Emerging Trends and Opportunities in HR technology

The growth and sophistication of Video interviewing and mobile recruiting technologies lead talent acquisition trends

Dennis Finn, Vice Chairman, Global Human Capital Leader PwC interviewed on TotalPicture RadioBill Filip

"I've been to the HRO Today functions for several years and every year I'm impressed by the level of innovation that we're seeing. I think on the recruitment side and the sourcing side, we continue to see new innovation, new technology. I think what intrigues me coming out today is emerging big data, with ways to make it personal, and sourcing talent better and faster and more unique ways." Bill Filip

Welcome to a special Talent Acquisition Channel podcast and vodcast from the HRO Today Forum in Philadelphia, PA. We continue our video interview series from the beautiful Ritz-Carlton Hotel with Mark Finn, co-founder and CEO of TalentBox.

Mark interviews Bill Filip, Founder and Managing Partner of Delancey Street Partners. DSP provides M&A and capital raising investment banking advisory services to high growth and mid market public and private companies within the business and technology services, healthcare services and industrial/industrial technology services sectors.

Bill has deep experience and expertise in professional services and staffing, human capital technology, business process outsourcing, financial technology, financial services and payments, business and consumer Internet services, data and information services, education services, IT Services, SaaS technology, healthcare services and marketing services among other areas. He is a former investor/board member with Pinstripe, Snagajob, and PayChoice.

"Interview Transcript"

Bill Filip & Mark Finn HRO Today - TotalPicture Radio | TalentBox Interview

Welcome to a special Talent Acquisition Channel podcast and vodcast from The HRO Today Forum in Philadelphia, Pennsylvania. Welcome to TotalPicture Radio and our continuing video interview series from the beautiful Ritz-Carlton Hotel, featuring Mark Finn, co-founder and CEO of TalentBox.

Today Mark interviews Bill Filip, founder and managing partner of Delancey Street Partners. DSP provides M&A and capital raising investment banking advisory services to high growth and midmarket public and private sector companies within the business and technology services, healthcare services and industrial technology service sectors.

Bill has deep experience and expertise and professional services and staffing, human capital technology, business process outsourcing and financial services. He is a former investor and board member with Pinstripe, Snagajob and PayChoice.

TotalPicture Radio's exclusive coverage of The HRO Today Forum at the Ritz-Carlton in Philadelphia is brought to you by TalentBox, the leading talent-focused digital interview platform. Save time. Cut costs. Improve quality. Share and collaborate with others. Four big reasons to start using TalentBox for your next hire. Visit www.talentbox.me and get started with a free 45-day trial today. TalentBox - where talent meets opportunity.

Mark: Hi, this is Mark Finn here again at the Ritz-Carlton in Philadelphia for HRO Today. I'm here with Bill Filip. Bill, you say you've had a long career and a very prominent career in the industry. What are you seeing coming out of today? What are some of the key take outs that you're taking away from this conference?

Bill: Thanks for having me. I've been to the HRO Today functions for several years and every year I'm impressed by the level of innovation that we're seeing. I think on the recruitment side and the sourcing side, we continue to see new innovation, new technology. I think what intrigues me coming out today is emerging big data, with ways to make it personal, and sourcing talent better and faster and more unique ways.

I'd say the biggest trend is how you get a unique insight into job seekers and really build a proprietary community, and I think you layer that with opportunities for employment branding, I think you've got really compelling models out there. We're seeing several companies that I think are very unique and innovative.

Mark: There's so much information out there today and big data's obviously a hot topic and so many places to source candidates. One of the things we were talking about earlier which is so important and will be going forward is how do you make that personal and human connection with candidates.

Bill: Yeah. I think it really comes down to that. I mean it's easy to source lots of volume, but what does it mean? In this level - I think one of the big trends is understanding the engagement you get in your workforce, a smarter workforce, more engaged, a lot of data around that is compelling. And how do you use that and source people in a more unique way? Find what they're passionate about, what really makes them want to come in to work. And we talk a lot about the new generation issues and the millennials. I think it transcends that personally, but people want more than just a job. They want a mission in life. And finding ways to evaluate people on that level and source them on the front end, that's what makes a sustainable difference in your workforce.

Mark: Right. And there's a lot of change happening there on the tech front on many levels. And I think the time from innovation through the adoption is sort of compressing. I think people out there are trying to understand - I need to engage with technology and there's lots of things out there. What should companies and hiring managers be thinking about when they're looking at these new platforms and how they use them?

Bill: I think it's different for all the employers. It's about really knowing your universe and your pool of talent and what resonates with them. I do think if a picture is a thousand words, a lot of the video-related technology creates a very unique perspective to understand those people.

We do assess them internally. I think the mobile side is really neat and for lots of elements of the population, that is a really intimate way to interact with them. You can kind of combine that technology with unique insider or differentiated registration pass and you can get some really unique ways to reach out to people and bond communities.

Mark: In the same way, I used this example earlier, when you're going to a restaurant, often the first way that you'll engage with that restaurant if you haven't been there is you look them up on your mobile. And if they don't have a nice mobile-optimized site or if the job application page, in that example, is not accessible to candidates on the mobile, that is something that is a big gap that companies aren't - sort of, it's lagging. One person told me that candidates or head of companies are mobile and thinking about where candidates engage them is on their mobile. It's very important.

Bill: It really is. It's one element of a very successful hiring platform. So I think great employers have to utilize many different ways to interact with their talent pools and also existing employees. So certainly that's a big breakout area.

What I'm really looking forward is what's really resonating, what's starting to work, how are you getting adopted? I do think that space, you've got to have more than just that. I think the assessment side is going to be really distinct. But I think we're still emerging. We're going to see kind of how this is really used. First generation adopters, kind of our experimental, and we'll see this evolve over time. So I don't think anyone really has the secret sauce yet.

