FinancialBuzz.com News Commentary
NEW YORK, May 16, 2023 /PRNewswire/ -- Talent acquisition, the process of identifying and attracting skilled individuals for employment, has undergone significant changes in the modern business landscape. The rise of technology, social media, and AI has had a significant impact on these processes. Today, businesses have access to a wide range of recruitment tools that make the hiring process more efficient and effective. For example, applicant tracking systems (ATS) have become a popular tool for businesses of all sizes. ATS allows recruiters to manage and organize applications, resumes, and candidate information in one place, making the screening and selection process much easier and more streamlined. In addition, social media has also transformed the way businesses approach talent acquisition. Platforms such as LinkedIn, Facebook, and Twitter have become a key source for recruiters to identify and attract potential candidates. Additionally, Artificial Intelligence (AI) powered tools can also help businesses automate certain aspects of the hiring process, such as resume screening and candidate matching. This can save recruiters a significant amount of time and effort, allowing them to focus on more critical tasks such as interviewing and assessing candidates. Professional Diversity Network, Inc. (NASDAQ: IPDN), TrueBlue, Inc. (NYSE: TBI), HireRight Holdings Corporation (NYSE: HRT), Korn Ferry (NYSE: KFY), Paychex, Inc. (NASDAQ: PAYX)
Networking, training, educational, and employment opportunities can also be improved thanks to various technologies and advanced tools. Networking platforms such as LinkedIn, Meetup and various online job boards provide opportunities for professionals to connect and engage with like-minded individuals. This can lead to new job opportunities, mentorship, and access to valuable industry insights. Training and educational opportunities have also become more accessible thanks to e-learning platforms such as Udemy, Coursera, and LinkedIn Learning. These platforms allow individuals to acquire new skills and knowledge at their own pace and on their own schedule. Employers can also take advantage of these platforms by offering their employees access to online courses and training programs.
Professional Diversity Network, Inc. (NASDAQ: IPDN) announced yesterday breaking news regarding its, "financial results for the quarter ended March 31, 2023.
'The recruiting industry as a whole is still feeling the effects of the lingering financial and economic impact that has affected the current economy since 2022. As such, we have had to make adjustments in our operational strategies within our organization, moving personnel from slower producing revenue streams to other areas of the business that we feel we can increase revenues in the near future with the additional personnel', said Adam He, CEO of Professional Diversity Network, Inc. 'Our RemoteMore segment revenues for the period continue to grow, as compared to the same period in the prior year and are consistent with our expectations. As such, we have increased our investment in RemoteMore to a total of approximately 73 percent. Additionally, the operations of our recent acquisition, Expo Experts, has met our initial expectations and we expect solid results throughout the fiscal year. We are still focused on capitalizing on growth opportunities, increasing our return on organic operations, and maximizing shareholder value throughout 2023.'
First Quarter Financial Highlights:
- In January 2023, the Company purchased the assets and operations of Expo Experts for a total consideration of $600,000 funded by the payment of $400,000 in cash and the issuance of restricted shares of PDN common stock valued at $200,000.
- In January 2023, the Company exercised its option to purchase an additional 20 percent interest in RemoteMore at a purchase price of $116,667. In May 2023, the Company acquired an additional 7 percent interest in RemoteMore for approximately $235,000. The acquisition interest and price were based on the original valuation of RemoteMore in September 2021. This acquisition increases the Company's interest in RemoteMore to 72.62 percent.
- In March 2023, the Company entered into a stock purchase agreement with Ms. Yiran Gu, in connection with the purchase of 333,181 shares of common stock of the Company at a price of approximately $2.10 per share for aggregate gross proceeds of $700,000.
- Total consolidated revenues for the three months ended March 31, 2023, decreased approximately $98,000 or 5 percent as compared to the same period in the prior year. PDN Network segment revenues decreased approximately $0.3 million, or 18 percent compared to revenues during the same period in the prior year. Offsetting the net decrease were $0.1 million of event revenue related to our recent acquisition of Expo Experts assets and operations. Revenues for the three months ended March 31, 2022, from the NAPW segment decreased less than approximately $0.1 million, or 34 percent as compared to the same period in the prior year. Revenues for RemoteMore USA for the three months ended March 31, 2023, increased approximately $0.2 million or 46 percent as compared to the same period in the prior year.
