FifthEdge launches AI-driven recruitment platform
FifthEdge has begun operations in the UAE with the launch of its artificial intelligence-driven recruitment platform of the same name. With this new product, the company aims to transform 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 of FifthEdge, said, “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 Meanwhile, companies are struggling to fill roles because the database they are accessing is out of date and candidates don’t fit their criteria.”
Taylor, who was the managing partner of the highly successful Dubai-based recruitment agency Taylor Sterling, has over 15 years’ recruitment experience. Explaining why he is stepping back from traditional recruitment, he said: “The feedback from companies and candidates is the same – the recruitment status quo just isn’t working. I had become disillusioned with it all and was convinced there had to be a better way. I knew it had to be more efficient for companies to engage with talent before they needed to hire and then the challenge became creating a system that would facilitate that.
Taylor said 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,” he added.
According to Taylor, FifthEdge saves time in the real-world environment.
He explained, “Our research has shown a company will receive at least 500 CVs for one job advertised. As few as two per cent, at best, would meet the criteria, while nine per cent may actually be good candidates for the company but do not have experience in the right disciplines. Every month, 14 per cent of these candidates will have changed their status or contact details, which means any recruitment team, whether agency or internal, has an impossible task in keeping a database up to date. The details provided on platforms, such as LinkedIn, are simply not accurate enough to meet the time demands on recruiters to support a company’s requirements.
“FifthEdge performs all that work in the same amount of time it takes for you to have your morning cup of coffee. The time that your team would have spent on this can now be reallocated to employer branding or onboarding new talent. It’s a winning formula for all parties.”
The platform automatically reaches out to active candidates every 30 – 45 days, passive candidates every 60 – 90 days and immediate candidates every 15 – 30 days. This allows candidates to remain connected and updated, with full visibility of which companies have expressed an interest in them and if they have matched with any active roles and feedback. This also ensures FifthEdge’s live talent list is up to date at all times with candidate details and status information.
To engineer FifthEdge, Taylor collaborated with Accubits Technologies, a global provider of artificial and blockchain technologies that has delivered projects for NASA, Homeland Security, Smart Dubai, Dubai Police and Etisalat.
Shameer Thaha, CEO of Accubits EMEA, explained the company’s role in the launch of FifthEdge, “We were very excited to be a part of the evolution of FifthEdge. With over 30 years’ experience, we were confident we could deliver Marcus’ vision and create a platform that would truly disrupt the region’s recruitment in the construction and engineering sectors.
“Working with Marcus, we created ‘Skyler’, a virtual member of the team who uses over 50,000 data points to provide nonillion variables, which are used to assess candidates. The AI then interviews the same candidates. Companies can now connect with candidates who match their criteria in terms of not only skills and experience but also culture and past companies. This is a really smart, efficient way to get the right people on-board in record time.”
Taylor added, “By addressing the legacy issues of recruitment, we have created a platform that meets the needs of candidates and companies alike. FifthEdge provides a single line of communication, meaning candidates are not being contacted by tens of companies, and ensures companies have access to a live talent pool, making recruitment easier and more efficient than ever before.”
While FifthEdge’s AI does a substantial amount of the recruitment legwork, Taylor pointed out they have a team of experts on hand to supervise and interact with companies and candidates when required.
Many industry leaders have already signed up for FifthEdge’s early adopter trials and more companies will be added in the coming months. Additional candidates will be invited to create profiles on the platform and the live list of talent is expected to grow significantly in the coming months.
Discussing future plans, Taylor said, “We are already looking at what sectors we are going to target next. We will be expanding into oil and gas within the next six months. We have been asked to begin developing data to assist in the Asian, European and American markets, which will be a really fun challenge. The beauty of FifthEdge is that it can be used in any sector, so there’s really no limit. Our long-term aim is happy candidates and companies in every sector.”