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Industry Landscape
The HR Tech & Recruiting industry is undergoing significant transformation, driven by AI, data analytics, and evolving candidate expectations. Organizations are increasingly seeking data-driven solutions for talent acquisition, especially for early-career and diverse talent. Demand for specialized platforms offering insights, benchmarking, and strategic advisory is high, reflecting a shift towards more sophisticated, ROI-focused recruiting strategies. Regulatory changes and emphasis on DEI further shape the landscape.
Total Assets Under Management (AUM)
Global Human Resources Software Market Size in United States
~US Human Resources Software Market Size
(13.6% CAGR)
The HR software market is experiencing robust growth driven by cloud-based solutions and demand for integrated platforms. Key drivers include:
- Automation of HR processes.
- Emphasis on employee experience.
- Adoption of AI and analytics.
Total Addressable Market
14 billion USD
Market Growth Stage
Pace of Market Growth
Emerging Technologies
Generative AI in Candidate Sourcing & Engagement
Generative AI can automate the creation of personalized outreach, interview questions, and even job descriptions, significantly reducing manual effort in candidate sourcing and engagement within the HR Tech & Recruiting industry.
Skills-Based Hiring Platforms
These platforms leverage AI and data analytics to match candidates to roles based on demonstrated skills rather than traditional credentials, promoting diversity and efficiency in talent acquisition.
Predictive Analytics for Talent Retention
Advanced predictive analytics can forecast employee turnover risks and identify factors influencing retention, allowing organizations to proactively implement strategies to keep valuable talent.
Impactful Policy Frameworks
Salary Transparency Laws (various US states, ongoing)
Several US states and cities (e.g., New York City 2022, California 2023, Washington 2023) have implemented laws requiring employers to disclose salary ranges in job postings or upon request, aiming to promote pay equity.
These laws directly impact Veris Insights' clients by requiring them to adjust their job posting practices, which in turn influences candidate attraction and negotiation strategies, and necessitates data on competitive compensation.
AI in Hiring Regulations (various US cities, e.g., NYC Local Law 144 of 2022)
New York City's Local Law 144, effective July 2023, requires employers using automated employment decision tools (AEDTs) to conduct annual bias audits and publish summaries of the audits.
This regulation compels Veris Insights' clients to scrutinize their use of AI in recruiting, potentially increasing demand for Veris's data-driven insights on fairness and bias in recruitment, especially concerning early-career talent.
DEI Reporting Requirements (various federal contractors and proposals)
While not a single new law, there's increasing scrutiny and proposed legislation (e.g., in federal contracting and SEC proposals) pushing for more robust diversity, equity, and inclusion (DEI) reporting, including workforce demographics and pay equity data.
Increased DEI reporting mandates directly affect Veris Insights' clients by requiring them to demonstrate progress in diverse talent acquisition, enhancing the value of Veris's specialized DEI recruiting insights and benchmarking services.
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