Written by Matt Jacobson, Arnav Bimbhet, Sruthi Ramaswami and Calvin Yeoh | September 28, 2021
Gem: The Platform for Modern Recruiting
An organization’s people are its biggest asset, yet in recent years, we have witnessed the growing challenge that companies face in attracting high-quality talent. Right now, recruiting is a time-consuming, expensive, and often inefficient process. However, we believe that Gem is the solution that helps organizations overcome many of these challenges. In our conversations with customers, we heard time and again that Gem is mission-critical in helping them source faster, build stronger relationships with candidates, and optimize their recruiting processes. That’s why we are ecstatic about our partnership with Gem co-founders Steve Bartel and Nick Bushak, as well as Prathap Dendi, Susan Phan and the entire Gem team as they continue building the platform for modern recruiting!
Recruiting today is complicated by an increasingly competitive market and growing specialized knowledge economy. Inbound strategies such as job boards and direct applications have proven less effective while leading companies have taking an aggressively outbound approach. Additionally, companies have begun to embrace diversity, equity and inclusion as strategic imperatives to attract top talent and support their continued success. While there remains much work to do in DE&I, we are pleased to see many organizations making commitments towards these initiatives.
Today’s talent acquisition toolsets do not adequately meet the demands of modern recruiting teams who are increasingly shifting to proactive outbound sourcing to identify and nurture relationships with top talent. Recruiters continue to spend significant effort manually sifting through candidate lists, hoping to land on at least one “maybe” among countless “no’s.” Once a suitable candidate is identified, recruiters face another challenge in managing and tracking their outreach, from uncovering accurate contact details to creating personalized messages, all while balancing the delicate cadence of touchpoints from start to finish. Additionally, getting a granular view into the health of talent pipelines and accurately diagnosing drop-offs requires significant data expertise and manual number-crunching. Many organizations simply lack the time and resources, or have data processes that provide limited insights after it’s too late to take corrective action.
In many ways, we believe modern recruiting workflows are following an evolutionary arc similar to that of effective sales teams. It is critically important for recruiting teams to be proactive and timely in engaging with “prospects,” systematically track and manage their candidate pipelines, and appropriately “sell” an organization’s brand and employee experience. We see a tremendous opportunity to optimize the talent acquisition process by empowering recruiting teams with their own operating system and believe strongly that Gem is a leader spearheading this revolution.
As engineering managers at Dropbox and Facebook respectively, Steve and Nick experienced firsthand the complexities that high-growth companies face in managing their talent acquisition processes. While there was a need to quickly hire and expand, recruiters lacked the necessary tools to recruit effectively and often relied on spreadsheets and non-specialized tools. Steve and Nick believed that the future of recruiting would require a centralized source of truth with full visibility across the entire candidate journey and recruiting funnel. Underpinned by their personal experiences scaling teams and a maniacal focus on building an intuitive product, the team soon founded Gem.
Gem’s modern recruiting platform helps organizations attract top talent through automated outreach and gain insight into candidate pipelines to optimize hiring speed, quality, and diversity. Companies like Square, Twilio, Cisco, and Lyft are leveraging Gem to 5x their recruiting productivity, 2x their conversion of interested candidates, and reduce their time-to-hire by more than 20%. We believe the efficacy, applicability, and scalability of Gem’s solution is unparalleled, which is why in the past year, Gem grew its revenue 3x, doubled its customers base, and received a 4.9 / 5.0 rating from users on G2 Crowd.
ICONIQ Growth’s core thesis has always been centered on a deep conviction that technology matters, but people matter most. We are delighted to support Steve and Nick’s vision of providing a human-centric platform for businesses to source, recruit and manage talent in a world where people remain the most important asset to any organization. We could not be more thrilled to partner with Steve, Nick, Prathap, Susan and the exceptional Gem team as they fuel the growth and success of businesses while empowering generations of talent to come!
 Source: Gem