Previewed Industry Insight and Capitalization Strategy - November 4, 2023

In an industry marked by dynamic shifts, the recent insights from the HCM Talent Technology Roundup on November 3, 2023, highlight the urgency and relevance of Previewed's mission. The statistics reveal that more than 43% of employees have voluntarily left their jobs within the last year, signifying an increasing demand for a transformation in the hiring process.

As voluntary resignations have surged by 5.3% between 2022 and 2023, and 73% of employers attribute most of their turnover to voluntary quits, it's evident that the job market is in flux. A significant portion of employers expects turnover to remain unchanged or even increase over the next three years. This underlines the necessity for a disruptive solution like Previewed.

Additionally, the substantial growth forecasted for the global ATS market, with revenue projected to skyrocket from $3 billion in 2022 to $11 billion in 2025, reinforces the importance of streamlining recruitment processes to meet the challenges of an increasingly competitive job market. With three-quarters of recruiters globally using an ATS, there's a clear demand for platforms that can enhance efficiency and effectiveness.

Furthermore, innovations like Rally AI and strategic partnerships between recruiting software and services companies like Loxo and FoxHire reflect the industry's drive toward comprehensive, end-to-end solutions that can cater to the evolving needs of recruiters and hiring managers.

Andela's announcement of the Andela Talent Cloud signifies a trend toward integrated platforms that offer a seamless and efficient hiring lifecycle. This aligns with Previewed's vision to create an immersive, seamless, and efficient hiring experience.

The merger of Talent Board and ERE Media, which will house the CandE Benchmark Research Program, reflects the collaborative spirit within the industry and the recognition of the importance of research and benchmarking.

In light of these industry trends, Previewed is uniquely positioned to be at the forefront of this transformative wave. Our mission to revolutionize the hiring industry with innovative features, including immersive day-in-the-life videos and 30-second video resumes, directly addresses the changing landscape of job seeker-employer dynamics. As we approach the pre-seed round, our vision to bridge the gap between job seekers and employers and provide a more efficient, immersive, and streamlined hiring experience is not just a necessity but a reflection of the times.

The current scenario calls for a radical shift in the way hiring is approached. Previewed's proactive approach to addressing these industry challenges positions us as a significant player in reshaping the future of hiring.