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Explore SolutionsStay ahead in the world of HR technology with our weekly “Friday Five” roundup. We’ve got you covered with the latest industry developments, from LinkedIn’s AI chatbot for job seekers to the projected growth of the ATS market. Discover the implications of the NLRB’s new joint-employer rule, understand the impact of Biden’s executive order on AI in HR and explore ZipRecruiter’s new economic research site for labor market data.
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LinkedIn passes 1 billion members and launches new AI chatbot to help you get a job
LinkedIn has introduced an AI-powered chatbot designed to act as a “job seeker coach,” coinciding with the platform reaching over 1 billion members. This new feature, which is part of a suite of generative AI tools available to Premium members, is aimed at assisting users in evaluating job opportunities and improving their chances of getting hired. The chatbot, powered by OpenAI’s GPT-4, can analyze a user’s profile against job requirements, suggest how to best position oneself for a role and identify potential experience gaps. Additionally, it can facilitate networking by connecting users with company employees and even help draft messages using generative AI, all while LinkedIn focuses on enhancing user experience and reaccelerating its revenue growth.
Applicant Tracking System Market revenue to reach USD 11 Billion by 2035, says Research Nester
The global applicant tracking system (ATS) market is expected to grow from approximately USD 3 billion in 2022 to USD 11 billion by 2035, at a CAGR of about 9.70%. This growth is driven by organizations’ need to streamline recruitment processes and improve hiring quality through automation and data analytics. North America is projected to see significant growth due to the integration of ATS with other HR technologies, while the Asia Pacific region is expected to grow substantially, with cloud-based solutions fueling this expansion. Key market players include Talroo, IBM, iCIMS, among others. Recent developments in the market include partnerships and enhancements in ATS offerings, such as Talroo’s collaboration with JobSync.
Legislative lowdown: NLRB lowers bar for joint-employer status
The National Labor Relations Board (NLRB) has adopted a new rule that lowers the threshold for two businesses to be considered a joint employer of a group of employees. This change, effective December 26, means that companies can be jointly liable for labor practices and must bargain with unions even if they only share or co-determine one essential employment term, such as wages or work hours, whether that control is direct or indirect. This could significantly impact franchisors and businesses using staffing firms, as it makes the question of joint-employer status less clear and could lead to increased liability for franchisors. The rule is expected to face legal challenges and has been criticized by various business groups and lawmakers who argue it unfairly burdens franchise owners and could turn them into “middle managers in their own businesses.”
Biden executive order on ‘trustworthy’ AI: What HR needs to know
The White House has issued an executive order on the regulation of artificial intelligence (AI) systems, which has implications for HR leaders. The order outlines standards for secure and responsible AI development, emphasizes privacy, data security and the avoidance of bias and discrimination. It also discusses the need for a competitive AI sector and potential worker and consumer protections. The order is part of a broader effort to manage AI’s impact on the workforce, with a report on this impact expected soon. Key recommendations for HR include clear AI responsibilities, transparency, avoiding bias and ensuring informed human oversight. This executive order is seen as the federal government’s most comprehensive attempt to regulate AI’s risks and adoption in the workplace.
ZipRecruiter Launches Economic Research Site for Labor Market Data
ZipRecruiter, a prominent online employment marketplace, has launched ZipRecruiter-Research.org, a new platform dedicated to economic research. The site offers insights and analyses on labor market data from the company’s team of economists and data scientists, utilizing both marketplace data and quarterly surveys. The initiative aims to provide valuable information for job seekers, employers and policymakers, helping them make informed decisions. The latest research reveals trends such as a decrease in worker leverage, with fewer new hires increasing their pay or receiving signing bonuses and an increase in “quiet cutting,” where employees are moved to less desirable positions. The site will regularly update with labor market trends, including quarterly surveys like the Job Seeker Confidence Index and the Survey of New Hires, alongside monthly commentary on economic indicators from the Bureau of Labor Statistics.
