AI Innovation Lab enables talent acquisition teams to gain more insights from recruitment data to improve results and reduce bias
INDIANAPOLIS (Aug. 27, 2020) – Jobvite (www.jobvite.com), the leading end-to-end talent acquisition suite, today announces the launch of the AI Innovation Lab, empowering talent acquisition leaders to better understand recruitment data and improve recruiting results.
Jobvite’s AI Innovation Lab is comprised of Jobvite’s experienced data science team that not only develops new product capabilities, but also delivers innovative analysis and insights to help companies achieve better business outcomes. This team of data experts explore client data sources to assess the health and inform the strategy of the talent acquisition function.
Through this consultative service, Jobvite leverages predictive analytics, data science, machine learning, and artificial intelligence to help companies improve talent acquisition efficacy, develop the quality of the talent pool, reduce conscious and unconscious bias, eliminate redundant costs, and optimize processes.
“Within every organization’s recruitment data, there are actionable insights waiting to be uncovered,” said Aman Brar, CEO of Jobvite. “However, most talent acquisition teams don’t have the benefit of a data scientist who can study their data to identify opportunities for improving recruiting outcomes. Jobvite’s AI Innovation Lab offers customers the benefit of an entire center of excellence that can leverage data from thousands of companies and hundreds of millions of candidates to deliver deeper insights, benchmarks, and best practices.”
In one recent example, a global financial institution sought to better understand the effectiveness of its diversity and inclusion (D&I) recruitment marketing program with the belief that COVID-19 disproportionately affected female employees. Jobvite’s AI Innovation Lab analyzed the customer’s data and confirmed their belief while also discovering that females were more likely to respond to social campaigns and job notifications, so the institution quickly adapted their recruitment strategies accordingly.
Jobvite’s AI Innovation Lab also benefits customers by delivering AI-driven capabilities such as:
- Candidate Matching, which identifies candidates who are the best match for a job based on skills and job history data from their resume. The score match represents the candidate’s match for the current job using Jobvite’s AI-based scoring system, which learns and improves over time. Jobvite’s candidate matching score enhances recruiters’ efficiency and mitigates unconscious bias during the early selection process.
- Candidate Engagement score gives talent acquisition teams a way to gauge how interested a candidate is in coming to work for their company. By tracking and measuring candidates’ interactions with their employer brand, Jobvite provides at-a-glance engagement metrics for every candidate, as well as the ability to create audiences based on their level of engagement so recruiters can create more targeted outreach.
Through Jobvite’s AI Innovation Lab, talent acquisition teams can:
- Identify the most urgent hiring needs
- Know the top skills needed for various roles
- Measure candidate engagement
- Reduce candidate acquisition costs
- Understand where bias plays a role in the hiring process
- Spot bottlenecks lengthening time to hire
- Recommend employees for open positions that support career growth
“Following in the footsteps of finance, marketing, and sales who regularly use data to drive strategy, HR teams are sitting on a treasure trove of untapped data that can reveal opportunities for improving their talent acquisition results,” Brar said. “Forward-thinking TA and HR leaders are scaling up their tech stack, and in some cases, bringing on professional data scientists to distill complex hiring data into actionable insights that will help them outperform competitive employers and hire the best talent.”
On average, Jobvite customers experience a 27% decrease in time-to-fill based on the company’s ability to streamline the recruiting process for better effectiveness and velocity.
More information about Jobvite’s AI Innovation Lab is available here.