Recruitment & Retention
HireVue | October 09, 2023
A new category for recruiting has been introduced by HireVue, the industry innovator and leader in human potential intelligence. This represents a departure from traditional hiring procedures and the introduction of a cutting-edge paradigm that evaluates candidates based on their expertise. HireVue upends conventional wisdom in order to put the emphasis precisely where it belongs: on human potential.
According to HireVue, conventional hiring practices are ineffective and out of date, a belief shared by employees and job seekers globally. More than 3000 people were surveyed for the recent HireVue Hiring Experience Report 2023, and the results revealed widespread dissatisfaction with the hiring environment. Lack of feedback (40%), reliance on resume evaluations rather than skill and potential assessments (30%), the necessity of more simplified procedures to accommodate changing requirements (37%), and the prevalence of erroneous job descriptions (31%), are all sources of aggravation.
Traditional "Rearview Recruiting," which bases recruiting decisions on resumes and qualifications, is based on outdated procedures. By relying largely on profile scraping and resume screening, Legacy HR Tech exacerbates the problem. Focusing just on a person's past accomplishments rather than their potential causes blind spots and makes it more difficult to identify future skill requirements. The soulless, laborious, opaque, too drawn-out, limited communication, and lack of feedback in this old approach further irritate candidates. A fresh approach is provided by HireVue's Human Potential Intelligence, which goes beyond customary methods and puts fairness and impartiality first.
It eliminates guessing and replaces it with a deep understanding of each candidate by utilizing AI to evaluate individuals based on potential, abilities, and interests. This innovative strategy positions HR as a strategic talent incubator rather than just a cost center, ushering in a new era in which the hiring process is transformed into a human journey of empowerment and progress for all parties.
Founder & Chief Analyst at Aptitude Research, Madeline Laurano, said,
HireVue's introduction of 'Human Potential Intelligence' represents a groundbreaking shift in the traditional landscape of hiring. Relying on the constructs of the past like job descriptions and resumes falls short in identifying potential. Our innovative approach brings together both the art and science of hiring by design. It’s supported by their industry-leading AI and stands out as a beacon of change. By focusing on the potential and skills of the humans in the hiring process, this new category redefines hiring criteria and opens doors for companies to hire for the needs of today and ensure they have the right talent for the future.
The introduction of Find My Fit, a pioneering service leveraging HireVue's experience in AI-driven personnel assessment, is at the vanguard of this transformational plan. This program fills the gap between job seekers and openings by enabling them to find positions that match their abilities, passions, and untapped potential. Precision job matching is at the core of the Find My Fit program, ensuring that candidates are not only pointed in the direction of open positions but also to roles that are actually compatible with their individual abilities and potential. This strategy improves candidates' overall job-search experiences while also extending their horizons.
The Find My Fit Application effectively addresses key challenges in today's competitive job market. It empowers job seekers who often struggle to identify suitable roles or doubt their qualifications. With this application, candidates can discover positions that match their skills and potential, expanding their job search possibilities. In a job market marked by frequent career changes, candidates often feel uncertain. The application offers guidance by directing individuals toward roles where they can succeed, even with differing prior experiences.
Conventional hiring methods typically focus on resumes and qualifications, often overlooking candidates' true potential. However, the Find My Fit Application shifts the focus towards matching candidates with jobs based on their skills and interests, breaking free from rigid job title requirements. Additionally, it fosters inclusion by suggesting roles tailored to candidates' interests. This encourages individuals to consider positions they may not have explored otherwise, contributing to increased diversity.
HireVue’s expertise in science, artificial intelligence, and data, helps employers get potential candidates to designations where they can succeed, while also pointing them in the direction of the future. HireVue has hosted more than 70 million video interviews and 200 million chat-based candidate engagements for over 1,150 trailblazing clients throughout the world, including more than 60% Fortune 100 companies.
Sequoia | October 12, 2023
Sequoia, a leader in benefits and compensation, and Typeface, an emerging generative AI platform for enterprise content creation, announced the launch of powerful new features designed to help HR leaders adapt to the fast-changing and disruptive workforce landscape.
This collaboration allows Sequoia clients to integrate Typeface Generative AI technologies into their operational processes. This enhances key areas such as developing job descriptions for role clarity and unbiased hiring, as well as creating effective employee communications for distributed workforces and promoting program engagement.
The newly introduced features utilize Typeface's AI model, enriched by Sequoia's extensive experience with companies of varying sizes. Sequoia, having worked with over 2000 clients ranging from 20 to 200,000 employees, understands the guidance and support required by finance and HR professionals to implement strategic decisions concerning their total workforce expenditure. Collaborative efforts between Sequoia and Typeface will persist, introducing more AI-powered enhancements to the Sequoia People Platform later this year.
Greg Golub, Founder and CEO of Sequoia, stated,
Workplace and economic dynamics are putting huge pressure on HR to do more with less and despite being essential for establishing an engaged culture, timely, and effective communication with both recruits and employees is a time-consuming challenge for HR. We are excited to provide these integrated Generative-AI capabilities on our platform to empower HR to concentrate on their strategic influence and meaningfully boost the efficiency of their work.
