Studies consistently show diverse teams outperform competitors by as much as 35% on key metrics in the workplace (see for example Harvard Business Review July 2016). However, traditional hiring mechanisms have made it difficult for companies to achieve their quotas without compromising their hiring quality, rigour and values.
Covocate’s objective cloud based algorithms help achieve this in three key ways:
Alignment of attitude and values is the best predictor of long term candidate success in the workplace. By ranking candidates for role and company compatibility regardless of their background demographic, we consistently improve employee engagement, productivity and retention. Our systems focus on the start of the process as while many companies work hard on their interview and onboarding techniques, the largest cull is made at the very beginning, often based on resumes which predict at best 14% of future success (Google, 2015). Covocate is faster, fairer and more accurate than any alternative.
Companies often miss out on high potential candidates due to unconscious bias in the screening process: studies have shown that even with identical resumes, Indigenous candidates had to submit 35% more resumes to be selected, while those with Asian or Middle Eastern names submit over 60% more resumes just to get to interview (Leigh & Vargonova, 2009). Smart companies like Google, Deloitte and Ernst & Young are already moving to address this and broaden their access to a pool of underutilised high quality talent. Our systems enable reliably better results at a fraction of the cost.
We understand that each client has different needs: they may be working to address underrepresentation of females or minorities in senior positions, or striving to improve social outcomes in remote communities. Our systems work by seamlessly slotting in at the start of the hiring process to provide an additional layer of data and insight that can be used to make consistently better hiring decisions. Clients can track performance over time per hire or per store against a number of key metrics and demographics enabling robust, defensible decision making that is easily tracked and measured over time.
You can learn more about our research on sustainability in hiring, and the academic paper we presented at the 20th anniversary of the Asian Forum on Business Education here.