It’s not easy finding qualified job candidates. In sectors such as health care and financial services, the average time to hire is upwards of 49 days, according to the U.S. Bureau of Labor Statistics. And hiring is expensive — as much as $4,129 for a single position.
Eightfold seeks to meet this need and today added a new product to its job discovery platform — Personalized Career Site — which leverages artificial intelligence (AI) to address the so-called talent gap.
In an interview with VentureBeat, Eightfold CEO and cofounder Ashutosh Garg explained that the problem with most job sites is their failure to take into account candidates’ relevant work experience, skills, roles, and educational background. On the hiring side of the equation, meanwhile, he believes such sites often fail to provide firms with adequate sharing, outreach, and candidate-sorting tools.
“Poorly crafted career sites and job descriptions hinder the application process by failing to attract qualified talent and — even worse — dissuading diverse candidates,” Garg said. “With a surplus of available opportunities within any given organization, the majority of candidates say the hardest step in the job search is finding the right role.”
Eightfold brings to the table a highly individualized, machine learning-driven job matching engine designed by leading AI researchers. (Eightfold’s data scientists have 6,000-plus research citations and 80-plus search and personalization patents to their names.)
The career site has candidates create a profile and upload (or link to) a resume, which Eightfold’s proprietary matching algorithms parse for contextual info. Job seekers get a list of best-fit available roles at companies, along with a relevancy assessment of their skills.
In effect, Personalized Career Site aims to tell whether a person’s likely to be considered for a position before they submit an application.
Eightfold’s application of AI helps its chatbot qualify candidates, collect CVs, and answer questions about skills, job fit, benefits, and culture. Beyond its use of AI, the startup seeks to stand out from the crowded pack of job site competitors by offering SEO-optimized job pages and a one-click application process and supporting custom content on company profiles — including videos.
Garg claims that this process reduces the time to interview by 80 percent while bringing down the cost to hire.
“At Eightfold, we’re shifting the focus away from vague lists of requirements and toward content that candidates care most about — the work they will do, the people they will get to work with, and their likelihood of getting the job,” he added. “Regardless of whether a candidate is ultimately hired, candidates with a positive experience applying to work at a company are more likely to buy its products, as well as recommend other individuals to apply for a position there.”