Workstream joins the crowded applicant tracking system category with a $10 million Series A round and a reported focus on deskless workers at local businesses. Much of Workstream’s value proposition, as told to TechCrunch and via messaging on its website, is based on streamlining the workflow for local businesses posting their jobs to multiple local jobsites. From there they get into solutions that are in de rigueur: automation, candidate experience, text and video communication, and hiring workflow supported with better analytics, etc.
We look at the SMB market (where local businesses fall) continuously. Workstream’s current stated value plays well in a market with record-low unemployment and inbound candidate volume and quality that is hard to come by. But, in a market with record-high unemployment that brings a very active and more qualified inbound candidate flow? That’s risky, especially looking forward to a prolonged recession where core HR platforms are offering or integrating most of the capabilities that Workstream is basing its differentiation on.