20 Things You Didn’t Know about Eightfold
Eightfold was founded in 2016 by Ashutosh Garg and Varun Kacholia. The Mountain View-based startup focuses on offering a talent management platform that assists them in pinpointing suitable candidates and also importing and sorting thousands of resumes. One of Eightfold A.I.’s missions is to assist businesses in decreasing hiring biases. The startup, which has clients in over 100 countries by providing its platform in over a dozen languages, also allows the company to deploy the Eightfold platform internally and assist employees in finding promotions and new role possibilities within their companies. These are twenty things you might not know about this company.
1. Second interview
Eightfold A.I. technology for new hires streamlines the hiring process. For example, many hiring managers have different ideas what the qualifications the potential candidate needs. The Algorithms in its program allow all managers involved in the hiring process to input their series of capabilities. Additionally, Eightfold has a better souring platform. Instead of randomly posting on job boards, they can smart-tag their posts, making them stand out for people like past candidates or military veterans. Using this platform means that potential candidates for the company are heavily screened before an interview is extended, which helps hire employees without a series of interviews to discover the candidate is not a correct fit.
2. Billion-dollar Business
On June 10, 2021, the Series E round of funding Eightfold raised $220 million in a round led by SoftBank Vision Fund 2. Its evaluation is now $2.1 billion. Eightfold A.I.’s valuation has almost doubled since the launch of its Series D funding round in October 2020 due to the strong momentum gained by customers and partners in the public and private sectors.
3. Abracadabra
On June 9, 2021, Ashutosh Garg, co-founder, and CEO of Eightfold, spoke with Todd Raphael. According to eighfold.ai, Garg said, “A.I. and machine learning aren’t magic.” However, he elaborated on how they’re necessary for companies looking to hire in a competitive market. Additionally, he recognizes that top candidates are in strong demand, and companies want to give them the best working environment to stay with the company. A.I. has many functions, including the skills needed in the workplace. It is also a valuable tool with programming languages and how they affect a business. Besides the technical side, it can show what additional training employees may need for success.
4. Opportunities for Disabled Candidates
Emma Kearns, head of enterprise and employment for the National Autistic center in London, uses the platform to assist autistic candidates with finding a job. Without using this platform, questions for candidates may be challenging for candidates with disabilities. Additionally, she recognizes the need for candidates with special needs is essential in a diverse work environment. Eightfold’s platform lends itself to creating recruiting opportunities and assisting managers with an experience that helps them and candidates who might not have gotten the interview.
5. Slam dunk
Unemployment is still high in industries like construction, food service, and retail, Yet small companies have started hiring. With these inconsistent hiring trends, a streamlined model for hiring is essential. The state of Indiana is harnessing the power of Eightfold’s platform. As a result, the Hoosier Talent Network can better serve its potential candidates with easy access to quick profiles and creating resumes. Additionally, the program will intelligently sense when something vital is missing from their resume.
6. All together
In February 2021, Eightfold put their technology on one platform. As well as having intelligent algorithms to help job-seekers add a winning profile and resume, tools are now implemented to help with future career possibilities and where the employees want to go in the industries. This platform is even available in fourteen different languages.
The new technology does a variety of different things:
- It automatically updates the employee’s profiles as they take on new tasks. It does this; it learns what skills they have and sends notifications for qualified opportunities.
- Employees can input data that aligns with their career goals.
- The program also can align employees with mentors who can help them accelerate their careers.
7. Practice what they sell
They help candidates find the right job and ensure that their employees have a fulfilling position and continue working with Eightfold. According to grojo.com, Eightfold has less than 300 employees. The company believes in living its values. Much like their platform, they focus on growth in their company; at a fast pace. They hire employees in competitive ways. Additionally, they celebrate the employee’s performance and make sure that they have opportunities available. They have an in-house program called Platform!, which gives employees additional training for a more successful career. Eightfold understands the fundamental principle of business; hire talented employees and help them accelerate within the company.
8. Challenge Accepted
According to dol.gov, The U.S. Department of Labor Veterans Employment and Training Service (VETS) chose Eightfold as the company to assist veterans with finding civilian jobs. The search started in December of 2019. In 2020 there were three finalists, Eightfold, Square Peg Hires, and Linkedin. Each presented their platforms and how they would benefit the U.S. department of labor. VETs is committed to helping Eightfold continue its mission while collaborating on additional features to help the job transition easier since service members have a unique skill set.
9. Equal Opportunity
Eightfold recognizes an overabundance of workplace discrimination, which is among the problems it seeks to address. They revealed that nearly half of American workers are exposed to discrimination, which is one of the highest in the world, When they noticed a disconnect and could see the numbers that illustrated how minorities were still being adversely affected, they began to add additional pieces to their already diverse platform to remove discrimination at work altogether.
10. Power in the pandemic
During the pandemic, there was a tremendous loss of jobs and income. People struggled to find employment, and even those who did secure a job were leery of taking because of the increasing rise in cases. In March 2020, early in the Pandemic Eightfold, A.I. already saw where the trend was going. So, they implemented additional resources on their platform. Despite the hiring freeze, they knew there was still a need for short-term and long-term hires. So, they created functions for email campaigns to reach out to people who had the right qualifications for the job. Hiring was challenging during the pandemic. Many companies struggled with interviewing candidates safely, another feature Eightfold added to their platform.
