Gone may be the days of awkward reference checking over the phone if the record sales by HR tech company Xref (ASX: XF1) are a sign of future recruiting practices, especially once hiring resumes after coronavirus protocols are lifted.
Despite the global economic downturn brought upon by the coronavirus pandemic which has led to unemployment spikes around the world, Xref reported $970k in receipts for the month of April, a substantial 37% increase on the corresponding month in 2019.
Included in the month’s sales of their reference automation technology were the acquisition of sizable new clients in Australia, the United States, Norway, United Kingdom and New Zealand, highlighting Xref’s global appeal.
“We are a technology platform built to withstand turbulence and adapt to all market conditions, meaning we are able to continue to deliver results in a pressured global environment,” said Executive Director, Tim Griffiths.
“During the COVID-19 pandemic, we have seen our systems scale with bulk uploads for the recruitment of support workers, new clients automatically onboarded, custom questionnaires designed with speed and ease using our Template Builder tool and integrations switched on in a heartbeat to aid workflows.
“We have done this in multiple languages, across time zones and regional data centres.”
Having previously focused on organisations within ‘trust’ economies such as health, government, non-for-profit and education, these sectors had mostly been deemed ‘essential services’ during COVID-19 which saw less impact on hiring practices than other sectors.
Using XRef’s platform, hiring managers are able to integrate Xref into applicant tracking systems to automate reference checking, submit background check information and provide insights into candidates using Xref’s algorithm.
Although sales are up in 2020, the company reported a net loss of $1.94 million for the Quarter ending 31 March 2020 but has recently reduced the company headcount from 98 to 61 people and qualified for government subsidy packages which will be reflected in the Q4 cash flow.
Alfred Chan is a Business Reporter at The Sentiment specialising in ASX-listed small cap companies, a bloodstock enthusiast and former equities analyst.
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