[Source – Cision PR Newswire]
Sequoia, recognized as a leader in Total People Investment, assists companies in establishing a competitive edge by enhancing employee retention, attracting high-caliber talent, and optimizing people-spend ROI. Their expert advisory services encompass compensation and benefits, complemented by a robust platform. Sequoia seamlessly integrates employee total compensation programs with in-depth people analytics, enabling companies to manage their global workforce investments dynamically.
Typeface operates as an enterprise-grade generative AI application, revolutionizing personalized content creation for businesses. With a unique blend of content velocity, brand personalization, and control, Typeface enables enterprises to generate exceptional, on-brand content effortlessly and efficiently. Their pioneering self-serve solutions facilitate complete content development throughout its lifecycle, empowering every employee to produce compelling content seamlessly, swiftly, and in alignment with the brand's authenticity.
Eightfold AI | October 13, 2023
Eightfold AI, a market leader in AI-driven talent intelligence, has announced the availability of Eightfold Resource Management, a specialized solution designed to boost service revenue and enhance profit margins by emphasizing skills rather than just availability. Traditionally, consulting and service-oriented firms have excelled in fostering workforce flexibility and internal mobility. With this new offering, any organization can emulate its success, strategically deploying team members based on their skills to specific regions and projects. This approach accelerates the time-to-staff and enhances overall project quality, making it a game-changer for businesses seeking efficiency and excellence.
Numerous major organizations have transitioned to a project-oriented model, prompting Eightfold's Talent Intelligence Platform to evolve correspondingly. With Eightfold Resource Management, advanced deep-learning AI is harnessed to pinpoint available talent possessing the precise skills and experiences required for both internal and external projects. The outcome is a scalable, automated platform, enhancing organizational agility significantly. Industries like healthcare, manufacturing, and banking have acknowledged the importance of aligning their workforce based on specific skills, resulting in heightened profit margins and a more streamlined, efficient utilization of human resources across the organization.
CEO of Eightfold AI, Ashutosh Garg, mentioned,
In several ways, resource management solutions are an extreme version of internal mobility, which we were ahead of the curve on. Eightfold is excited to continue this natural expansion, as we’re uniquely positioned to resolve this issue. Using a unique examination of skills data, our clients can circumvent manual, laborious processes and create new levels of speed, scale, and efficiency.
[Source – Cision PR Newswire]
Garg mentioned that Eightfold AI utilizes talent intelligence to address generational challenges. He noted that for many organizations, consistently hiring and deploying the right talent is a crucial existential concern.
About Eightfold AI
Eightfold AI's Talent Intelligence Platform, a market leader, assists organizations in retaining top performers, upskilling and reskilling their workforce, recruiting talent efficiently, and achieving diversity goals. Their patented deep-learning artificial intelligence platform operates in over 155 countries and 24 languages, empowering enterprises to turn their talent into a competitive advantage.
Paycor | September 18, 2023
LaborIQ, an emerging tech firm specializing in market compensation software, and Paycor, a prominent supplier of human capital management (HCM) software, have unveiled a referral partnership aimed at assisting HR leaders in talent recruitment, management, compensation, and professional development with market-competitive salary insights for all job roles across the US.
The strategic referral alliance is geared towards equipping Paycor clients with the most competitive salary recommendations tailored to today's job market demands. Additionally, it offers solutions for employee retention, fostering growth within their organizations. Claudine Zachara, President & COO of LaborIQ, expressed her delight in partnering with Paycor, acknowledging their dominant position in HCM solutions for HR teams.
LaborIQ’s compensation software, together with Paycor, creates an advantage for companies who need today’s answers for reducing pay gaps and hiring. Technology, methodology and speed have significantly evolved in the HR tech space.
Paycor clients will now enjoy exclusive advantages from LaborIQ's software. This collaboration offers unrestricted access to salary recommendations and pay benchmarks for a vast database of over 20,000 job positions.
LaborIQ is at the forefront of modernizing how US organizations access market-competitive compensation recommendations. The company believes that to compete for talent and achieve success, organizations must have access to unparalleled salary data quality, supported by rigorous labor market research, analysis, and validation. LaborIQ empowers HR teams to expedite hiring processes, reduce turnover, and ensure precise compensation decisions, earning the trust of thousands of users who rely on them for salary recommendations, pay gap closure, and streamlined pay transparency strategies.
With over three decades of experience, Paycor has established itself as a leader in human capital management. The entity’s HCM platform revolutionizes all facets of people management, encompassing recruitment, onboarding, payroll processing, career development, and talent retention. What truly distinguishes Paycor is its unwavering focus on leaders, stemming from more than 30 years of listening to and collaborating with leadership teams. This extensive experience has equipped Paycor to understand leaders' unique needs, resulting in a unified HR platform with seamless integration capabilities, robust analytics, talent development resources, and adaptable technology tailored to meet specific industry requirements. Trusted by a community of over 30,000 customers, Paycor is the preferred partner for addressing HR challenges and achieving organizational goals.