Web3 Technologies Can Bring Order to Recruitment Chaos, Says CV Wallet Co-founder

Richard Collins, co-founder of skills-based hiring platform CV Wallet, believes that the use of artificial intelligence (AI) in recruitment has created chaos akin to the Wild West, with both recruiters and jobseekers employing their own AI “gunslingers.” To restore order, Collins proposes the introduction of Web3 technologies, acting as a sheriff to regulate the recruitment landscape.

While AI adoption in recruitment has grown rapidly, with 65% of businesses using it in their hiring processes, Collins argues that it has given recruiters an advantage over jobseekers, creating an imbalance. To level the playing field, jobseekers have turned to AI tools like ChatGPT and other generative AIs to create tailored CVs and covering letters, allowing them to compete more effectively.

However, Collins highlights that the issue lies not with AI itself but with the broken system of recruitment. He points out several problems, including poorly written job ads, biased CVs, subjective screening processes, interview judgments based on gut feelings, and the reliance on references. These factors contribute to a high turnover rate, with a third of hires leaving within 90 days.

The introduction of AI exacerbates these problems. Employers use AI to automatically generate job ads, resulting in a flood of ads that lack proper targeting. In response, jobseekers utilize generative AI to apply to numerous positions at scale. This creates challenges for employers who must sift through potentially inaccurate CVs. Moreover, AI can reinforce and amplify biases, as seen in the case of Amazon’s recruitment software discriminating against women.

To address these issues, Collins proposes the application of Web3 technologies, such as digital identities, decentralization, and verifiable credentials, to establish a fair and trustworthy framework for AI in recruitment. He suggests the development of smart CVs stored securely on decentralized app-based wallets, containing verified proof of qualifications and removing extraneous information. This approach would enable employers to search for jobseekers based solely on skills, while skills and qualifications would be authenticated by awarding organizations, eliminating the need for traditional referencing.

Collins believes that Web3 technologies will play a crucial role in reimagining the recruitment process, promoting skills-based hiring and ensuring the integrity of AI. By introducing an ecosystem where qualifications are authenticated and unalterable, Web3 can restore order to the Wild West of recruitment.

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