If you’re looking for a new job, be prepared to wait. That’s because U.S. companies are taking an average of 25 working days to fill vacant positions, a 13-year high, according to a recent report from the Dice-DFH Vacancy Duration Measure. And if you’re interviewing at a large company — one with more than 5,000 workers — that hiring process has stretched out to 58 working days, according to the report. CBS News reports how companies are becoming more selective of candidates in the hiring process and using technology like Evolv to help them find the best candidate fit.
Academia is governed by a process called “peer review,” which ensures research is validated and reasoning is sound. More simply, it weeds out the real insights from the fluff. Meanwhile, most corporate data (think surveys, white papers), is made public after only an internal, inherently biased review. With recent backlash toward Facebook’s emotions experiment, being cognizant and transparent with data is more important than ever. Evolv’s Dr. Michael Housman shares with TechCrunch readers his top three reasons why companies should invest in academic peer review.
The way we hire and manage employees in America is fundamentally broken. Not only are unemployment rates still high in most cities, but approximately 32 percent of the current unemployed population has been unemployed for seven months or longer. Many people believe these long term unemployed workers no longer fit in today’s workplace, but they are wrong. To combat this issue the White House just unveiled new legislation for getting America back to work with the recent signing of the Workforce Innovation and Employment Act. Key to this initiative is taking action against the human biases and “skills gap” separating many unemployed workers from the companies that could hire them. As part of the President’s initiative, 300 corporations have pledged to change hiring practices that discriminate against the long term unemployed, enabling qualified individuals to get back to work.
They key vehicle for making that change? Predictive analytics.
Human resources is considered a cautious sector by practitioners and outsiders alike. But there are those people in the industry dedicated to pushing it forward with innovative people-management practices. At Workforce, they call those innovators Game Changers. Workforce’s editorial staff selected the 30 winners of the fourth-annual awards program based on professional accomplishments and other achievements. They are a diverse group representing some of the best HR practitioners and strategists under 40 years old. Two of the 30 named winners are from Evolv – Max Simkoff, CEO of Evolv and Michael Housman, Chief Analytics Officer at Evolv.
Michael Housman, Chief Analytics Officer at Evolv, and Bloomberg Contributing Editor David “Danny” Blanchflower discuss the July U.S. jobs report with Cory Johnson on “Taking Stock.”
Out in San Francisco, a company called Evolv has helped Xerox, AT&T and other big companies screen applicants for front-line sales and customer-service jobs. Evolv has found that, contrary to HR folk wisdom, there is no statistical reason not to hire a convicted felon, or a job hopper, or someone who doesn’t score well on general intelligence. Nor does it matter whether they are unemployed or how long they have been out of work. None of it correlates with turnover and job performance.
Analytics fans say big data is the key to hiring great talent and reducing attrition. It can also help you pay real market salaries, and increase your diversity. According to Prof. Peter Cappelli, director of Wharton’s Center for HR, big data can predict successful hires far better than your HR department. He cites recruitments specialists Evolv, which found that candidates’ histories of job-hopping don’t predict whether or not they leave a company.
President Barack Obama takes aim at the bias and “skills gap” separating many unemployed workers from the companies that could hire them. The 76-page report released from the White House calls out Evolv, citing our scientific research on the unfounded bias against the long-term unemployed and how big data/ predictive analytics for the workforce is helping companies combat bias from the hiring process and create more opportunities for the American workforce.
Raises can increase retention—but research suggests the benefits don’t last long. A study from the University of Toronto’s Rotman School of Management and Evolv Inc., a maker of workforce software, found that a 10% pay raise made employees only somewhat less likely to quit.
I no longer look at somebody’s CV to determine if we will interview them or not,” declares Teri Morse, who oversees the recruitment of 30,000 people each year at Xerox Services. Instead, her team analyses personal data to determine the fate of job candidates.
She is not alone. “Big data” and complex algorithms are increasingly taking decisions out of the hands of individual interviewers – a trend that has far-reaching consequences for job seekers and recruiters alike. The company whose name has become a synonym for photocopy has turned into one that helps others outsource everyday business processes, from accounting to human resources. It recently teamed up with Evolv, which uses data sets of past behaviour to predict everything from salesmanship to loyalty.