The iCIMS Talent Cloud is a complete recruitment platform. It strives to give users the tools they need at every level of the talent continuum. Thus, they can find, engage with, hire, and advance the world’s best people. According to the vendor, utilizing it enables users to create successful, diverse teams at scale and match hiring requirements with corporate objectives. Also, it prepares for tomorrow’s challenges with an agile, AI-powered platform.
According to reports, iCIMS laid off 10% of its workforce in 2020. There was no recent information about job cuts at the business.
A recent study from the HR platform iCIMS reveals more applicants than technical job openings in all industries. The findings highlight the need for organizations looking for tech expertise to act. The following article lets us view the company and its insights in detail.
About the company
A cloud-based recruiting and human resources software provider is iCIMS, Inc. Internet Collaborative Information Management Systems, the abbreviation for the business name.
On November 20, 2017, service firm iCIMS relocated into a beautifully restored facility at Bell Works. It held a ceremonial ribbon-cutting for staff, the media, and friends of the company.
ICIMS has occupied the Bell Works building’s entire tower. It will serve as the building’s anchor tenant and help it reach its full potential. The former AT&T Bell Labs location, now known as Bell Works, remained vacant for a long time. It is now buzzing with activity and is called a “tech mecca.”
Anyone who joins iCIMS becomes a part of the team helping global companies transform business and the world via the power of talent. Their clients carry out remarkable feats. It includes designing rocket ships, producing vaccinations, and sending consumer items around the globe on the same day and with a smile.
They enable these firms to draw in, engage, hire, and advance the right folks as their employees.
Employees are dedicated to developing and assisting businesses in hiring diverse, successful staff. They are committed to creating an innovative, purpose-driven workplace where everyone can feel at home.
During their 8th annual hackathon last week, members of the iCIMS team from various business units and worldwide offices gathered for two days. This was to brainstorm the next big invention.
The iCIMS Hackathon is a highly engaging, quick-paced challenge. It inspires staff members to work together, develop, and display their talent.
Layoffs at iCIMS
In April 2020, many major companies in the sector issued layoff notifications. According to reports, iCIMS, situated in Holmdel, New Jersey, is firing 10% of its staff at that time. This included a meeting about the layoffs and hiring freeze. The CEO, Steve Lucas, reportedly came under intense pressure from worried employees about the company’s plans. CEO and co-founder Daniel Chait announced the layoffs in a blog post for the New York City-based Greenhouse.
The workday is currently adapting. Many reports of employment freezes have surfaced. All European internship offers have been withdrawn, and all other international offers are being reviewed. There is reportedly a hiring freeze for software engineering, and new applications are not being opened.
CEO Steve Lucas is offended by iCIMS
Steve Lucas, the newly appointed CEO of iCIMS, has experienced quite a whirlwind since taking over the position in February 2020.
Aside from a pandemic that caused a wave of layoffs, the business has forged a friendship with Microsoft. It purchased the hot startup Opening.io and won the Death Match competition. Thus, it was evident that the boys needed to get him on the phone and get the 411 (oral communication is used to get knowledge or information, usually about an event or action). Oh, and the company’s CMO, a longtime program friend, Susan Vitale, also participated in the fun. This news came on May 19, 2020.
After canceling an IPO, iCIMS received investment from TA Associates:
After dropping plans to go public, the American private equity firm TA Associates has provided new funding to the recruitment software company iCIMS. This is according to its chief executive, who spoke to Reuters on May 5, 2022.
iCIMS did not reveal the amount it raised from TA Associates. The private equity firm Vista Equity Partners already supported it. According to those who know the situation, the company was valued at roughly $3 billion. This includes debt from the most recent financing.
The deal’s specifics were kept secret, so the people declined to give their names.
Vista Equity has sold a part of its investment to TA Associates as part of the agreement. This is according to iCIMS CEO Steve Lucas. The two private equity investors now own an equal amount of the company. Vista, which sold cybersecurity company Datto for $6.2 billion in April, purchased the majority of iCIMS in 2018. This happened in a deal that valued the business at $1.2 billion.
In August 2021, the software company filed paperwork to go public. The IPO market has all but stopped in 2022 due to stock declines brought on by a tech-driven market sell-off. This forced iCIMS to halt its listing preparations.
The Holmdel, New Jersey-based business offers cloud-based software tools. It helps businesses with hiring and applicant tracking. According to the business, it earns around $400 million in recurring annual revenue. Thus, it is profitable while expanding at double-digit percentage rates.
Many software companies, like iCIMS, grew their business due to the COVID-19 epidemic. It compelled organizations to spend more money on technology that enables remote work. Over 4,000 businesses are among its clients, including household names like Amazon (AMZN.O) and IBM (IBM.N).
iCIMS creates software that enables businesses to manage the hiring process digitally and find top personnel. It has also created technology to assist recruiting managers in achieving diversity targets.
Why is it still the best time to hire tech talent?
On average, there were nearly 20 more candidates for open tech positions than for non-technical positions. This is according to data from the HR and recruiting portal iCIMS.
While it’s natural that many employers are taking their time with hiring, tech jobs are one area where firms might wish to maintain hiring. A recent study from iCIMS reveals more applicants than technical job openings in all industries. The findings highlight the need for organizations looking for tech expertise to act quickly.
According to data from iCIMS as of February 2023:
Open tech positions attracted around 20 more candidates per job than non-technical positions. Two years ago, companies that would have had problems finding tech talent today had a flood of applications to sort through. Additionally, the candidate pool is diversifying. According to the company, the percentage of candidates for STEM jobs who identify as women has been increasing since 2019.
Some claim that significant job losses inside Big Tech are partly to blame for the general increase in tech candidates.
Al Smith, chief technology officer at iCIMS, claims that “some of technology’s giants have gone through mass layoffs in recent months. This may explain why applications to tech-related jobs are up over 50 percent since the start of the year.”
He added that employers receive 24 applications on average for each position vacancy in technology.
Smith claims that as more businesses leaned into digital transformation plans, an outbreak brought attention to tech job vacancies and tech skills. More exposure seems to be finally paying off, with applicants changing their career paths to more technical ones. And many seem unaffected by the layoffs in the technology sector.
Smith says, “As tech hiring declines, people looking for tech roles are switching to complex, high-growth sectors. This includes finance and health care, where they can use their tech skills to build products and software and solve concerns at other firms.”
Conclusion
Despite reports indicating more layoffs, the job market is still robust. According to iCIMS data, the number of job postings online is steady. Also, the number of applications received has increased by 26% since January 2022.
According to Smith, while job losses may increase for some businesses, others are still actively employing people. They intend to fill unfilled jobs and strengthen their talent pipeline.
