FinCap Friday: Smile More, Get Hired | Hosted by @missbehelpful

TRANSCRIPT:

I'm Yanely Espinal with another FinCap Friday brought to you by Next Gen Personal Finance. Traditionally when somebody tells you they have a job interview, you picture them getting dressed professionally and going into an office to talk to a hiring manager about the job. But this process is starting to change big-time. For example, if you were to apply to a job at Hilton, the hotel company, you would have to interact with three different computer systems before you even talk to one human being and this whole process involves you recording a video of yourself answering questions and submitting it to the company so that they could then run it through their artificial intelligence or A.I. software. This evaluation includes looking at things like your facial expressions and facial movements, your speaking voice, and your word choice then based on that evaluation they decide if you are among the best, most qualified candidates for the job or not. But critics are saying that this new way of hiring is all wrong and that it's borderline unethical because the algorithm could hold things against people for example non-native speakers or visibly nervous interviewees and anybody else who pretty much doesn't fit the A.I's perfect model for an employee. On January 1st 2020, Illinois passed the A.I. Video Interview Act, making it the first state in the US to regulate the use of A.I. in job interviews. On the other hand you have Hirevue, which is a company that created the leading A.I. hiring system and they said the reason why this software was created in the first place was actually to eliminate bias. They say people get hired for things that don't matter all the time for example what shoes they wear to the interview whether their shirt is tucked in or not or how attractive they are but with algorithms and A.I, companies can eliminate this hiring bias not to mention it can save them a lot of time Hilton reported that they went from a six-week hiring process down to a five-day process using this type of hiring system. And, another company called Unilever says that they were able to save over a hundred thousand hours throughout the hiring process. Colleges and universities are even start to train their students on how to succeed given this A.I. driven hiring process that's starting out, so no matter what side of this debate you're on, you have got to prepare yourself for the changing future of hiring.