- Basic and diluted net loss per share were $0.11 during the three months ended March 31, 2023 and March 31, 2022, respectively.
- On March 31, 2023, cash balances were approximately $0.9 million as compared to $1.2 million on December 31, 2022. Working capital deficit from continuing operations on March 31, 2023, was approximately $1.0 million as compared to $0.2 million on December 31, 2022…"
For our 'Buzz on the Street' Show featuring Professional Diversity Network, Inc. latest corporate news, please head over to: https://www.youtube.com/watch?v=cj6Rgevq5S0
TrueBlue, Inc. (NYSE: TBI) together with its subsidiaries, provides specialized workforce solutions in the United States, Canada, the United Kingdom, Australia, and Puerto Rico. It operates through three segments: PeopleReady, PeopleManagement, and PeopleScout. Recently the company announced that it was recognized as one of America's Best Employers for Diversity by Forbes for the second consecutive year, ranking the highest within the staffing industry. "The success of our company reflects the diversity and talent of our people," said Steve Cooper, CEO of TrueBlue. "This recognition celebrates the hard work and dedication of our entire team. From our Board of Directors to our colleagues across the globe, TrueBlue is fully committed to fostering, recognizing and embracing diversity."
HireRight Holdings Corporation (NYSE: HRT), a global background screening services and workforce solutions, announced recently that it was named the winner of two Stevie® Awards in The 2023 American Business Awards®. A Bronze Stevie® Award for Best White Paper or Research Report in recognition of HireRight's 15th Annual Benchmark Report, based on data from HireRight's 2022 global benchmark survey. The report, titled "The Talent Game," provides global insights into the HR landscape surrounding background screening, talent acquisition, and talent management for employers worldwide. It also includes notable compliance updates from HireRight's in-house legal team, regional and vertical-specific overviews from several of HireRight's leaders, and data insights from over 2,300 human resources, risk, and talent management professionals who responded to the survey.
Korn Ferry (NYSE: KFY) together with its subsidiaries, provides organizational consulting services worldwide. It operates through four segments: Consulting, Digital, Executive Search, and Recruitment Process Outsourcing (RPO) & Professional Search. The company provides executive search services to recruit board level, chief executive, other senior executive, and general management talent of organizations. Recently the company announced that has been recognized by Forbes Magazine as America's best executive recruiting firm. Korn Ferry has received this honor in six of the last seven years, since Forbes and analytics firm Statista began offering the annual rankings. The rankings also honored Korn Ferry as a top professional search firm and a top temp staffing firm. "We're honored to be named America's best executive recruiter and a top professional search and temp staffing recruiter by Forbes," said Gary Burnison, CEO, Korn Ferry. "We are incredibly well-positioned to serve our clients as they continue to navigate an economy in transition. As an organizational consulting firm, we help companies look at talent and strategy together. We help them drive performance through the right organizational structure, with the right people, who are rewarded and motivated to make an impact and bring strategies to life."
Paychex, Inc. (NASDAQ: PAYX) has announced on November 22nd, 2022, new enhancements designed to help improve the employee experience from pre-employment through retention. The latest products and solutions help provide a seamless experience for both employers and employees using Paychex Flex®, the company's SaaS-based HR application, as well as the customized service and HR advisory support available from Paychex. "Now more than ever, a positive first impression with a prospective employer is essential. HR technology plays a critical role in how employers meet candidates, extend offers, digitally onboard, and retain employees through the first 90-days, when the chance for turnover is at its highest," said Tom Hammond, vice president of corporate strategy and product management. "The products included in our most recent release were developed to strengthen the employer-employee relationship and support businesses as they prioritize their workforces to create better experiences for increased employee retention and satisfaction."
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