With a unique human capital business model, Lehi-based IsoTalent uses an AI-driven HRtech SaaS platform to shorten the recruitment / placement cycle, improve applicant tracking, dramatically lower costs, and yet also increase cashflow predictability for external recruiters
Some three-plus-years since its founding, Lehi, Utah-based IsoTalent is emerging from its mostly under-radar development and growth in the human capital marketplace to announce it has closed a $5 million Seed Round of funding.
According to the company announcement, the funding round was co-led by Crocker Ventures (of Cottonwood Heights, Utah) and Ad Ventures, a Lehi-based investment firm, with other participants including Sweater Ventures and several high-profile angel investors.
IsoTalent has developed a three-pronged strategy designed to upend the traditional recruitment and job placement marketplace. This approach marries a Software-as-a-Service HRtech platform with a global talent pool approach to dramatically compress time frames, lower costs, and yet improve payouts and cashflows for external recruiters.
IsoTalent's Three Pronged Approach to HRtech
As Robb Lifferth explained to me, IsoTalent's COO and co-founder, one of the biggest challenges organizations face is keeping track of the various job applicants they have at any one time, let alone over time.
To address this problem, IsoTalent has launched IsoConnect, a free SaaS-based Applicant Tracking System (ATS) that can be
- Used solely by an organization's in-house human resources department, or
- Integrated with IsoTalent's internal HR recruiters, and/or
- Folded into the recruting efforts of external HR professionals.
IsoConnect also provides job seekers with a valuable toolset for accomplishing two critical tasks:
- Maintaining an up-to-the-moment job profile, and
- Gaining valuable feedback from IsoTalent's HR consultants about job application performance and results.
Secondly, given today's dramatic talent shortage in Utah and across the United States, IsoTalent has also launched IsoGlobal as an Employer of Record partner for interested organizations.
As an EOR, IsoGlobal allows organizations to not only widen their applicant pool to candidates anywhere around the world, it allows firms to confidently hand-off all regulatory, legal, and financial concerns to IsoTalent via IsoGlobal.
According to IsoTalent's CEO and Co-Founder, Paul Ahlstrom,
“IsoTalent has built a global hiring marketplace that allows any company, regardless of size, to recruit and hire an employee anywhere in the world. We level the hiring playing field for small and medium companies by more efficiently connecting jobseekers, recruiters, and hiring managers."
Last of all, IsoTalent has also launched its IsoRecruiters service, which utilizes both IsoTalent HR professionals and external recruitment agencies, but does so with a twist, as recruiters are paid by the hour for their efforts and not hefty success-driven commissions.
As a result, hiring organizations accomplish three things, they:
- Save as much as 70% of the traditional costs of deploying an executive search or job placement agency;
- Dramatically shorten the recruitment and hiring process; and
- Significantly widen their recruitment pool to include global candidates via the IsoGlobal EOR.
Additionally, external recruiters discover that they can avoid the feast-or-famine cashflow model inherent in the historical approach to recruitment and placement engagements.
Lifferth summed up IsoTalent's approach this way:
"Business leaders are retooling their hiring strategy in response to the ‘Great Resignation’ and more economic upheavals to come. IsoTalent has the tools and expertise to become the integrated recruitment solution for businesses of any scope and size to hire at scale. Our new funds will be used to build and execute on that vision."
Some of the initial organizations that have turned to IsoTalent and its disruptive HRtech and business model include Amadeus, Blue Raven Solar, Clozd, Everee, Instructure, Motivosity, NuSkin, ObservePoint, Owlet, Pickle, RainFocus, and Vasion, among others.