Four AI HR Startups to watch in 2018
For several years, investors have considered the HR tech market as one of the most flourishing in the technology space. In 2016, a new record was reached with a total of 402 deals worth approximately $2.2B in funding for HR tech startups. In a recent article, CBInsights describes the new wave of Expert Automation & Augmentation Software (EAAS) platforms that will arise in the upcoming years. EAAS is “software that uses machine intelligence to replicate and augment human cognition.”
In the area of HR, four startups are identified as enablers to further support HR departments in their day to day activities.
But who are these startups and what services do they offer?
The reality in recruitment is that most candidates are not actively looking for a job. These candidates are called passive candidates. If the right opportunity comes up, they are willing to take a shot. The main question is how to identify these passive candidates? Workey, a New York headquartered startup uses Artificial Intelligence to anonymously match the profile of a job seeker with a fitting company. Once an interesting company has been identified, the candidate can decide whether or not to share their profile with the company.
Collaboration is key in every recruitment process - whether a new hire needs to be onboarded or different interviewees need to be coordinated. Talla has developed an AI bot that keeps content up-to-date, engages intelligently with content owners and lets the user easily find the right information.
In many companies, recruiters do not find adequate time to properly engage with candidates. In the past, email templates have been used to support the recruiter. In the years to come, chatbots will take care of most of the external conversation with candidates. Mya takes it one step further with its machine learning capabilities; it learns how to interact and communicate with a candidate, but also, and most importantly, it also integrates with your current applicant tracking system (ATS) landscape. Mya updates the scorecard of the candidate within your ATS, schedules the interview with the candidate and sends out calendar invites to the interviewees.
Current applicant tracking systems (ATS) mainly look at their own talent pools, focusing on talent which has applied for a job at the company and afterwards remained in the ATS’s talent pool. More modern ATS’s come with candidate relationship management (CRM) features that lets the company engage early with a candidate before the application to eventually turn them into a candidate. Restlessbandit makes this obsolete. A company would simply need to open a job requisition on Restlessbandit, with the help of artificial intelligence it then matches the job ad with its own talent pool consisting of 100 Million candidates and match these back into your ATS system. This extends the talent pool and lets companies pro-actively look for the right candidate.
Artificial intelligence (AI) and HR are made to work together in the years to come. Without a shadow of a doubt, new AI driven solutions will become the new normal for HR departments.