Jobs Platform LaborX Will Use SingularityNET’s AI Tools To Automate Recruitment Process

Blockchain-powered recruitment platform LaborX has announced a partnership with the SingularityNET AI solutions developer to automate job search and hiring processes.

LaborX, which is a product of Australian company Chrono.tech, will use SingularityNET’s AI solutions to analyze job candidate profiles in a faster and more comprehensive manner, streamlining the screening, selection, and hiring process. Current statistics indicate that each posted vacancy can attract from 1,000 to 2,000 candidates, making selection both time-consuming and inefficient. The application of AI is expected to improve candidate matching and significantly increase selection efficiency.

The modern labor market is still reeling from the effects of the COVID-19 pandemic. Considerable issues remain with screening and selection procedures, which are lengthy and often imperfect due to large response volumes, resulting in the sifting out of potentially valuable talent. Labor force participation rates have also remained stagnant since the end of the pandemic, posing challenges in both time and analysis terms before HR teams in the search for qualified professionals. In addition, the low degree of automation and inefficient AI integration leave little room in the HR domain for a human experience and a personalized, transparent, and communicative approach to candidate selection. To address these issues, LaborX and SingularityNET will test AI-powered HR software.