Madrid’s Jobandtalent achieved a 90% increase in annual revenue last year, generating turnover of €1.9 billion as its US business continued to take off, becoming its third largest revenue driver behind the UK and Spain.
Jobandtalent connects jobseekers to temporary work opportunities in industries considered essential to national infrastructure, for example warehouses, food production plants and transport.
Jobandtalent currently has more than 350 US-based clients and operates in over 20 jurisdictions. It has invested more than €450 million in the past three years in product, geographical expansion and acquisitions.
At the end of last year, more than 340,000 workers had been placed through Jobsandtalent’s network, which is active in nine geographies and also works alongside hiring agencies recruiting on an employer’s behalf. The company’s product team was expanded by 200% last year.
Co-CEO Felipe Navío said product development was ongoing and expects new features this year to focus on the worker’s experience. Temp workers might be able to receive instant salary payments, for instance, or access peer-led reviews to check out hiring partners before they agree to start work. A new chief technology officer, Yaron Zeidman, was appointed last year to spearhead Jobsandtalent’s product roadmap.
“Innovation is at the core of Jobandtalent’s business,” Navio said, “Last year, we made great investments to constantly enhance our product and the service we provide to our workers and clients, further pushing the boundaries of our industry.
“Some improvements in the pipeline for 2023 include better onboarding, planning, shift management and clocking for our clients.”
Jobandtalent platform’s made its US debut a couple of years ago, and its stateside presence has since expanded to a $300 million turnover. Aside from entering the US, Jobandtalent also launched two new tech hubs in Europe to drive product innovation, recruiting specialists from Alicante, Spain and Poznań, Poland.
In light of growing economic volatility, Jobandtalent recently altered its expansion strategy to protect its existing business. It closed off 2022 reporting core operating earnings of over €24 million and expects growth this year to finish in the three-figure percentile range.
Juan Urdiales, Jobandtalent co-CEO, added: “We rapidly adjusted to the changed market conditions last year by reducing new hires, expansion investments, and cutting unnecessary costs.
“The entire team made a huge effort to optimise efficiency, which was necessary in a company that has grown so much – from €350m revenue in 2020 to €1.9 billion in 2022. This effort really paid off as we’re extremely well positioned to face the opportunities and challenges of the year ahead.”