There has been a clear shift in the world of recruitment in recent years with employers finding it increasingly difficult to source and retain the staff they need to operate effectively. 

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Sebastian Dettmers, CEO at StepStone, says that talent scarcity is a growing trend and will only become more of a problem in the coming years: 

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“The growth of both businesses and entire economies has been supported by a growing working population. But this is coming to an end, so supplying businesses with the right people is the biggest challenge when it comes to growing your business in the future.”

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For 25 years, StepStone has created deep relationships with the world’s leading employers and found jobs for millions of people. Lucas McGregor, Chief Technology Officer at Stepstone says: 

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“We know that what people need, what they're looking for, how they even search for jobs, are changing. Our challenge is to take our technology and relationships to help people find the job that works for them and help recruiters find the talent that will move their company forward.”

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Expectations around the speed of response is one of the drivers of change, says Dettmers, referencing the impact technology has had on the workplace generally: 

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“It takes more than three months on average, for a company to hire the right talent. In the digital world, we are used to instant gratification. We believe that the recruitment markets should work the same. Hiring talent should be something that happens super fast.”

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Can this ambition be realized? McGregor says that the pressures of the global talent crunch and the pandemic have changed how people look for work, and the industry response has not kept pace with change: 

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“The recruitment market has been too slow to react. The number one thing that stops a person from getting that next job is actually the work of just uploading their CV and going through all that work. Autonomous matching takes all that work off the table. When you start telling the system about yourself, it will start matching you immediately to positions that would be interesting to you.”

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Jon Wilson, CEO at Total Jobs, StepStone Atlantic says that making the best match for candidates and companies means taking the needs of both sides into consideration: 

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“It doesn't really matter if you're a local or a global business. We bring together the best technology solutions with local people who understand your needs to really help grow and drive success in your business. As we come out of the pandemic, the competition for talent is fiercer than it's ever been. The dynamic is changing so it's more about companies applying to talent rather than the other way around.”

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To answer this dynamic change, McGregor says that StepStone has built solutions that are suited to the new world we now inhabit: 

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“StepStone has invested heavily in artificial intelligence, machine learning, and conversational AI. We're trying to build a system that makes the market fair, transparent and equitable, because it's what the future's going to look like.” 

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Wilson explains what some of this work looks like in practice: 

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“We have created tools and products that help companies lean into changes in the recruitment market. Our gender bias decoder removes bias from job ads, and our equality boost tool helps companies recruit from the most diverse talent pools, driving diversity and inclusion within their organizations.”

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It is not a “once and done” proposition, says Wilson: StepStone has to keep track of trends and respond: 

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“We see ourselves as the gateway into the constantly changing world of work. We must also be constantly changing. If we really want to help customers hire the best talent, if we want to help people from all backgrounds, then we must know how to change how we operate as a company.”

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For Sebastian Dettmers, StepStone can help heal what he calls “a dysfunctional labor market”:

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“The success of businesses depends on hiring the right people, but a lot of people are not happy in their job and a lot of businesses lack crucial talent. Through digitization and the automation of recruitment processes, dysfunctional labor markets will be changed. People and businesses will have new opportunities to match skills, personal interests and personality. People will match the job description and also the culture of the business, elevating both sides to the next level.”

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