End-to-end talent acquisition suite provider Jobvite today announced the launch of its AI Innovation Lab which aims to empower recruitment teams to better understand its recruitment data and improve results from recruiting new candidates into a business and its team.
Jobvite claims that the AI Innovation Lab will leverage predictive analytics, data science, machine learning, and artificial intelligence with the aim to help companies improve its talent acquisition processes, develop the quality of the talent pool, reduce conscious and unconscious bias, eliminate redundant costs, and optimise processes.
Aman Brar, CEO of Jobvite commented on what customers can expect from its AI Innovation Lab by saying: “Within every organization’s recruitment data, there are actionable insights waiting to be uncovered. 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.”
Businesses and industries are realising the power of AI and implementing it an increasing rate which is partly due to COVID-19 and the implications it had on businesses in terms of social distancing measures and companies putting its team on furlough.
Jobvite’s AI Innovation Lab shows that AI can be used for the recruitment sector and the hiring processes to bring on a new member to a team for what might be an AI-orientated role.
With businesses increasing its investment in AI orientated projects alongside digital transformation initiatives, the number of opportunities available within businesses for new team members to join is likely to rise over the coming months and years.
Investors are taking positions giving start-ups the capital to increase their team size and market presence with examples including Element raising $18m to enable the data-driven transformation of industrial enterprises and AI commercial insurance platform Planck raising $16m.
The end-to-end talent acquisition suite provider commented that its AI Innovation Lab comprised of its experienced data science team that can develop new product capabilities while being able to deliver innovative analysis and insights to help its clients to achieve better business outcomes.
Brar added: “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.”
Jobvite claims that through its AI Innovation Lab, talent acquisition teams can expect to gain seven key benefits which include:
- 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
Jobvite gave the example of a global financial institution that 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.
The end-to-end talent acquisition suite provider claimed that it’s AI Innovation Lab analysed the customer’s data and confirmed its belief while also discovering that females were more likely to respond to social campaigns and job notifications, so the global financial institution adapted its recruitment strategies to match the findings.
Brar commented: “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.”
Jobvite have been picking up Awards throughout 2020 where they have been named as a leader for several recruiting categories while having a client roster of internationally known clients that include Blizzard Entertainment, LinkedIn, and Universal Music Group.
The AI Innovation Lab claims to be able to benefit customers by delivering AI-driven capabilities that include candidate matching which can potentially identify candidates who are best suited for a position and candidate engagement which indicates how interested an applicant is in the business or role they are applying in.
