AI-Powered Tools Offer a Multifaceted Solution to Recruitment Challenges
FinancialBuzz.com News Commentary
NEW YORK, May 4, 2023 /PRNewswire/ -- Artificial Intelligence (AI) has become a buzzword in the tech industry due to its potential to revolutionize markets by automating tasks and providing insights. As a result, major tech corporations are investing heavily in their AI business segments in order to stay ahead of the curve and capitalize on the enormous market potential. Major international conglomerates like Google, Microsoft, Amazon, and IBM are investing heavily in order to develop AI technologies that can be used in a variety of applications, from healthcare to finance. For example, IBM's Watson AI platform is used in a variety of applications, from healthcare to finance. IBM is also working on developing AI technologies that can be used in manufacturing, such as robots that can assemble products. And, according to data published by Research Informatic, the Global AI Recruitment market size is estimated to reach USD 695 Million by 2026, while growing at a CAGR of 5.1% over the forecast period of 2021-2026. Professional Diversity Network, Inc. (NASDAQ: IPDN), Ambarella, Inc. (NASDAQ: AMBA), Robert Half International, Inc. (NYSE: RHI), Alibaba Group Holding Limited (NYSE: BABA), Paychex, Inc. (NASDAQ: PAYX)
In addition, AI has become a major component of the recruitment ecosystem. AI-powered solutions, which are tightly connected with the applicant tracking system (ATS), add a layer of intelligence to the recruitment process, automating the screening of thousands of applications and reducing time-consuming manual activities. By screening job descriptions and resumes, AI can identify biases and provide suggestions for more inclusive language and criteria. One example of AI utilization in HR is the use of predictive analytics in recruitment. Predictive analytics can help HR departments identify the best candidates for a job by analyzing data from past hires. On top of being an effective tool to help business become more efficient, AI can also help companies create more inclusive and accessible workplaces by providing tools that support employees with disabilities or different learning styles.
Professional Diversity Network, Inc. (NASDAQ: IPDN) announced earlier this week breaking news regarding, the acquisition of additional 7% in RemoteMore USA Inc. on April 28, 2023 After the transaction, PDN's ownership position in RemoteMore will increase to approximately 73%.
RemoteMore has been working on an artificial intelligence (AI) solution that improves the matchmaking between companies and developers. Since 2021, RemoteMore has added several new features to its platform, such as a job dashboard that permits employers to request developer profiles according to their very specific requirements, resulting in the employer getting five pre-qualified candidates hand-picked by the RemoteMore Service team. RemoteMore has already released AI features that automate parts of this matchmaking process, resulting in a superior quality service at a lower labor cost.
The RemoteMore AI-powered matchmaking tools will make the company's offering even more exciting to employers who are seeking to hire qualified developers. Delivering a high-quality matchmaking experience at scale is an important competitive advantage given the confusingly big candidate pool that remote work unlocks for companies. RemoteMore has already pre-screening data for over 24,000 remote developer profiles (such as professional history, remote work fit and technical skills) which is a strong foundation for further automation and AI development.
During the first three quarters of 2022, RemoteMore increased the number of its registered company users from 650 to 1,500, and its pre-screened pool of developers from 6,300 to over 24,000. As the demand for sophisticated software developers grows, and the number of AI-powered tools continues to expand, the need for high quality matchmaking at scale will only increase.
"Integrating an AI-powered tool to ensure that the best fit applicants reach our employer clients is the logical next step," said Boris Krastev, CEO and Co-founder of RemoteMore. "These tools have grown in popularity in recent months. Our strategy is to be proactive when it comes to the adoption of new technologies that can revolutionize our industry."
"AI-powered tools are some of the most impressive technological developments in recent years and their popularity is only growing," said Adam He, CEO of PDN, "The momentum in the AI space has been tremendous and we want to be able to leverage this technology within our diversity recruiting operations as well, thus providing the synergies we had envisioned when first acquiring an interest in RemoteMore."
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Ambarella, Inc. (NASDAQ: AMBA), an edge AI semiconductor company, reported recently that the front advanced driver assistance system (ADAS) smart camera products jointly developed by the two companies are currently in mass production inside the mainstream models of leading China car companies, including passenger car models that entered mass production in 2022. The third generation of Neusoft Reach's X-Cube 3.0 front view smart camera is based on Ambarella's CV22 AI vision system-on-chip (SoC), which runs the camera's L2 AI perception algorithm. The X-Cube 3.0 is currently being implemented in mass production, providing safe and efficient passenger car technologies and solutions for OEMs based on Ambarella's CV22 platform.
Robert Half International, Inc. (NYSE: RHI), including its subsidiary Protiviti, has announced on April 28th, that it has been named to Forbes' list of America's Best Employers for Diversity for the fifth consecutive year. Companies selected for the list are recognized for inclusion efforts related to age, gender, ethnicity, disability, LGBTQIA+ and general diversity, as well as feedback from an independent survey of 45,000 U.S. workers at companies with at least 1,000 employees. "This recognition celebrates our commitment to promoting diversity, equity and inclusion efforts in our workplace and in the communities we serve," said M. Keith Waddell, president and chief executive officer of Robert Half. "We are particularly proud of our employee-led DEI efforts, which connect employees across the globe and help foster a culture of belonging."
Alibaba Group Holding Limited (NYSE: BABA) subsidiary Alibaba Cloud unveiled on April 11th, its latest large language model, Tongyi Qianwen. The new AI model will be integrated across Alibaba's various businesses to improve user experience in the near future. The company's customers and developers will have access to the model to create customised AI features in a cost-effective way. "We are at a technological watershed moment driven by generative AI and cloud computing, and businesses across all sectors have started to embrace intelligence transformation to stay ahead of the game," said Daniel Zhang, Chairman and CEO of Alibaba Group and CEO of Alibaba Cloud Intelligence. "As a leading global cloud computing service provider, Alibaba Cloud is committed to making computing and AI services more accessible and inclusive for enterprises and developers, enabling them to uncover more insights, explore new business models for growth, and create more cutting-edge products and services for society."
Paychex, Inc. (NASDAQ: PAYX) has announced on November 22nd, 2022, new enhancements designed to help improve the employee experience from pre-employment through retention. The latest products and solutions help provide a seamless experience for both employers and employees using Paychex Flex®, the company's SaaS-based HR application, as well as the customized service and HR advisory support available from Paychex. "Now more than ever, a positive first impression with a prospective employer is essential. HR technology plays a critical role in how employers meet candidates, extend offers, digitally onboard, and retain employees through the first 90-days, when the chance for turnover is at its highest," said Tom Hammond, vice president of corporate strategy and product management. "The products included in our most recent release were developed to strengthen the employer-employee relationship and support businesses as they prioritize their workforces to create better experiences for increased employee retention and satisfaction."
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