11. Keep growing
According to prnewswire.com, Eightfold’s impressive numbers, as well as the rapid growth of their platforms, proves the company will continue to grow. Additionally, 2020 was a prosperous year, with the company leading hiring in almost all sectors. They also picked up top clients like Bayer, Dolby, and Booking.com. Sixty percent of Eightfold customers saw a significant increase in the number of employees that find their next position within their current company. Eightfold helps solve workplace turnover rates. 49% more employees find their next internal position. 58% more are offered jobs in the company once theirs has been eliminated. Lastly, companies are seeing 60% more qualified candidates.
12. Divine partnership
According to hrtech.com, in November of 2020, Eightfold teamed up with Oracle. Now the two have compatible cloud infrastructure. In addition, Eightfold AI is currently a member of the Oracle Partner Network. Integrating Oracle Cloud services for talent development and talent management enables enterprises to achieve talent transition through outstanding recruiting efficiency, high employee satisfaction, skills-based talent decision making, workforce redeployment, and much more.
13. Above and Beyond
Eightfold is in the business of matching jobs with top talent while also optimizing both the recruitment process and the careers of individuals. Eightfold’s artificial intelligence relies on massive quantities of data to achieve this, such as résumé information submitted by candidates, lead tracking data, information on what qualities prepare someone for a particular job, and even details of job offers made months or years ago. Users can request that all of their data be deleted (under the “right of erasure”). The features provided by Eightfold go well beyond simply compliance with GDPR requirements; they also include several features that make the most of the regulations’ requirements to improve the effectiveness of recruiting efforts.
14. High achiever
SAP is a German multinational software corporation headquartered in Walldorf, Baden-Württemberg that creates corporate software to manage business operations and customer relationships. Each year they distinguish other leaders’ industries. The SAP Pinnacle award is for companies who dedicate themselves to change and create products that elevate their customer’s lives. The winner in 2020 was EightFold.
15. Passion meets talent
One of the reasons Eightfold is so successful in the U.S. market is because Ashutosh Garg is passionate about helping Americans find jobs. He sees the high potential of candidates but also sees a disconnect in the hiring process. His goal is to create platforms that revolutionize how people get hired.
16. Fast Change
In 2021, Fast Company announced the finalists and honorable mentions for their World-Changing Ideas Awards. According to their website, these awards are for companies that disrupt the industry and create products that propel us into the future. Among many honorable mentions and finalists was EightFold A.I.
17.After the pandemic
Another part of Eightfold’s continuing commitment to A.I. based platform is being prepared. During the pandemic, they worked on features that helped job seekers during an uncertain time. As numbers decrease, they are working on a more streamlined platform to help with the influx of job applicants eager to get back to work. Many surveys show that people returning to the workforce are going to want to do something different. As a result, the A.I. technology on their platform is evolving to help people use their skill sets more effectively.
18. Now Delivering
Many companies like Postmates rely on a lot of data to best serve their employees and customers. So Eightfold A.I. teamed up with the Postmates platform to find better drivers making their company more successful. One of the things Eightfold recognized is that talent is difficult to find, especially in the gig market. Of course, this is a unique sector, but the company has always embraced challenges. For example, during the holiday season, their platform allowed Postmates to make more informed hiring decisions.
19. Learning the candidates
One of the things that differentiate Eightfold A.I. from other job platforms is that it uses machine learning. Its Deep Learning model allows the future employment’s candidates to be well-matched with the company’s profile. The company uses Machine Learning Primitives, including Word Embedding and Neural Networks. Additionally, he mentioned that the company’s ability to understand this data and not just keywords makes Eightfold A.I. successful.
20. Knowledge and numbers
According to insidebigdata.com, Ashutosh Garg, CEO of Eightfold A.I., has an outstanding Ph.D. thesis award from UIUC for machine learning. Additionally, the publication feels he is one of the foremost experts on this technology. Eightfold.ai has 6000 research citations, more than 50 patents, and has been peer-reviewed in over 35 publications. Garg’s on-the-job training started with Search and Personalization at top companies like Google and IBM. Another company on his resume is Blooreach, leading the way in Digital Experience Platforms. Garg built Eightfold A.I. from his passion for helping people realize their career aspirations.
Takeaways
Finding a job in the current economy makes many candidates feel like a number. Additionally, they wonder if their qualifications make them uniquely qualified for a position, there are too many other candidates, which is why they never receive a callback. Eightfold.ai is reinventing the job recruiting programs, making it more effective for candidates to be recognized and companies to find qualified applicants who will be excellent additions to its teams. Data is only as good as how it is used. Without algorithms and ways of meaningfully classifying it, Eightfold.ai would not be at the forefront of the job-seeking revolution. However, with CEO Ashutosh Garg’s experience, they create a job searching experience that is second to none.
