Getting a job on Wall Street may depend soon to succeed in the interview and overcome an algorithm. Goldman Sachs, Morgan Stanley, Citigroup and UBS are exploring the use of artificial intelligence software to evaluate candidates on features such as ability to work in teams, curiosity and determination to help in the workplace, but not always appear on a resume or They excel in an interview.
Banks are turning to hiring software at a time in which find themselves under pressure to cut costs and realize difficulties in attracting and retaining top talent.
Executives expect the artificial intelligence to help them avoid the costs of hiring and turnover problems, industry sources said.
“Until now, the technology only allowed to find the best resume, but now is a way to really understand the people who are applying for,” said Mark Newman, chief executive of HireVue, based in Salt Lake City, Utah. The company has a platform video interviews that uses artificial intelligence to evaluate candidates.
Several members of the banking sector are in the early stages of adopting artificial intelligence software to complement interviews conducted in person and other traditional methods of hiring. The job applicants can also record a short video in which they talk about their qualities and career aspirations. The Koru software evaluates then not only what the candidates say but also how to express themselves, including body language and rhythm of speech. The company says its program reduces the number of unsuccessful hires up to 60%.
However, some human resources experts say tools of artificial intelligence and algorithms can not always identify the best people for a given job and can perpetuate biased behavior.
Citigroup is testing the software Koru on small plots of employees in the areas of corporate and investment bank, said a spokesman.
Goldman Sachs is using software developed internally to evaluate curricula, according to sources with knowledge of the matter. Applicants are subject to 20-minute tests to assess their style of thinking, personal associations and emotional intelligence. Responses are measured against the base of bank employees.