The existing issues of subjective bias and irrelevance of applicant resumes in the tech hiring space, certainly needs to be addressed through technological intervention. AI and ML being the most accountable emerging technologies have serious potential to be one of the driving gears in the world of HR tech. To be able to curate the right platform becomes the ultimate test.
Value Matrix as an HR technology company is set to make tech hiring free of intrusion of irrelevant profiles, incongruent resumes and insignificant information. ValueMatrix.ai, is their AI-enabled proprietary product which is a Machine Learning run HR platform that helps in the validation of candidate profiles and resumes to make tech hiring processes simple. Mr Aditya Malik, Founder & CEO, of ValueMatrix.ai shares more insights on the same.
- The journey of ValueMatrix.
ValueMatrix is a resultant culmination of its founders who have witnessed the perennial problem of technical recruitment in the IT industry for more than 60 years cumulatively. We understand the most important prerequisite to success is to have a winning team.
The founder journey started back in November 2021 where the solution discovery phase has begun. It blossomed into an idea during the month of May 2022 when two C0-Founders joined the team, one to take care of product engineering and development and the other one for revenue generation. During this time, the team went ahead and tested the problem definition and solution with more than 200 CHROs across the globe.
Ever since, the idea moved into the design and development phase. Glad to share the silver bullet for the perineal problem is now available in the form of a SaaS product on the cloud. And we are well positioned to launch the product in the marketplace using our beta customers.
- What is the mission and vision of ValueMatrix?
Our Mission is to put a million smiles on all stakeholders when they evaluate, conduct or undergo an evaluation on our platform.
The vision is to do our bit to ensure a happy, more productive, meritocratic workforce.
- What are the current realities of HR technology in India?
Age of HR or People Tech is here, as every process from the revenue function – prospect to revenue realization has been automated, disrupted from all angles, customer segments and verticalized, with best of breed applications being the new norms transitioning into platform plays.
Current reality check for HR tech in plays are:
- Clunky systems
- Biased recruitment processes leading to biased systems
- AI tech built via machine learning over existing and historical datasets are usually biased against many sects of the workforce.
- Automation has taken the human out of a very human process which is the People function. In the US this has had some recent repercussions and some directives from the US courts taking some of the high tech companies to task.
- Given post pandemic everything and every job task has gone borderless, the tech has been falling short of even being adequate.
There is an evident boost in the incorporation of emerging technologies like AI/ML on the cloud in the HR space with respect to the specificity of the issues that are being addressed. Presently, AI is used as an integral accelerator in HR activities like Recruitment, Training, Learning and Development,engagement, etc. Likewise, Machine Learning as a technology is mainly helpful in enhancing the learning habit of AI and reducing repetitive errors in processes. These technologies drive most of the processes involved in the HR space and thus, they have earned great significance. Therefore, it is safe to say that the current situation of the Global and Indian HR space is welcoming of AI/ML on the cloud and other disruptive technologies.
- What are the specific issues that are addressed by ValueMatrix.ai? What are the benefits?
The entire process of hiring is built to fail and fall apart. It ensures that the right talent neither comes-in nor does he move across the talent pipe without slipping out due to the biased process.
Consequences commonly witnessed irrespective of organization’s size:
- Functional & Personal Biases
- Very Low Joining to Offer Ratio
- Time to offer – few weeks to few months
- Missing Interviewing skill set leads to bad hires
- Discretionary to the Recruiter
- Proctoring and psychometric based analytics is either missing or in separate layers
- Internal Bandwidth choked
High performing talent with right mind-set Dropouts
The Hiring boils down to two fundamentals facets – Fitment and Trust
Trust has been serviced by most tools by way of proctoring or fraud detection but our research has revealed that there are full time companies built out of tier 2 and 3 towns of India charging hefty sums to crack telephonic or VC interviewing on-behalf of a candidate.
They even go to the extent of lip-syncing in certain cases.
