FifthEdge has launched an artificial intelligence-driven recruitment platform with the same name. With this new product, FifthEdge aims to change the recruitment process in the construction and engineering sectors at an industry level, increasing the recruitment capacity of hiring companies by up to 467 per cent and reducing cost-to-hire by 52 per cent.
FifthEdge’s cloud-based platform is an all-in-one solution for companies looking to attract talent. Using AI technology, FifthEdge matches companies to candidates, who are either actively looking for jobs or passive candidates who would be open to changing roles if the right opportunity was presented. Rather than candidates applying for specific positions, they instead select companies they may want to work for, so should a role arise, companies have a live talent pool from which to select candidates.
Candidates submit their CVs and create a profile on the platform free of charge. The AI technology then screens and assesses their profiles against industry-specific disciplines. In the event additional information is required, candidates are contacted via chatbots.
Following an AI-driven, industry-specific, in-depth assessment of their profiles carried out by FifthEdge’s algorithms, candidates see real-time company updates if their skill sets match the companies’ requirements. When companies they have selected have roles available, they can set search parameters based on the job requirements and FifthEdge will search the available candidates who have indicated they would want to work for them. Companies will be able to access this always up-to-date live talent list to select candidates they would like to interview.
Marcus Taylor, CEO and founder at FifthEdge, explained his reasons for launching the platform: “Recruitment has evolved very little in the past decade or so. Candidates essentially hunt for jobs using the same tools, such as LinkedIn, job sites and recruitment agencies. Either way, they are essentially being added to a database that is likely not up to date, resulting in frustration for all parties. Candidates are demotivated because they are applying for positions and never receiving any feedback. Meanwhile, companies are struggling to fill roles because the database they are accessing is out of date and candidates don’t fit their criteria.”
“While FifthEdge will not 100 per cent replace recruitment as we know it, it will certainly drive efficiency and improve quality of life for candidates and those working in HR and in-house recruitment teams. By doing the majority of work for 80 per cent of the recruitment requirements, it frees these teams up to focus on the hires that FifthEdge does not currently address, such as C-level executives.”