Artificial intelligence (AI) is transforming the recruitment market, dramatically altering how businesses screen, assess and hire job prospects. AI-based hiring solutions are increasingly being used by enterprises across the world because they provide various benefits, including reduced hiring time and cost, improved hiring quality, and reduced hiring prejudice.
According to a May 9 statement, HireVue, a platform focusing on video interviewing and text-enabled recruitment solutions, has acquired Modern Hire, an intelligent hiring platform, to expand its end-to-end hiring automation solutions.
HireVue is a market leader in video interviewing and evaluation, with over 700 clients worldwide, including more than one-third of the Fortune 100. HireVue has garnered several awards for its unique use of AI in recruiting, including being named one of Fast Company’s World’s Most Unique Companies in 2018 and 2019.
The platforms will work together to improve pre-hire evaluations and interviews using “ethical AI,” according to the business.
“The mission of HireVue is to change lives by connecting talent with opportunities.” “By adding to our own best-in-class science, technology, and industry experience, we will be able to continue pushing the boundaries of what is possible in hiring technology,” Anthony Reynolds, CEO of HireVue, said in a statement.
Modern Hire includes Virtual Job Tryout role-based tests, which are becoming increasingly popular as more firms look for ways to hire based on skills.
The acquisition also comes at a time when firms are heavily investing in automation, in part to advance pandemic-era procedures. According to TechTarget, virtual recruiting trends will certainly continue, and hiring platforms are already developing solutions for the latter, more difficult stages of the talent acquisition process. As hiring managers seek new methods to leverage data and AI to locate the best applicants, pre-assessments, on-demand video interviews, and work simulations are becoming more popular.
Despite their rising popularity, companies should take caution when depending on automation and AI in the employment process. The White House intends to investigate automated technologies for tracking and managing employees. Other government agencies, like the Equal Employment Opportunity Commission, the Consumer Financial Protection Bureau, and the Department of Justice, have also stated their intention to examine the use of AI and automated systems in the workplace. Similarly, New York City has adopted legislation prohibiting the use of AI in recruiting, with enforcement set to begin on July 5.