AI and Machine Learning in hiring and recruiting

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AI and Machine Learning in hiring and recruiting

Creating better job descriptions, streamlining the resume review process, structuring interviews, algorithm based hiring, streamlining the recruitment process, removing bias, optimizing video interview analysis and AI based headhunting are AI and machine learning applications in hiring and recruiting that are currently transforming the industry in the US.

AI AND MACHINE LEARNING DISRUPTION

This 2017 article tells us that in just the last few years AI has transformed the HR technology landscape. It claims that "hiring is one of the most explosive spaces for innovation." Below are examples of how this technology is being implemented in the US, and what types of technology are being utilized.

1. Better job descriptions: Machine learning is enabling HR managers to create improved job descriptions. The technology is able to "flag terms that might project a culture that is unfriendly to certain people." This ensures that job descriptions aren't discouraging.

2. Streamlining the resume review process: Research has shown that people spend between 6-10 seconds reviewing a resume before making decisions on the candidate. AI is currently being used to streamline only the most relevant material, allowing decisions to be made based on the most important information.

3. AI can help structure an interview: AI is being used to help suggest the most appropriate interview questions to ask a candidate in order to get the best sense of the candidate’s actual abilities.

4. Algorithms are better at hiring: Algorithms are being used in the recruitment process to replace humans in the process of reviewing candidates. Algorithms remove the human subjective experience, and are therefore more efficient at picking candidates based on their essential qualities.

5. Streamlining the recruitment process: AI has been developed to streamline the recruitment process. For example, Headstart was devised in order to match students from a "range of backgrounds with opportunities at leading companies". Headstart uses neural networks and machine learning to create a "fingerprint" for each applicant. This fingerprint is then used to match candidates into the most suitable positions for them.

Recruitment AI's SniperAI technology is a platform that uses AI to streamline the recruitment process. The tech startup is considered to have created game-changing technology for the industry. It uses machine learning to match CVs and job specifications with speed and accuracy.

6. Removing bias: AI is being used in the hiring process, not to mimic the human selection process, but to improve on it by removing natural human biases that unfortunately reduce diversity in the workplace.

7. Optimizing video interview analysis: Launchpad Verify is a platform that has been created to use machine learning to introduce continuous improvement into a company's recruitment processes. It measures and rates reviewer scoring and identifies potential inconsistencies, so that problems in the current process can be identified. Data is then used to drive better hiring decisions.

8. AI based headhunting: Woo has been developed in order to provide AI based headhunting technology. It is the very first to create this kind of technology. It matches jobseekers' preferences with companies and available positions.

CONCLUSION

To sum up, I have found that AI and machine learning applications in hiring and recruiting that are currently transforming the industry in the US are: Creating better job descriptions, streamlining the resume review process, structuring interviews, algorithm based hiring, streamlining the recruitment process, removing bias, optimizing video interview analysis and AI based headhunting. Companies like Woo, Recruitment AI and Launchpad have already created successful technology in this area.
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AI and Machine Learning in hiring and recruiting - Key Players

In other, for companies to have a great shot at efficiently recruiting the best candidates, "predictive algorithms and machine learning" have been infused into hiring and recruitment processes to handle tasks such as assessing prospective candidates, analyzing psycho emotional traits and searching through social media posts to detect their tones.
Although these software are mostly used at the early stages of the recruitment processes, they still contribute largely to the process of sorting through a large pool of prospective candidates quickly, and identifying the most suitable candidates to proceed into the face-to-face human interaction stages.
The following companies have been identified as key players in the areas of Artificial Intelligence(AI) and Machine Learning (ML) for hiring and recruiting. The companies identified in the list below have been ranked key players based on their revenue.

Key players in the industry

HireVue

This company based in South Jordan, Utah, uses its artificial intelligence backed video intelligence platform, to positively transform the way its clients identify and recruit talent. By "combining video interviews, with predictive, validated I-O science" and artificial intelligence, they support the final human decision-making process of recruitment with technology, increasing efficiency in the entire recruitment process and ultimately landing high-quality talents faster. The company boasts of over 600 clients worldwide, including companies such as Vodafone, Nike, Intel, Tiffany $ Co, Honeywell, and 40% of Fortune's most admired companies. The company's revenue is reported to have hit $10.3 million.

Hiqlabs

Hiqlabs uses"data science", and "machine learning-based SaaS platform" to enable their clients make more informed decisions in their hiring and recruitment processes. The company is based out of San Francisco, California, and has $8.8 million in revenue.

Entelo

Using proprietary algorithms and artificial intelligence, Entelo has created a "full-featured recruiting software platform", that improves the processes of "discovering, qualifying and acquiring" potential talents. Notable clients making use of their software include PayPal, Pinterest, Target, Wayfair and Capital One. The company has achieved a $5.1 million revenue and is based in San Francisco, California.

HiringSolved

Through their product called TalentFeed, this company uses artificial intelligence to "automate candidate matching, increase diversity, reduce the time it takes to complete job applications and analyze social media", with an aim of increasing efficiency in the hiring and recruitment of human capital. Based in Chandler, Arizona, the company boasts of clients such as Allstate, NTT Data, Trinity Health, and Avalon Bay. They have a $2 million revenue.

Textio

Textio has created an "augmented writing platform", backed by artificial intelligence that aids the analyzation and hiring of prospective talents, through well-crafted job posts. Their platform predicts job posts performance and offers real-time advice on how to improve the posts. Some of their notable clients include Virgin Atlantic, BP, Intel, Twitter, Expedia, and Cisco. Their revenue is pegged at $1.9 million.

Wade and Wendy

This company uses artificial intelligence to offer personal career guidance, advising job seekers on the best career paths for them, and providing job opportunities that match their skills and experience. They also make use of artificial intelligence in hiring talents that fit a company's mission and culture. The company is based in New York, and its revenue is estimated to be $1 million.

Others

The companies listed below are those whose revenues were not available at the time of our research, hence they could not be classified among the key players above.

Paradox Olivia

This company uses the artificial intelligence technology to redesign prospective candidates experience including "candidate capture, screening, scheduling, communication and engagement". The system captures as many prospective candidates as possible, advises on next steps and sends the qualified candidates to the clients for human interaction. Some companies notable clients include Sprint, Alorica, Delta, Staples and CVS Health. They are based in Scottsdale, Arizona.

Engage talent

Using artificial intelligence to retrieve predictive insights, Engage allows recruiters efficiently source for talents, from a pool of 100 million passive candidates. They also allow recruiters enrich their CRM with accurate and detailed information of these passive candidates. Some notable clients of Engage include Grant Thorton, Dell, Hilton, Hoag, and Transamerica. The company is based in South Carolina.

Avrio

Avrio provides support to recruiters using artificial intelligence to eliminate repetitive tasks, and allowing more human connections. Their mission is to create "transparent, efficient and simplified hiring experiences" for recruiters. The company is based in Boston.

Conclusion

Artificial intelligence and machine learning in the hiring and recruitment industry contributes to the elimination of human errors and repetitive tasks to improve the quality of talents for jobs and increase overall efficiency in the recruitment processes.

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