Call me old-fashioned but I still like to believe that the recruitment process is more touchy-feely than algorithmic. Alas, I may be wrong, as we are seeing, yet again, another firm moving into AI-based analyses to determine the best candidates for financial jobs. We just posted another piece on this last week about a firm who uses chatbots in the hiring process to prevent gender bias. The use of algorithms in hiring appears to be a new trend, folks, and one we have to deal with. I wonder if they will be able to address ageism, as well, something many baby boomers claim they are now experiencing. Yet to be seen.
(Cindy Taylor/Publisher)
EquitySim, a technology-driven online simulation-based recruiting platform that partners with financial services firms to identify top hidden talent around the world, announced today that it has secured
$3.1 million
in Seed funding led by leading employment tech investor University Ventures, along with Peak Ventures and 500 FinTech.
Traditionally, employers organize entry-level recruiting around a candidate's school pedigree and GPA. This exclusive approach has led to an
inequitable system where more than three-quarters of newly hired financial analysts
are men and 65 percent are white.
"Too often, qualified candidates from diverse backgrounds are overlooked by traditional hiring methods simply because of the school they went to," said
Justin Ling, Co-Founder and CEO of EquitySim. "EquitySim uses an unbiased data-driven approach powered by artificial intelligence to close equity gaps and give students access to new employment pathways. Our approach is not only more fair, it is significantly more accurate."
EquitySim's unique algorithms evaluate a candidate's skill-sets, personality traits and culture fit. EquitySim's platform collects up to 100,000 data points for each candidate, allowing for a more comprehensive and fair analysis of capabilities and potential. Furthermore, the company's extensive partnerships with more than 220 colleges and universities worldwide enable employers to identify top talent from a wider, more diverse pool of candidates typically not found through on-campus recruiting.
Based on student behavior and performance in the simulations, the EquitySim platform then matches students with career opportunities at top financial services firms, including Credit Suisse. To date, 68 percent of placed candidates have come from non-target schools.
"Major financial services employers have traditionally relied on the reputation of a small subset of universities as a proxy for job-readiness during the hiring process," said
Prateek Aneja, Vice President of University Ventures. "EquitySim enables both employers and higher education institutions to make the shift toward competency-based hiring practices that are less reliant on college pedigree, highlighting the potential for digital simulations and artificial intelligence to identify high potential talent."
About EquitySim
Founded in 2016 and based in
San Francisco, EquitySim envisions a merit-based hiring marketplace where employers find the best candidates to fulfill their missions. The company's online simulation-based recruiting platform identifies top talent for financial services firms providing an unbiased data-driven approach powered by artificial intelligence. Candidates from over 220 universities worldwide use EquitySim to go beyond the resume and demonstrate their strengths and true potential, allowing employers to identify top talent from a wider, more diverse pool of candidates not found in traditional recruiting. EquitySim is a 500 Startups company.
https://www.equitysim.com/
