No More Recruiters: Jobs Platform LaborX Introduces AI into Hiring Process

In 2023, automation and artificial intelligence (AI) are among the most significant trends that are having a critical impact on hiring and recruitment practices. According to an IDC report, 75% of commercial enterprise applications could rely on AI by the following year.

LaborX pioneers AI usage in hiring

Some companies, however, already reached significant progress in automation recruiting routines. LaborX, a P2P jobs platform, uses blockchain technology to connect freelancers with employers. Smart contracts act as an escrow agent and monitor compliance with the conditions of the employment contract. Now, the platform wants to make the hiring process automated by using SingularityNET's AI solutions.

Traditional screening, selection and hiring procedures are often time-consuming and inefficient, with each job posting attracting between 1,000 and 2,000 candidates on average. By leveraging AI, LaborX hopes to streamline the recruitment process by analyzing candidate profiles more comprehensively and at a faster pace. AI-powered HR software is expected to improve candidate matching and significantly increase selection efficiency.

AI technology is rapidly advancing, and Large Language Models and other recent innovations are effectively automating various areas of human pursuit. However, AI is also creating new forms of work for people to do, including helping match people needing work with an ever-shifting array of employment and contracting opportunities.

AI tech can change hiring for good, here's how

Smart use of AI solutions can significantly reduce recruiting workloads for hiring managers through automation and customized search parameters that can single out talent pools with pinpoint precision.

LaborX has already attracted over 120,000 candidates and about 5,000 employers to the platform, according to the company's statistics. The LaborX platform aims to improve job search experiences by providing safe and efficient tools, including digital contracts and escrow services.

The embedded decentralized infrastructure provides a rating system that prioritizes searches and reduces associated fees for freelancers and employers alike. LaborX also offers dispute resolution and flexible payment systems, including different currencies and digital assets across multiple blockchains.

By leveraging AI solutions, LaborX aims to make the recruitment process more efficient, neutralize screening bias, expand candidate sources and enhance the recruitment experience.