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The Hire Lab was founded in Ireland in 2013, with the vision to transform the recruitment experience for both the candidate and the hiring team. The Hire Lab is a next-generation hiring platform that automates the hiring & onboarding process for employers and is the only recruitment system in the market that delivers an end-to-end candidate facing solution. This allows their clients to offer an enhanced employer brand experience where they can mix their marketing and engagement strategies with their recruitment. It also allows for a candidate self-service approach to recruitment and onboarding – encouraging a contactless digital hiring experience which delivers considerable cost savings and ensures recruitment can thrive in these challenging times whilst enabling positive experiences for candidates and recruiting managers.
The Hire Lab is designed to engage recruiting managers ensuring faster recruitment whilst delivering a personalised experience to every candidate that applies. It offers various digital hiring tools from online assessments to video interviewing to support recruitment during these unprecedented times.
It is the only recruitment system in the market that puts the candidate at the heart of the journey. This allows their clients to offer an enhanced employer brand experience where they can mix their marketing and engagement strategies with their recruitment – vital for their target market of public sector where every candidate is often a client or customer. The Hire Lab is now powering hiring campaigns for some of the biggest public sector employers such as the NHS, HSC, Department of Social Protection across Ireland, UK & Europe.
One of their target markets is healthcare and within the UK, the NHS where there is a lot of momentum of Trusts merging or collaborating. Their platform can support multi-tenancy – which allows Trusts to run their recruitment independently or collaboratively as needed, all within one system. They also have commercial licensing available to support collaborative pricing. These are critical advantages for them as they are not something their competitor TRAC supports.
Today, some of the biggest most urgent recruitment campaigns such as recruiting vaccinators within their healthcare clients are being powered by the Hire Lab to ensure these key essential workers are recruited and onboarded as quickly as possible.
This surge in activity also applies to the wider public sector body such as government initiatives for back to work schemes, employment support etc. With unemployment threatening to hit 4.2m in the UK alone by 2022, their technology currently in place with the Irish government is perfectly positioned to assist any government agency, council or group globally – to rapidly deploy solutions to support these initiatives.
The turnover for 2018 was €1.3m. 2019 focused on investment into new markets and building out the NHS Product. 2020 saw a return to strong revenues. Year on year consistent growth is now expected. The company has invested more than €3.5m on R&D.
The turnover is in excess of 1M euros with and EBITDA of 650,000 Euros.
Their cloud-based technology provides candidates with a personalised portal designed to handhold them through the hiring journey sharing marketing, employer branding and content to keep them engaged, informed and encourage self-servicing. At the same time, it allows recruiters to use intelligent matching and automated hiring tools such as language testing, video interviewing, assessments and profiling to streamline their hiring processes and ensure collaboration and compliance.
The Hire Lab's Onboarding module which seamlessly connects into the recruitment platform means clients can harness the power of the candidate portal and turn it into an engaging interactive onboarding experience designed to reduce the manual processing of their hiring, enhance the candidate experience and reduce new starter drop out significantly.
The company requires funding for growth and to maximize the opportunity. The owners are flexible on a potential deal. Both the directors are prepared to stay on after a sale and consider a long-term exit. Otherwise, the founders and shareholders would be prepared to cash out and place the business in the hands of the right type of acquirer who can drive this growth.
Significant market opportunity within the NHS to disrupt competitors.
Currently supporting the Irish Government with potential to deliver similar solution to other governments around the world.
Plans for additional modules such as a hiring managers portal and a face to face video interviewing module as their next enhancements to the platform. These are of most interest to their clients as with the immediate move to digital recruitment practises during Covid, they need more tools such as face to face video to seamlessly integrate with their processes.
Offering a simplified experience for hiring managers is also critical to ensure collaboration and unified hiring processes.
6 full-time, 1 part-time
3 outsourcing companies (2 software development and 1 UX Design)
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