Hey All!

Welcome to The Hunter Report.

Think of this week’s newsletter as you would a funnel - starting broad with the data behind our labor market, refining that to the AI world, and refining that further to the closing of candidates. The quote to finish is a thoughtful drop to start your weekend.

Please feel free to share.

Read time: 5 to 6 minutes

Labor Market:

Ever wonder about the future of the labor market in the 2030s?

A recent Wall Street Journal article dives deep into the data, shedding light on the impending labor crisis that our trajectory indicates.

Here’s a snapshot of the trends shaping our labor landscape and potential solutions to the challenges we face.

Our Economy Hinges on People: It's an obvious yet crucial reminder that the strength of our economy directly correlates with the well-being and engagement of our workforce.

Demographic Shifts and Labor Shortages: With birth rates on the decline since the 1960s and the youngest baby boomers reaching 68 by 2028, labor shortages are becoming more pronounced.

Growth at a Slower Pace: Anticipated employment growth at a mere 0.3% annually until 2032 signals a slowdown, underlining how population dynamics are restraining economic expansion.

Participation Decline and Age Dynamics: Labor participation, a pivotal metric, peaked at 67.3% in early 2000 but has been steadily decreasing, currently resting at 62.8%. Additionally, by the 2030s, there will be more people over 65 than under 18.

Addressing the Crisis: The article highlights potential strategies, such as leveraging immigration, tapping into underutilized labor pools, enhancing productivity through automation and training, and reshoring manufacturing to the U.S., to combat this labor crisis.

Not in the article but should be - The Rising Need for Talent Acquisition Specialists: As the labor market tightens, the necessity for adept headhunters to facilitate talent acquisition becomes even more pronounced.

The full article by Lauren Weber and Alana Pipe can be read here - WSJ

Venture Funding and The Revolution of AI: Tracking the Numbers

AI is not a buzzword; it's a full-fledged revolution. It's not only exciting but also fascinating to track the funding that propels this transformation. Which is why I continue to report these numbers week after week.

Before we delve into this week's staggering figures, let's draw a parallel between the AI revolution and the groundbreaking release of the iPhone in 2007, succinctly highlighted by Rex Woodbury in a recent tweet.

Now, let's dive into the numbers. This week marked a significant surge. US-based AI venture funding witnessed an impressive 34 funding rounds, amassing a total of $1.4 billion—showcasing a remarkable leap from last week's $225.2 million. The talk of the town was Amazon's substantial investment of $1.25 billion in Anthropic, with an additional $2.75 billion potentially triggered by either party, amounting to a colossal $4 billion investment.

This massive investment not only signifies a significant financial commitment but also ignites the ongoing AI wars, intensifying the competition between major players like Amazon, Microsoft, and Google.

Candidate Closing: How to Partner with Recruiting

Let’s close with insights on collaborating with a recruiter to master the art of candidate closing.

The best hiring managers excel at candidate closing, and a key part of their success lies in collaboration with skilled recruiters. Here’s why:

For a hiring manager, the ability to close a candidate and partner with a recruiter on the close is indispensable. If this skill is lacking, building a robust team becomes an uphill battle. But the good news is, that improvement is possible. No one is born knowing how to sell a vision and an opportunity; it's a skill honed through deliberate practice and by working closely with talent specialists.

When a hiring manager partners effectively with a recruiter to close a candidate, they pave the way to assemble elite teams and create exceptional products. Just like Steve Jobs, who not only envisioned groundbreaking products but also gathered the best teams to bring his vision to life.

Let’s break this down with a few key things to remember.

Effective Communication: Establish clear and open channels of communication between the hiring manager and recruiter to ensure a shared understanding of candidate preferences and organizational needs is maintained throughout the closing process.

Collaborative Strategy Development: Conduct regular strategy sessions where hiring managers and recruiters jointly brainstorm and refine approaches to effectively close candidates, aligning with organizational goals for optimal results. And knowing when to incorporate a sell call with an additional member of the team for perspective.

Tailored Offer Crafting: Customize offers based on insights and inputs from both parties, ensuring a compelling proposition that resonates with the candidate's motivations and the company's capabilities.

Seamless Candidate Experience: Work together to create a seamless and positive candidate experience during the closing process, leaving a lasting impression regardless of the outcome, and reinforcing the organization's professionalism and care.

Continuous Learning and Adaptation: Foster a culture of continuous improvement by reviewing candidate closing outcomes, identifying strengths and areas for improvement, and adapting strategies for future success, promoting ongoing growth and refinement in the closing process.

Quote to start the weekend:

“Experience is simply the name we give our mistakes” - Oscar Wilde

Thanks for tuning in!

-Alex

Founder @ Hunter Recruiting

Please send me a note if you have any suggestions or feedback.