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Today: Jun 12, 2024
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Workday’s move to acquire HiredScore shakes up HR tech market.

1 min read

TLDR:

  • Workday has announced its intent to acquire HiredScore, a leading provider of AI-based matching tools for recruiting.
  • This acquisition could have significant implications for the HR Tech market by enhancing Workday’s overall talent intelligence offering.

In a potential shakeup in HR technology, Workday is set to acquire HiredScore, a prominent player in AI-based matching tools for recruiting. This move comes amidst a competitive marketplace war for AI-based recruiting tools estimated at $30.1 billion. Historically, applicant tracking systems (ATS) have dominated this space, but the emergence of high-powered AI tools is transforming the market.

The acquisition of HiredScore by Workday signifies a strategic shift towards enhancing talent orchestration capabilities. With a focus on skills-centric big data platforms for matching people with jobs, the Talent Intelligence vendors are shaping the future of HR Tech.

As the market dynamics evolve, this acquisition is expected to have several key implications:

  • Workday Recruiting customers will benefit from improved candidate matching and scoring capabilities, positioning Workday competitively in the ATS market.
  • Competitors in the talent intelligence space may need to enhance their offerings to stay competitive.
  • This move could drive HCM vendors to accelerate their AI capabilities to keep up with the trend.
  • The acquisition of HiredScore could prompt Talent Intelligence vendors to expand into the ATS realm and become “full stack” providers.

The significance of AI-based candidate matching lies in its ability to streamline talent acquisition, internal mobility, career portals, and skill mapping. The complex nature of matching individuals with roles based on skills and credentials makes AI-powered tools invaluable in modern HR practices.

With the growing interest in Talent Intelligence, Workday’s acquisition of HiredScore positions it as a key player in this emerging space. The deal marks a pivotal moment in the evolution of HR technology and could potentially reshape the competitive landscape in the industry.