Attracting and capturing talent has always been a challenge for startup companies. The statistics, compiled by Statistic Brain Research Institute, are grim. 58% of new companies in finance, insurance, and real estate make it to 4 years in business, 48% in retail, and 37% for information technology firms. Candidates understand that they are taking a big risk with working for a startup.
Brian Hughes, Founder and CEO at Integrity Marketing & Consulting writes for Huffington Post, “machine learning in the hiring process can even the odds of hiring great people.” Leveraging technology, recruiters can use the software to screen candidate resumes for certain skills and industry keywords.
Wayne Fletcher, an entrepreneur consultant says that not hiring the right people equates to “suicide" for a startup. "Machine learning looks past [candidate] education and previous experience to indicate desirable patterns, such as diverse work experience and outside recognition of significant achievements.” says Hughes. These are the qualities worth hiring for.
The stakes are high for startups. They must hire the cream of the crop in order to rapidly grow past the miniature phase and into the spotlight. But, this is an often impossible task because great people want to work for larger firms that offer all the perks and prestige in the industry.
By using machine learning, both startups and established companies can focus their recruitment efforts on targeting the best candidates and offering them attractive compensation and the chance to be a part of a larger mission. Making candidates feel important and that they will be valued as part of a foundational team of brilliant minds can be a way to attract and retain talent.