to €6.26 billion (US$6.62 billion). Europe, Latam and APAC were the more resilient regions, with tougher market conditions in North America.  In North America, revenue fell 16% on an organic basis. Revenue at Monster was also down 12% year over year. Oh well…
  • Catho revenue down Revenue at Brazil-based jobs vertical Catho declined by % year on year (y-o-y) on a constant currency basis to AUD 29.5 million ($18.6 million US) in the 12 months to June 2023 (FY2023), according to a filing by its Australia-based parent company Seek. Seek attributed the decline in revenue at Catho to the company’s transition from a paid to a freemium business model. Hmm…
  • Hireroo and TalentXC merge: Hireroo, a US-based talent solutions firm, announced it is merging with TalentXD, a Malta-based boutique recruitment firm. TalentXD is a boutique recruitment and talent advisory house, specialised in iGaming, Esports, financial services and Blockchain. It also offers RPO services. The merger will create a new iGaming recruitment service, helping Hireroo expand the services it offers, while also being able to break into new markets across Scandinavia, Europe and Africa. Interesting.
  • Stepstone lays off staff: Germany-based Stepstone announced today that it was laying off “roughly” 215 employees, about 5% of the company’s 4,200-strong workforce. The company generated around €1.0 billion ($1.1 billion U.S.) in revenue in 2022. CEO Sebastian Dettmers said many areas of the company had become “too complex and inefficient” and that it was aiming to “centralize various functions, optimize operations and increase overall efficiency.” Sorry to hear this.

Maybe the next news cycle will have fewer layoffs and more record earnings, right? A Doctor can hope!

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