You want a new job. So you go online, find a company you want to work for, and trawl their vacancies, hoping something great catches your eye. Or you sign up to online agencies and job boards, looking to spot your next great opportunity. But we both know that this can take hours, days, even weeks. And you may not even see your ideal job buried among all the others.
But things are changing. The powers of artificial intelligence are being brought to bear on the recruitment process, so we’re now ready to declare that the traditional online job search is dead. And this is why.
Jobseekers are applying to the wrong jobs
The first problem with the current online job search system is that people don’t understand that the jobs they’re applying to are the wrong jobs – they’re a poor match for their skills. Traditionally, job descriptions are not as complete and as thorough as they could be.
Here’s how it usually goes. Essentially, people are searching for a job on a company’s page or job board, and trying to find jobs they think might suit. While the job descriptions are relatively thorough and complete, they don’t really tell the picture of exactly what the job entails, so that person can’t really understand how good a fit they are for the role.
On the other side of the fence, employers are oftentimes desperate to hire talented candidates. But there are two challenges to meeting that goal. First, when candidates are looking online, they may not find the best job match, so they don’t apply. Second, they may apply to the wrong job, one that won’t make best use of the skills and experience they have. If they were applying to the best job, one that matched to their skills and their experience, the employer would hire them.
Ultimately, the problem is that people are not being connected to the jobs that they match to best. They’re getting declined by the hiring company, because they’ve applied to the wrong job unknowingly or they didn’t apply to the job that best fits their skills. The company would have loved to hire them, but now the company and the prospective employee have both lost out.
Companies can’t match candidates to jobs at scale
Prospective employees aren’t applying to the jobs that best match their skills. Therefore the decline rate is high and the acceptance rate is low. And that’s a problem for the potential employee and for the company.
Currently, companies don’t have the tools, intelligence, or capacity to match candidates correctly and at scale. The best way that companies match applicants to jobs today is by using the resume. If the candidate is very lucky, the recruiter may get on the phone, and talk through their experiences. If that happens, then they may be able to identify a better match – “Hey, this isn’t the best job match for you, but fortunately this job over here is, so let’s route you that way.”
And the larger the company, the bigger the problem. They’ve got more and more recruiters, but these recruiters don’t have full visibility of all the jobs available, and the specific skill set and experience needed for each role. They can’t match applicants to jobs effectively – it’s a big issue!
How can companies fit the candidate to the best job?
When working at this kind of scale, human resources are not enough. So in the future, algorithms will replace humans in the matching process, making recruitment more efficient. It’s already happening.
Think about it like this. If you’re a large company, especially one with significant public appeal, you could have up to ten thousand applications a week coursing through your system. That’s a massive number, so there’s no way that you’re going to be able to figure out who’s the best fit for which job.
You’ll be able to pick out a few manually, but when you’re talking thousands of applications a week, you’re never going to be able to figure out every one. A lot are going to be left out – it’s a case of “Hey, they may have applied to the wrong job, but we never did anything about it. We never knew.”
So the company is at a loss and the individual is at a loss. Companies need to begin with the candidate rather than the job. Instead of candidates searching through the company’s website and trying to find the job that best meets their skills (and maybe applying to a few others as well), they just need to provide their resume and the system will automatically match them to all the jobs that the company has open.
How Paysa is providing the solution
We’re enabling this approach for companies, which is exciting. Paysa has built a system that leverages its machine learning, data science, and artificial intelligence that can handle all that automated matching, both for the company concerned and for the candidate. Enter your resume, Paysa sorts through it with its algorithms, and then recommends the best jobs for you.
And not only can we tell you which jobs are the best match, we can also tell you the percentage match, i.e. these are good fits, these are great fits, and these are bad fits. We can tell you how much you can expect to make in each one of those jobs. And we don’t just do it for one company, we do it for all jobs in our system. It’s pretty cool!
So what we’re trying to do is use the technology to better enable the companies and the prospective candidates to take better decisions. It takes the guesswork out of it, because the technology can see all jobs, and can scan the resumes to find the best candidate. Companies want a fast and streamlined process – “Just get me the resume, tell me which of my hundreds of open jobs is this person best fitted for, and then route it to them.”
Will individual companies develop this themselves?
So what’s to stop individual companies from developing their own systems for handling recruitment this way? Well, it’s not a simple thing to develop. It’s a very expensive solution that doesn’t scale well, and actually has a pretty high failure rate. So I think that companies are more likely to use specialist recruiters to do that matching.
What this means for the industry, companies and job seekers
The path to hiring is going to be faster and more efficient. The technology will be making faster and better decisions for companies, so they’re going to save money. Their hiring time will decrease and the the quality of the candidates they’re hiring will increase. And consumer will be happier too, because their acceptance rate will be much higher – the jobs they get recommended for are a much better match for their skills.
Paysa is revolutionizing the hiring process
Ultimately, we’re turning the hiring process completely on its head, and beginning with the individual candidate rather than the individual jobs. The way we view it, traditional job search is dead.
Author: Chris Bolte