Periodic Reporting for period 1 - EMPLOBOT (The First Recruitment Bot to Integrate Labour Market in the EU)
Reporting period: 2018-09-01 to 2019-02-28
The goal of the project is to verify technological and economic feasibility of a recruitment AI that will utilize automatic planning, reinforced learning and a conversational interface (chatbot) for becoming personal career assistant to the candidates and for intermediating between hiring company and the candidate. The goal of the project is to enter the growing market of Direct Recruiting (global sales revenues of more than 36,8 bln EUR) and Career Management Market (global sales revenues of more than 2,95 bln EUR).
There is a considerable market opportunity for a new solution, since about 40% of global employers report talent shortages. Almost 11 million jobs remained unfilled in the US and EU in 2016. Close to 60% of companies say that competition for talent is the top challenge for their recruiting teams. As a result, nearly 40% of the companies expect that their recruiting budget will increase. There is a growing gap between rising demand for new candidates and the actual performance of the existing sourcing channels (mainly online job boards) in terms of talent acquisition.
There is a considerable market opportunity for a new solution, since about 40% of global employers report talent shortages. Almost 11 million jobs remained unfilled in the US and EU in 2016. Close to 60% of companies say that competition for talent is the top challenge for their recruiting teams. As a result, nearly 40% of the companies expect that their recruiting budget will increase. There is a growing gap between rising demand for new candidates and the actual performance of the existing sourcing channels (mainly online job boards) in terms of talent acquisition.
During the feasibility study, the following activities have been conducted:
• Market (demographics and requirements) analysis – for the selected EU member states
• Analysis of barriers to entry and competition
• Financial feasibility analysis
• Preparation of business model and business plan
• Development of further Implementation Plan
• Market (demographics and requirements) analysis – for the selected EU member states
• Analysis of barriers to entry and competition
• Financial feasibility analysis
• Preparation of business model and business plan
• Development of further Implementation Plan
The project will bring the revolution to the growing (about 8% per year globally) but technologically stagnant recruitment market – by creating an intelligent recruitment bot that will communicate with the candidates using a conversational interface (chat), helping them find a new job or change it. The essence of the proposed approach is to relieve the candidates from the tedious process of looking for offers that meet their criteria, analysing their fit to the employer’s requirements and applying for the suitable positions (which will be conducted anonymously). At the same time Emplobot will automate talent sourcing and unburden recruiters of administrative tasks to save their time, as well as it will create an outstanding candidate experience for job seekers (by reducing time and stress related to the application process and by offering career advice). Moreover, it will bring new opportunities for eliminating job discrimination since the initial match will be anonymous, which ensures recruiter’s unbiased decision, based only on skills and qualifications of the participants.