Nonetheless, the other part of hiring which involves assessment or evaluation of the hard skills mainly and not so much the people, soft skills and core cultural value belief systems. This part of the equation is still solved by- hear it by the ear, trial and error and feel it from the gut kind of processes. This is where Value Matrix with its psycholinguistics and psychometric heuristics is able to help give many 1st impressions (6 to be precise) of the candidate which will eventually help in scoring for better team balancing and dynamic.
There are few market tools used currently that only automate the hiring process, which can save time but what’s needed is to ensure we are unbiased, scientific or meritocratic at least, efficient & smart towards the final goals of creating competent, innovative teams which are also future relevant.
We built a product using Artificial Intelligence, Machine Learning with neuroscience Interview as a service Platform powered by the Gig community on the other end, humanizes the hiring process at scale, ensures optimum human intervention led by psychometric heuristics.
We are thus able to have access to hidden talent pools which were earlier rejected before entering the talent pipe. Our product will provide better predictive signals which will lead to efficient hiring. Most importantly the overall brand impact due to the amazing candidate and interviewer experience.
All of it would ultimately ensure, building of a stronger team and better workplace happiness quotient.
- What is the importance of AI and ML when it comes to HR Tech? And how are they used in ValueMatrix.ai?
We believe AI and ML in every field helps to re-Humanize it at scale. And this is exactly what AI and ML was missing when it came to the people function. Since, historically this has been a touch heavy, manual function with empathy at its core. Automation accelerated by AI/ML has strategically taken humanity out of the equation. I believe AI/ML will reHumanize the process and help people function focus more on engagement and experience rather than automatable un-human tasks. AI/ML in people tech has to be a conscientious choice infusing tech without leaving the empathy of humans from it. Since, in the end people work for people.
Additionally, AI and ML can be used to automate tasks such as resume screening, candidate matching, and salary negotiation, allowing HR teams to focus on more complex and important tasks such as building strong employer-employee relationships.
Another benefit of AI and ML in HR tech is the ability to analyze large amounts of data and provide insights on employee performance, retention rates, and turnover rates. This can help HR teams identify areas for improvement and implement strategies to retain top talent and improve overall performance.
Overall, the integration of AI and ML in HR tech has the potential to greatly improve efficiency and productivity in the HR industry. It can help companies find the right talent faster, predict candidate performance, and automate tedious tasks, allowing HR teams to focus on building strong employer-employee relationships and improving overall performance
In HR, recruitment is one of the main areas of work. At valuematrix.ai, we use a combination of natural language processing (NLP) and computer vision models, along with gamification techniques, to derive the psychometric profile of a candidate. This allows us to assess a candidate’s personality, cognitive abilities, and other traits that are important for success in a particular job or role.
Valuematrix.ai also emphasizes on the importance of Diversity and Inclusion. The removal of subjective bias is another objective of ValueMatrix. Humans are bound to be subjective as they are bound to make errors, and ValueMatrix.ai was built with DE&I as one of the main driving factors.
- What does the future of the Indian tech hiring space look like?
Indian tech firms have fairly welcomed disruption of emerging technologies given the tangible results it brought about. The pandemic has resulted in a new dawn of gig working globally and not just in India. Gigsters have been in existence for ages but post pandemic this has become mainstay. This is likely due to the economic instability caused by the pandemic, as well as the increased flexibility and autonomy offered by gig work. Additionally, the rise of remote work and digital platforms has made it easier for people to find and apply for gig jobs.
In the same way, Tech hiring as an industry has become an essential one in need of emerging technologies as a catalyst to enhance its processes.
While looking at the future, the value of Global Hiring as an industry is roughly $300B, according to a recent report. It is also predicted that up to 55 percent of companies in India will use HR technologies based on AI/ML within the next 10 years. This shows that AI/ML among other emerging technologies have proven their potential to bring positive effects to businesses and the future of Indian tech hiring will be quite stable with the AI/ML having its back.
Cutting edge and bleeding edge use cases are daily emerging, use of metaverse and AR could possibly be around the corner for hiring, enablement and engagement.
