How AI and video are redefining talent recruitment

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While there’s a vast amount of data available for HR and talent analytics today, most organizations are still not reaping the benefits of their analytics investments. Gartner reports that only 21% of HR leaders agree that their organizations are effectively using talent data to shape talent acquisition and recruiting strategies, improve employee engagement and inform other business decisions. As the report notes, more data does not convert to more actionable insights for many companies.

However, MyInterview — an Israel-based company that aims to enable hiring managers to leverage video for pre-screening candidates at scale — says it has developed a platform that captures, plays and interprets videos generated from candidates who respond to pre-determined questions. 

MyInterview was cofounded in 2016 by Benjamin Gillman, the CEO and Guy Abelsohn CPO, who both believe the traditional CV is fast becoming obsolete. The company uses artificial intelligence (AI) and machine learning (ML) models to ensure fast and effective hiring processes for HR teams across the enterprise and mass market.

Gillman told VentureBeat that MyInterview helps employers to save up to 70% of their time to hire, providing them with the insights they need to hire the best fit for their open roles. He noted that MyInterview’s video interview platform allows employers and jobseekers to meet much sooner in the hiring funnel. MyInterview is keen on empowering organizations to meet people and not resumés.

Fast-tracking the recruitment funnel with AI

Gillman said most hiring funnels today are drawn out, uncompetitive processes. Alternatively, he noted that MyInterview’s mission is to create short, efficient hiring funnels because it’s better for everyone.

The company uses ML techniques for interpreting video, video capturing, compression and delivery across varying internet stabilities. Gillman said the AI component of MyInterview’s platform extracts information from videos by using these two models: 

  • An NLP/text analysis model that identifies keywords and phrases that align to various personality leanings.
  • An ML-trained database of tens of thousands of interviews, with each interview rated by a team of four different behavioral psychologists based on specific criteria.

Gillman noted that it’s essential to use these models because there’s an enormous volume of data along the hiring funnel that organizations often miss by focusing only on candidates’ CVs. There’s more to the candidate than the CV, and our platform helps recruiters gather data that they would ordinarily not get on paper, he said.

He noted that companies can get a lot more data from someone speaking casually in a video than from texts and other data forms. According to Gillman, videos enable better expression, rather than standard items listed on a CV.

“With our platform, jobseekers are able to apply for roles in record time. The platform also allows employers to get answers to candidates much quicker. More people are considered and less time is wasted. Recruiters also have more time to build relationships and are safe from administrative bottlenecks with follow-ups and no-shows,” said Gillman.

MyInterview analyzes each video interview to check for soft skills, personality traits and keywords that enable organizations to select the candidates that align with their culture, vibe and goals — all while reducing the risk of bias or human sentiment. The company’s training data currently sits around 30,000 curated interviews, according to Gillman.

Competitive edge

Gillman said one of MyInterview’s advantages over other players in the industry is in its position to serve not only enterprises, but also the mass market, such as large online job boards. 

Other differentiators, according to Gillman, include the company’s proprietary filtering and search model, collaboration tools and one of the largest integration marketplaces. MyInterview’s automated shortlisting capabilities enable recruiters to uncover talents that otherwise could have been overlooked — a feature which Gillman said no one currently offers in the market.

Software comparison and product review platform G2 shows MyInterview currently has strong competition in Spark Hire, Jobvite, TestGorilla, CodeSignal and Workable.

Business model and expectations

MyInterview is a subscription-based business-to-business (B2B) software-as-a-service (SaaS) platform, with plans ranging from free to $329 per month. The company’s plans include interviewing volumes and feature availability. MyInterview’s customers include Marriott Hotels, Meta, Billable, Agoda, McDonald’s and more.

Since inception, MyInterview has raised a total of $6.2 million from investors like Aleph, Entrée Capital and SeedIL, among others. Having just welcomed a new COO in Amalia Bercot, who founded SendinBlue, MyInterview is looking to further build its team as the company continues to integrate with other solutions across the industry.

“MyInterview had a 120% year-over-year growth last year and is on track to grow even further this year,” Gillman said.

Originally appeared on: TheSpuzz