Searchlight aims to improve how companies measure a person's soft skills to provide not only a differentiator, but also a better indication of how well that person will fit into the organization.
When they applied for the same job, Kerry and Anna Wang saw how difficult it was to distinguish themselves. Kerry Wang said that she felt that some interview processes didn't allow enough time for them to fully demonstrate how they were different.
Kerry Wang said that nearly half of all hires fail within 18 months and that they were inspired to change the current talent software that labeled them as the same person. You have to hire well to win the talent war, because you can't just hire fast. It is difficult when there is a gap in measuring the quality of hires.
They started Searchlight in order to develop technology that uses behavioral reference data to give employers a better idea of a potential candidate's strengths and weaknesses that might not appear on a resume or an interview.
My company is winning the war for engineering talent.
Companies using Searchlight's new features in the last 12 months hired thousands of candidates, often with a faster process, less bias and better retention, because of the data they were given before any interviews. Users saw a 45% improvement in retention, 40% faster hire time, and employees hired stayed on average 72% longer than when they were hired through other approaches.
The company announced $17 million in Series A funding to expand their offerings to include one-click reference and candidate assessments that take less than 15 minutes, a quality of hire dashboard for greater visibility into how to improve future hiring, and a people science engine that connects behavioral data collected before- and after
The latest round of funding was led by the Founders Fund with participation from a group of investors including executives from companies like Confluent and Plaid. The company has received $20 million in funding, which includes a $2.5 million seed round in 2019.
Searchlight is the latest to see its approach backed by venture capital. Continuum, Sense and Karat are recruitment technology companies that have recently announced funding.
Searchlight collection of data. Searchlight is an image.
Wang says her company is unique in its level of data and insights given to users. It is able to show companies characteristics that they should be looking for in candidates and even disprove assumptions that companies have of their workforce makeup.
She said that you have to recognize what leads to success and rely on your gut. Success profiles are created on what leads to retention.
The company has 15 employees, up from four last year, and works with more than 60 companies. The customer base has more than tripled in the past year. Many of its customers are doubling down on their investment after using Searchlight.
The funding will allow the company to double the size of the team next year and invest in product development.
Searchlight has joined the board with the investment from the Founders Fund.
The team you build is the company you build, according to Rabois, who has been in the technology industry for 20 years.
He said that searchlight made him feel good. Every company talks about retention and what to do to improve it, and I have been on more than 15 boards. A good company can't be built by constantly replacing talent. I wanted to improve myself and have the data and tools to do so. Searchlight has the best data to make hiring decisions.
Flexible compensation can help attract and retain talent as human capital grows scarce.
