NEW YORK--(BUSINESS WIRE)--pymetrics, the company that uses neuroscience and AI to predict the right person for the job while removing bias from the process, was selected among hundreds of candidates as one of the World Economic Forum’s “technology pioneers”. Based in New York City and founded by Harvard/MIT-trained PhDs, pymetrics is reinventing hiring by evaluating a person’s fit for a job based on their inherent cognitive and emotional traits rather than their resume.
The World Economic Forum’s Technology Pioneers community are early-stage companies from around the world that are involved in the design, development and deployment of new technologies and innovations, and are poised to have a significant impact on business and society.
pymetrics was selected for the breakthrough work the company is doing to bring efficacy and equality to the hiring process. For decades, traditional hiring practices have led companies and candidates to make critical employment decisions using an archaic, analog process that is a terrible predictor of success – with 30 percent to 50 percent of new hires failing within the first year – and is proven to be biased against women, minorities and people from lower socioeconomic backgrounds.
“Being chosen as a World Economic Forum Technology Pioneer is both a humbling and exciting recognition,” said pymetrics founder and CEO Dr. Frida Polli. “We’re committed to solving some of the greatest challenges facing the global workforce: sexism and racism in hiring, redirecting workers facing job loss caused by automation to new careers, and providing job opportunities for disadvantaged populations. We look forward to engaging with the Technology Pioneers community as we continue on that journey.”
pymetrics uses behavioral signals and AI to match candidates to jobs where they are most likely to succeed – while removing bias from the process. Through machine learning, algorithm auditing and cognitive science-based games, pymetrics accurately and fairly identifies the unique behavioral traits that lead to success in a role – removing any focus on their pedigree, gender, socioeconomic status or racial identity.
pymetrics has more than 60 global enterprise clients worldwide – including Unilever, Accenture, Tesla, Mercer and others – who use the company’s technology for various aspects of the talent management process, such as sourcing, selection, and internal mobility. In addition to seeing increased candidate diversity, pymetrics clients have more than doubled their hire yield and seen 75 percent reduction in time to hire. One-year retention rates have increased between 30 and 60 percent with significant improvements in job performance. pymetrics helps companies match existing employees with new roles within their organization, reducing turnover and retaining employees whose jobs are facing obsolescence. Their technology also serves as a common application for candidates, ensuring that everyone finds their best-fit job, regardless of where they apply.
pymetrics is part of the most diverse cohort of Technology Pioneers ever, both geographically and in terms of gender. 25 percent are female-led, and a majority (54 percent) come from regions outside the United States and Silicon Valley, with each continent represented, barring Antarctica. There is also a wide variety in the technologies the pioneers focus on: the focus technologies include artificial intelligence, big data and internet of things (IoT), biotechnology, blockchain, autonomous vehicles, cyber security, vertical farming and other agricultural advances, decentralised microgrids and robotics. The full list of technology pioneers can be found here.
Following its selection as Technology Pioneer, CEO Dr. Frida Polli of pymetrics will be participating in the World Economic Forum Annual Meeting of the New Champions. This meeting, also dubbed “Summer Davos” will be held in Tianjin, China, September 18-20. Many Pioneers will also attend the Annual Meeting in Davos, in January 2019, and continue to contribute to Forum initiatives in the course of the next two years.
“We welcome pymetrics in this diverse group of Technology Pioneers,” says Fulvia Montresor, Head of Technology Pioneers at the World Economic Forum. “pymetrics and its fellow pioneers are front and center in shaping the ongoing Fourth Industrial Revolution and we believe they will be transforming society and industry in a positive way in the years to come.”
The Technology Pioneers were selected by a selection committee of more than 60 academics, entrepreneurs, venture capitalists and corporate executives. The committee based its decisions on criteria including innovation, potential impact and leadership. Past recipients include Airbnb, Google, Kickstarter, Mozilla, Palantir Technologies, Spotify, TransferWise, Twitter and Wikimedia.
All info on this year’s Technology Pioneers can be found here: http://wef.ch/techpioneers18
More information on past winners can be found here.
About pymetrics: Founded by Harvard/MIT-trained PhDs, pymetrics uses neuroscience data and AI to help global clients like Unilever, Accenture and LinkedIn make their hiring and internal mobility more predictive and less biased. pymetrics replaces the resume as a first-pass filter by assessing candidates based on their true potential – their inherent cognitive and emotional make-up. Using algorithms that are trained on high-performing employees at a company, pymetrics builds a trait profile of a company’s top performers to select best fit talent. These algorithms are then audited to remove any gender or ethnic bias. pymetrics also serves as a common application for candidates, ensuring that everyone finds their best-fit job, regardless of where they apply. With over 60 enterprise clients and offices in NYC, London, and Singapore, pymetrics is powering the future of hiring: efficient, predictive, and bias-free. (www.pymetrics.com)
About World Economic Forum: The World Economic Forum, committed to improving the state of the world, is the International Organization for Public-Private Cooperation. The Forum engages the foremost political, business and other leaders of society to shape global, regional and industry agendas. (www.weforum.org).