London-based Beamery has closed a $5 million Series A for its candidate relationship software. The round is led by Index Ventures, with participation from existing investors Edenred Capital Partners, GP Ventures and LocalGlobe. It's a fast follow from the startup's $2 million seed, raised in June last year. Beamery says the new funding will be used to double its headcount and open a new sales and marketing-focused office in the Bay Area, while keeping its core product dev and engineering team in London. In a blog about the funding, Index's Jan Hammer argues Beamery's approach to recruitment gives companies a strategic advantage in hiring by enabling them to identify and develop relationships with potential future recruits before they even have a specific vacancy to offer.
Fortunately, developments in artificial intelligence have created a huge potential to fix the problems of antiquated hiring systems and accelerate the process to make recruiters more productive. A handful of software vendors are incorporating AI algorithms into their tools in order to automate tasks such as examining resumes, sending follow up emails, or finding potential candidates for your company's new vacancies. Beamery, a candidate relationship management software, uses machine learning software to enhance its clients' applicant tracking systems and build relationships with their candidates. EstherBot, another interesting project, helps turn your resume into an interactive chatbot that interacts with potential employers.
While we worry about artificial intelligence driving us into unemployment, a lot of job positions remain vacant and a large percentage of applicants never hear back from employers. This is largely due to the inefficiency of the manual recruitment tools and processes, which make it extremely hard for employers to find the right candidates. Among problems that recruiters struggle with are company job boards and applicant tracking systems that fail to deliver, email threads that become unmanageable, resumes that get lost in the corporate hiring pipeline and online job posts that become cluttered with low quality applications. Fortunately, developments in artificial intelligence have created a huge potential to fix the problems of antiquated hiring systems and accelerate the process to make recruiters more productive. A handful of software vendors are incorporating AI algorithms into their tools in order to automate tasks such as examining resumes, sending follow up emails, or finding potential candidates for your company's new vacancies.
HR is fast embracing the latest emerging technologies and transforming the way talent management happens. From cloud to social to Artificial Intelligence (AI), each seems to play a significant role in HR sub-domains such as performance management, recruitment, employee engagement and so on. Technology and HR are being integrated in a bid to make HR interventions more productivity oriented. After all, HR leaders must justify their value-add to business by optimizing every HR process, and aim to achieve the best from the least investments. Recruitment is one such area, where positions continue to remain vacant for months, as organizations struggle to find the right candidates.
Recruitment is a prime candidate for automation through artificial intelligence and machine learning, but what does this mean for the human side of hiring? The manual nature of many hiring processes has seen the recruitment sector jump to the front of the HR queue in terms of adopting artificial intelligence. Predictive recruitment analytics: are you ready for the future? Even though the market is still immature and uptake is at the earliest of stages, machine-learning software is making its presence felt. But how significant an impact is it likely to have on HR and recruitment over the next few years?