How do you reach candidates to hire? At a global scale there are new trends inspired by the innovations in this area. There are already possibilities for a remote work no matter the distance between employers and employees. This is valid only for professions where digital transformation has made it possible. Good examples are platforms like UpWork, Fiverr and Transformify, connecting the two sides of the working process.
Made in Bulgaria
There is an increase in technological innovations in
talent acquisition based on artificial intelligence at a global scale. Maj.io
(abbreviation for Matching Applicants & Jobs In Order) is a
company, founded in Bulgaria. It already has two products launched - one in
the US and one in Bulgaria. Placement
Feed is used by large IT recruitment agencies in the USA, while Sloth.Works makes easier the recruitment of
tech talent in our country.
Using artificial intelligence in hiring platforms
makes the whole process fast and effective. Employers are flooded with CVs of
candidates and with the help of AI recruiters exclude the non-suitable without
reading carefully all resumes. They focus only on candidates whose CVs match
the job requirements. Thus the recruiter can pay careful attention and engage
with the candidates who actually match the job requirements.
The goal of Sloth.Works is to make the hiring process
more pleasant and transparent for the candidates. After a member-company posts
a job in the platform, only candidates who match its requirements can see the
job opening. If any of them shows interest in this job, their anonymous profile
is automatically sent to the company. Candidate’s profile is anonymous until
the company declares they are interested to meet the candidate. The company has
two working days after receiving their contact information to connect with the
candidate. After the interview between a company and a candidate, the last
receives a feedback for their performance no matter the result. This makes the
hiring process simple and clear, explaine Svetla Simidchieva and Ekaterina
Mihaylova, founders of Maj.io.
Man and Machine
intelligence does the part in the recruitment process which is most
time-consuming and inefficient both for recruiters and for candidates. Machines
are not creative and humans are not good at boring and repetitive tasks. It is
better if humans focus on finding appropriate solutions and AI is their
right-hand in tasks which it does much faster.
Placement Feed is a product designed for mid-sized to
large staffing firms in the USA. When a recruitment agency has 1000 job
openings, its recruiters cannot know all jobs so they can offer the most
suitable to their candidates. On such scale a technological assistant could
significantly improve the agency efficiency. In Bulgaria, however the staffing
agencies are small. So their recruiters know all job openings in details and do
not need a product like Placement Feed.
It Is a Matter of Scale
The more standard the use cases for artificial intelligence and the wider its adoption, the lower the price. And vice versa - the more custom AI is, the more expensive it is. This is one of the other reasons why Placement Feed is suitable for the American market - there are many and large staffing firms. Currently the monthly fee for using Placement Feed for US recruitment agencies can be as low as USD 40 per seat. It is precisely because of the scale that technology shows its advantages on a large market. In the USA there is already a competition in this market segment, but there is also a great demand.
“We are the ones who create the new reality of
recruitment”, assure Svetla Simidchieva and Ekaterina Mihaylova. Sloth.Works is
originally created for the Bulgarian market. The platform is in Bulgarian, but
the jobs and candidates’ resumes are in English. The intent of the platform’s
creators is to expand in other CEE
Maj.io products are based on natural language processing and machine
learning. Every day the machine is learning to read and comprehend better and
as a result it becomes smarter. Artificial intelligence will enter more and
more into recruitment and selection. “We are not developing technological
solutions because it is fun, but because they can make humans’ work easier and
smarter”, underline Svetla and Ekaterina. When building a technology product,
It is a vital skill to extract all the information from customers to make it
work for them. The creators of Placement Feed and Sloth.Works keep
close contact with the users of the two
products and this makes it possible for the products to constantly improve
performance and functionality. Adoption of new AI technologies is still slow
and its creators should consider thoroughly the needs of the end user. Machines
are going to be an increasingly irreplaceable assistant to humans in talent
acquisition, but they will not fully replace us in this important activity.