As the percentage of college-educated people in the US continues to grow, the job market will get even more competitive than it already is–and that goes for employers, too. Not only has the job search been simplified by job board apps, but, in the gig economy, it isn’t just that the grass is only greener–it’s that holding multiple jobs could very well become the norm. This means that human resources not only has to get better at managing the application surge, but it also must be able to adapt its current employee pool to fit the shifting needs of the company in an ever-accelerating economy. Artificial intelligence holds the key to both.
For Part III of our Big Players in AI series, we’ll discuss the companies that are offering groundbreaking solutions to the hiring lifecycle and management of existing talent.
Lowering Attrition and Promoting from Within
As Harvard Business School professor Boris Groysberg says, “It’s not whether you build or buy, it’s figuring out under what conditions you build or buy.” And if you decide that, for a particular need, it’s best to build, the matter becomes equal parts retainment and maximizing your employees’ skill sets.
HiQ Labs offers solutions that allow you to do both. Via a combo of predictive modeling and machine learning, HiQ splits their services into two separate products:
- Assess attrition risk across entire company, from departments all the way down to individual employees
- Discover which external factors are affecting attrition risk
- Develop customized retainment strategies for top-performing employees
- Identify and address the most at-risk employees
- Achieve a full scope of each employee’s skill sets, both utilized and hidden
- Utilize these skill sets to develop individualized career development plans
- Match employees seeking new opportunities with best fits within the company
- Identify the shared skill sets among top-performing employees
Streamlining Talent Acquisition
When it’s time to buy instead of build, the race begins to land the most qualified candidates. And yet only 40% of businesses maintain consistent communication with job applicants, in spite of the variety of engagement channels at hand. Because an average of 250+ applications are submitted per job opening in the US, the need for speeding up the hiring process has never been greater.
With Switch, employers are able to connect with top talent and schedule interviews within a fraction of the usual required time. The recruiting app uses an algorithm that analyzes a particular candidate’s behavior across job boards, as well as matches the most ideal candidates with look-alikes, even those whose activity suggests they’re only passively job-searching. Once the shortlist is populated, interviews can immediately be scheduled through the app. The process almost mimics a dating app, as it’s as simple as “See → Swipe → Connect → Hire.”
Retargeting Job Candidates
How about all those old résumés still on-file in your ATS? Just because one candidate didn’t fit another job position doesn’t mean he or she won’t be ideal for something new.
And Restless Bandit’s machine learning software allows you to make these serendipitous connections. Their product, Talent Rediscovery, first cleans up your ATS by eliminating duplicate résumés, then updates each remaining résumé with that candidate’s latest work history. These updates are then matched with your current job openings, personalized, automated emails are sent, and retargeting ads can then be made to appear before said candidates on the Google and Facebook networks.
A 21st-Century Workforce
Here at tekMountain, one of the nation’s emerging entrepreneurial and innovation centers, HR Tech has always been one of our core focuses. For the past two decades, our parent company, CastleBranch, has cornered the market in background screening and compliance solutions. As high-level tech is integrated more and more into everyday professional life, tekMountain looks to expand the possibilities of how HR shapes our national workforce.
Contact tekMountain today to see how edtech AI can change the trajectory of your learning institution.