Retrain.ai Debuts New Talent Intelligence Platform
Retrain.ai announced the release of its Talent Intelligence Platform this month.
The company said its AI-powered software can be used by companies to access a global skills taxonomy built from more than 300 million job descriptions that can be used for hiring, employee development and diversity and inclusion initiatives.
The privately held New York City-based company uses AI to semantically extract skills information from free text, such as CVs, resumes and job descriptions, and identify required capabilities to create a talent map.
“Skills are the key to everything, not just in our data search capabilities but also in the global workforce sense," said Shay David, retrain.ai's CEO. "Digital transformation and its rapid acceleration in the last two years has driven the need for new skills within every industry and widened the skills gap of our current workforce."
Reskilling, upskilling and learning in the flow of work have taken on a higher priority for many organizations as they look to increase their speed and agility. Behind these efforts, increasingly sophisticated skills engines, AI-powered systems that create a comprehensive skills taxonomy across the organization, are being used to personalize employee learning and create a skills management platform or organizational talent marketplace.
Support for Reskilling and Upskilling Programs
Businesses can use retrain.ai to connect people to jobs and build a workforce that goes beyond the skills needed today to those needed tomorrow, David said. The company's talent intelligence platform can help address the issues of long-term unemployment and unemployability via effective reskilling and upskilling programs supported by reliable data on job demand and skill supply, he added.
To do that, he said retrain.ai's AI platform analyzes more than 1.5 billion real-time data points from the job market that includes basic keywords, job advertisements, job descriptions, data from applicant tracking systems and prospects' resumes to uncover relevant and inferred skill sets. That insight can also be used to create individualized learning and development plans for each employee.
The ability to integrate workforce requirements, talent and opportunities provides HR with a bird's-eye perspective of their personnel base, according to David. Talent acquisition specialists with jobs to fill, in addition to executives monitoring present staff, can use the internal and external mapping capabilities to speed the process, recruit more precisely and encourage internal mobility. It can also be used in support of ongoing diversity, equity and inclusion initiatives.
"Just as important as skills-based matching is ensuring the platform operates using responsible AI to eliminate unintended bias,” David said.
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Tackling Bias in the Workforce
One benefit of using AI to focus on skills is that it gives DEI executives the ability to look beyond job titles and roles that might skew results, David said. "Our AI and machine learning is based on skills identification and inference, meaning all other factors — those that can influence unintended bias — are dropped from the equation," he said.
That focus on ethical and responsible use of AI has become a growing concern as the technology becomes more ubiquitous in today's workplace. In practical terms, ethical AI ensures that the AI initiatives of the organization or entity maintain human dignity and do not cause harm to people. That encompasses many things, such as fairness, anti-weaponization and liability.
"Responsible AI is a top priority," said Isabelle Bichler-Elaisaf, retrain.ai COO and co-founder in a press release statement. "Our skills-based fairness algorithms do not rely on job titles or demographics, but focus instead on understanding the bias-free potential of each employee and candidate which can support and accelerate DE&I initiatives."
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Founded During COVID
David and Bichler-Elaisaf founded retrain.ai in 2020 just as the COVID pandemic hit, with Bichler-Elaisaf working in New York and David in London.
“The timing couldn’t have been better to introduce a solution for getting people back to work, which is what we’re focused on doing," David said. "Helping people not only return to work but to be prepared for jobs of the future through employer-led upskilling and career mapping opportunities."
The company has received a total of $20 million from investors that include Square Peg, Hetz Ventures, TechAviv, Schusterman Family Investments and Splunk Ventures, according to Crunchbase.