Special Report: Artificial Intelligence is set to fundamentally change the recruitment industry, cutting out a whole swathe of personnel by match-making more efficiently, says the chief financial officer of ASX-listed Nvoi.

Nvoi (ASX:NVO) is Australia’s only open market “workforce-as-a-service” platform which directly connects employers and skilled professionals.

Nvoi’s platform works like LinkedIn-meets-Google-meets-eHarmony for jobs, says CFO Michael Bermeister.

Bespoke algorithms perform keyword searches, matching job ads and job seekers to provide a Google-like list of candidates for hiring managers.

“Everything a human recruiter does can be digitised,” Mr Bermeister says.

“When you think about what they do — canvas for jobs, check their networks or advertise on job sites for candidates, trawl through applications to create a shortlist, then interview and eventually hand the top three to a customer — technology can do the whole process instantaneously.”

Nvoi’s clever algorithms eliminate friction points in contract workforce management.

Instead of waiting weeks for applicants to interview, a hiring manager can get a list of the most closely matched candidates in seconds.

Nvoi has recently refocused from small-to-medium businesses to enterprise customers with greater hiring demands, accelerating its ability to drive volume and market share.

How the platform works

Nvoi’s platform allows job-seekers to enter their experience and skills into a profile page much like LinkedIn.

The algorithm looks at the words in the “free text” — the natural language people use when speaking or writing — and identifies which skills might match a particular job ad.

The algorithm ranks candidates who most closely match the requirements — similar to how Google ranks the best results from a search query.

Why hasn’t this been done before? Because it’s very difficult, Mr Bermeister says.

A myriad of different job titles for a single role — a user experience pro and a UX designer are the same thing — non-standard job titles, and dated application and tracking systems make using algorithms for job matching harder than matching a nice boy with a friendly girl on Bumble.

Nvoi has had to teach its algorithm how to understand words and concepts that humans take for granted in order to know which words are synonyms.

For example, “number cruncher” could be a synonym with “accountant”.

“At this stage we use some human intervention to fine-tune our search algorithms and key-word identification,” Mr Bermeister says.

As more information is entered in the Nvoi platform, the algorithm is better able to learn and match.

At the moment the algorithm only looks for hard skills but Nvoi plans to include soft skills such as personality tests in the future.

The result is a process that cuts out weeks of leg work and waiting, the expense of hiring recruiters, and potential for human bias.

 

This special report is brought to you by Nvoi. 

This advice has been prepared without taking into account your objectives, financial situation or needs. You should, therefore, consider the appropriateness of the advice, in light of your own objectives, financial situation or needs, before acting on the advice.

If this advice relates to the acquisition, or possible acquisition, of a particular financial product, the recipient should obtain a disclosure document, a Product Disclosure Statement or an offer document (PDS) relating to the product and consider the PDS before making any decision about whether to acquire the product.

Featured Companies

You might be interested in