VALUE MATRIX: Tapping deep technology to solve hiring

AI-based unbiased HR platform for accurate workforce recruitment.

August 7, 2023 01:40 IST

Aditya Malik

Just a few years back, technology companies went on a hiring binge during the pandemic when lockdowns sparked a tech buying spree to support remote work and an uptick in e-commerce. Cut to present. We are seeing hundreds of layoffs across the technology industry; young techies have been thrown off-guard as companies are trying to reduce their overall costs. HR tech companies have been in demand since hiring the right employees and retaining them has been the need of an hour.

This is where ValueMatrix, an HR tech company backed by AI and ML, is trying to make a difference. Set up in August last year by Aditya Malik, it aims to make tech hiring free of intrusion of irrelevant profiles, incongruent resumes, and insignificant information. “ValueMatrix helps companies attract talented workforce and bridge the gap between attrition and layoffs,” said Malik, who is a startup mentor at Nasscom and CII, and comes with two decades of experience in SaaS product development. ValueMatrix.ai is their AI-enabled proprietary product which is a machine learning-run HR platform that helps in the validation of candidate profiles and resumes.

Also Read

Sachetisation of MSME loans: A game-changer for Indian MSMEs?

According to Malik, AI is a technological tool enabling machines to think like humans to solve cognitive issues, allowing HR teams to extract insights from data and make real-time recommendations. This technology also has a better decision-making process, potentially faster at scale, more accurate and unbiased.

“This proves that AI can easily be integrated into the entire employee lifecycle and can incorporate an unbiased method of hiring individuals without personal biases and based on talent,” Malik said. “However, we must ensure that we use and ethically direct the AI systems since, without the right human inputs, even AI would make errors due to insufficient data. Thus, humans need to interact with AI systems unbiasedly to help them filter through the most talented candidates.”

Malik revealed that ValueMatrix’s deep-tech platform leverages AI and ML to understand individuals’ cultural, behavioural and functional skills. “AI helps us ensure assessments are fair and unbiased. Even though it is possible to mimic basic human emotions, most core emotions, like empathy, are still unique to humans. As we automate, we ensure that hiring does not become robotic. Therefore, we have a strong layer of human assessors who provide the candidates speak with real people,” he said.”

According to Malik, in the coming years, nearly two-thirds of current jobs will be automated by generative AI and could replace about one-fourth of the current workforce. AI could automate the equivalent of 300 million full-time jobs on a global scale. “However, contrary to what most people anticipated, India will create jobs rather than lose them. Even though AI will have a greater impact globally, with the displacement of many jobs, this change will be more noticeable in developed markets than in developing markets such as India. In recent years, more Indian companies have been working towards implementing AI into their processes, resulting in high demand for skilled workers. It is estimated that 20 million jobs will be added by 2025 due to AI,” he informed.

In his opinion, AI and ChatGPT are just the beginning. “We can see what’s possible in the future with generative AI, learning much faster than a year ago, combined with robotics and hardware capabilities. Additionally, personalised training will be developed, learning styles, retention speed, and even interests,” he summarised.