Mark: The silver bullet, right. I think one of the points you just touched on there is it's very easy in this day and age with the interconnectivity of everyone, to access people and to get to people. So given that broadens the potential talent pool of people you might be looking at and the challenge may be more on the selection side than the sourcing side, perhaps.

Bill: I think so, definitely. It's some of the basics come back to play of where are you getting your best employees, what are the mechanisms and efficient way to get to them and building this level of trust with them is really important. Lots of different ways to kind of play referrals and references now that I think people took for granted. But referrals are one of the best ways to get new employees and you have a relationship there. So I think that's a really unique area and we're seeing lots of different ways people are playing that.

Mark: So it's from trusted communities, right?

Bill: When I think about what makes great companies, I think it's obviously great business plans and good ways in terms of business model providing value. But it's got to be more than that. People want more of a mission and they want to be a part of something bigger. So I think you have to start from the way you hire people, attract them, retain them, the whole way. So all these new technologies, I think they're really starting to - it's fascinating to see these things evolve.

Mark: And the contingent workforce, the freelance workforce is a big theme and how companies manage their existing full-time employees. And it's also, it's happened to this increasingly growing pool of contingent or freelance workers which are not people doing odd jobs; they're people who take a serious career on being a freelancer. It's becoming a much more accepted way to work. So how do you see this sort of rise of the contingent workforce and how do companies harness that talent pool?

Bill: It's a reality. It is a big and growing piece of the employment equation. I'd say in the US, we're probably at the forefront of that. It will be really interesting to see how that's spreading at a more global basis. Obviously a lot of employment laws are different around the world, but it's going to be a fundamental core capability for employers to understand what is the right level perm and contingent within the workforce.

We've seen these models for a while but it used to be within certain segments, high-tech areas or specific candidate pools, cutting technologists. It's now literally one of the ways you manage your workforce. I've seen very sophisticated models, particularly in the retail side, where they can maximize certain employee candidates or populations in many different and flexible ways.

So it's interesting. You marry that with kind of what you see in the scheduling world. And it's really almost getting to be, here's your production line and how you're going to match up the best talent at the time.

Mark: I saw a slide yesterday that talked about desegregation of work and where that goes to. Work is a thing and there's a lot of different ways that can take. If you're an organization, does that go into full-time employees or can you access the contingent workforce? Is there technology out there that can either do it by itself or some component of it? And that challenge of desegregating work to those components I think is very real now.

Bill: Absolutely. And I think it takes really kind of forward-thinking HR people to really figure out what is their business model and where it should be. But these are big issues and if you figure it out, let me know because it's a...

Mark: I'm trying. So just changing tune quickly, Bill. You've had a long and fantastic career in the space but recently you've set up a new business and I was hoping you can share a little bit about what you're doing.

Bill: It's Delancey Street Partners and it's based here in Philadelphia. I've spent many years on the banking side and then direct invest in a venture fund that I co-founded. And I think this is really just an evolution of what I think I have done well and where I want to compete. It really combines kind of a longer term partnership and being able to work with clients at any stage of their evolution.

So if it's a younger company, they're looking for traction, we have kind of a flexible approach for our business model to be able to help them grow to the next stage and hopefully really partner with them along the way.

So it's both a combination of what you would think of the more traditional investment banking, advisory work, as well as kind of the alignment you get from being an investor and knowing an industry. So we're really just trying to, it sounds simple but, make a difference in our client's success.

Mark: And you've obviously had a lot of experience growing companies and building companies and understanding the challenges that they face at different stages of their evolution, which is as you say a big part of the partnership.

Bill: I could talk a long time on this but what you see at a conference like this is many big opportunities, huge markets. Rarely are these entrepreneurs going after small markets. It's also about how do you get from this big end market today and what are the steps that kind of match your growth strategy and capital strategy together. And it's really systematic.

The thing I coach entrepreneurs a lot on is we get your big market - walk us through what are the milestones in the next 12 months, 18 months, 24 months that you're getting there. So you can measure them. And I think it's never been more difficult to raise capital right now. So I think it's really important that these companies understand from an investor's perspective, what are the risks and help mitigating those.

Mark: And breaking down, I guess that big pie in the sky, do you have tangible things that you can do along the way to get there; if you don't, at least end up somewhere that is successful?

Bill: Obviously we all know the huge success stories, LinkedIn and the big, big front of The Wall Street Journal business models. Those don't happen that often. You want to be able to say we're on a very capital-efficient basis, we can have a great outcome. We don't have to completely change the world but we have a path to a good level of success without doing everything right. But it's an exciting time.

Mark: Bill, thanks for stopping by here to have a little chat with us. I really appreciate you providing us with your insights into what's happening on the HR front and also with your new firm and what you're looking to do and what you're obviously passionate about as well.

Bill: Thank you very much.

Mark: Thanks.

Bill: Thanks a lot.

Mark: Appreciate it.

Thank you for tuning into TotalPicture Radio's exclusive coverage from The HRO Today Forum at the Ritz-Carlton in Philadelphia, Pennsylvania, brought to you by TalentBox, the leading talent-focused digital interview platform. Recruiters and hiring managers can use TalentBox to shortlist the best candidates for any type of role. All online, simple to use, interviews can include video-based questions, text-based questions or multichoice questions and can be fully customized to whatever role you're looking to fill. Visit TalentBox on the web at www.talentbox.me and sign up today for a free 45-day trial. We think you'll get the picture.

Also keep an eye out for new TalentBox videos and podcast interviews on TotalPicture Radio, totalpicture.com. Thanks for tuning in.

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