LiveHire to provide recruitment platform to Fortune 500 oil and gas company

Human resources solutions provider LiveHire (ASX: LVH) has secured a deal with US-based workforce management company Hiregenics to provide its direct sourcing recruitment platform to one of Hiregenics clients, which is of the world’s largest oil and gas companies.

The parties signed a statement of work (which comprises a binding agreement) to provide the undisclosed client with access to LiveHire’s solutions platform over an initial three-year term.

The client is a Fortune 500 oil and gas company, with more than $743 million in contingent labour spend across the US and approximately $510 million in pay roll spend.

Hiregenics expects approximately 25% of the client’s contingent labour payrate to be sourced through LiveHire’s direct sourcing solution when fully ramped.

At that level, LiveHire estimates the contract will be worth approximately $1.3 million annually.

Full ramp up is expected to take 24 months.

Size and scope

LiveHire executive director Christy Forest said the size and scope of the client’s contingent labour program and direct sourcing mandate demonstrates LiveHire’s ability to work with the world’s largest companies.

“This win is also an indication that global enterprise companies are adopting direct sourcing as an innovative, crucial “must do” in the face of their growing contingent labour requirements,” she said.

Talent shortages

Attracting and retaining skilled workers has become increasingly challenging for employers, with industry figures showing 54% of companies worldwide are experiencing talent shortages.

Shortages in the US have more than tripled in the past 10 years with 69% of employers struggling to fill positions compared to just 14% in 2010.

By 2030, the talent deficit is expected to reach 85.2 million, resulting in approximately $12.6 trillion in unrealised annual revenue.

Research shows companies are feeling the pressure to fill roles quickly, while delivering a positive candidate experience.

Quality hires

Ms Forest said LiveHire’s platform was “uniquely positioned” to deliver quality hires across contingent, permanent and internal roles.

“Our platform solves the most acute recruitment challenges, being cost and extended time to hire, for contingent and permanent hiring globally,” she said.

“It delivers exceptional flexibility and clients can “plug-and-play” integrations tailored to their needs across the entire hiring lifecycle.”