41% Of Companies Plan To Increase Their Hiring Work Tech Spend 47% in 2023

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Jan 12, 2023, 08:00 ET

Global Work Tech VC Investment Has Continued to Outperform the B2B Tech Market

NEW YORK, Jan. 12, 2023 /PRNewswire/ -- WorkTech has released its New Technology Changing The Future Of Work Report, underwritten by Greenhouse, revealing that the looming recession hasn't derailed hiring spending. The report, surveying over 1,000 global HR and talent acquisition leaders in the United States and Europe, found that companies plan to increase Hiring Work Tech budgets by about 47%, with 94% expecting to increase headcounts significantly.

The majority of companies (71%) are planning to increase or maintain their budgets in 2023. The total addressable market for Hiring Work Tech is expected to reach $244 Billion by 2026.

While venture capital investments in B2B Tech saw a significant dip in the first half of 2022, Work Tech chugged along at a pace similar to 2021's record-setting quarterly average of $4.5 billion.

While the pace has slowed in Q3 and Q4, investors continue to see opportunities in the future of work with investments remaining at the level of 2019 and 2020. Totaling $18 billion, 2021 was a record year for global Work Tech investments. Investments in 2022 have registered as the second-largest year in history for the category, totaling nearly $13 billion.

"The shift to Work Tech is a mandate for businesses, not a nice-to-have afterthought," said WorkTech Principal Analyst and Founder, George LaRocque. "People data and capabilities must be integrated into the flow of work with data from systems of work and collaboration. This is why companies are taking notice and action, making plans to invest in Work Tech."

"Despite big tech layoffs dominating the headlines, a large number of companies are continuing to hire," said Daniel Chait, CEO and co-founder at Greenhouse. "There are still close to two jobs open for every available worker in the United States. Turbulence in the economy has impacted the job market less than anticipated, and the willingness to invest in tools and tech underscores the fact that hiring work tech is key to companies becoming more competitive in hiring."

Access the complete report from WorkTech, New Technology Changing The Future Of Work here.

Survey Method

Over 1,000 HR and talent acquisition leaders with planning and budgeting authority or visibility in the U.S. and Europe participated in our Hiring WorkTech Planning and Budgeting Survey. WorkTech's ongoing interviews and research in the space with hundreds of leaders at employers and tech providers worldwide provided additional context. WorkTech's venture capital investment tracking, database, and reports, now entering eight years of publication, were also leveraged to inform our insights. We also reviewed research from expert third-party analysts, media, and economists for additional trends and insights. Survey data was collected from September 2022 through mid-November 2022. Labor market data was collected through January 6, 2023

Work Tech category definition

Work Tech includes workplace tools that help employees to work together and collaborate more effectively across a range of focus areas. Work Tech tools and technology seamlessly integrate into the workflow, providing exceptional experiences and delivering value to employees and employers.

About WorkTech

WorkTech is a market analyst and advisory firm. WorkTech is the source of truth for industry data on emerging Work Tech innovation. WorkTech provides market analysis, advisory services, and data-driven research and insights on the future of work and emerging technology that supports it. For more information on WorkTech or to read up on the latest deals in Work Tech, visit www.1worktech.com.

About Greenhouse

Greenhouse is the hiring software company. We help businesses become great at hiring through our powerful hiring approach, complete suite of software and services, Hiring Maturity™ methodology and large partner ecosystem – so businesses can hire for what's next.

Based in New York City with offices in San Francisco, Denver and Dublin, Greenhouse has 850 employees around the world supporting over 7,000 customers. Some of the smartest and most successful companies like HubSpot, Buzzfeed, J.D. Power, Booking.com, Scout24 and The Knot Worldwide use the Greenhouse hiring software platform to improve all aspects of hiring, helping them to attract top talent.

Greenhouse has won numerous awards including Inc. Magazine Best Workplace (2018 – 2022), Glassdoor #1 Best Place to Work, Forbes Cloud 100, Deloitte Technology Fast 500, Inc. 5000, Crain's Best Places to Work NYC and Mogul's Top 100 Workplaces for Diverse Representation (2022).

Writing about Greenhouse? We've got everything you need. For access to company logos, images, information and more, contact [email protected].

SOURCE Greenhouse Software, Inc.