We just crossed the midpoint of the quarter, and here’s your Mid Q3 Global Work Tech Market Update. This update is just for you, our WorkTech Market Insiders. This update leverages data from our ongoing live global Work Tech and HR Tech adoption and spending survey, our best-in-class global Work Tech Growth Capital tracking, and in-depth briefings with in category tech providers and heads of HR and talent at employers globally.
Will we ever shake this hangover?
There’s an epidemic of recency bias in our global Work Tech and HR Tech market. We’re finding a frightening tendency for founders, leaders at large market-leading tech providers, investors, and some of the more popular analysts and influencers to base their evaluation of current market performance on the anomalies in the six combined quarters of 2021 and H1 2022.
What’s even scarier is the tendency some that we meet have to predict the future based on what was a very unique and heady time in our market. Building your strategy, whether for go-to-market, M&A, or fundraising, on the economy stabilizing and returning to the good ‘ol days of 2021 is a fool’s errand. This isn’t a conservative or pessimistic viewpoint. From 2018 through 2020, the global Work Tech soundtrack was “Happy Days Are Here Again.” If you’re having trouble selling your forecast, check your recency bias.
Some truths about the current market for raising VC in Work and HR Tech: