MOUNTAIN VIEW, Calif., June 30, 2020 /PRNewswire/ -- Eightfold.ai® today announced Project Marketplace, a capability of the Talent Intelligence Platform™, the first AI solution for enterprise talent needs. Project Marketplace is a critical addition to the HR leadership toolkit, especially in a time of rapidly changing market conditions. This scalable solution ties together learning and career advancement to invest in employee growth, so employees can apply new skills and employers can accomplish tasks at lower cost and with less employee displacement.
Project Marketplace, along with Eightfold's Talent Management solution, provides an extensive suite of self-service, personalized career management capabilities. With Eightfold's Talent Management solution, employees can assess their skills, discover relevant jobs, find mentors, explore career paths, and complete training programs that address specific skill gaps needed to advance toward their own career goals, all from a single AI-powered platform. The launch of Project Marketplace adds the element of experiential learning, so these employees can pursue exciting projects that add value both to their employers and to their own career development.
CEOs are rapidly changing their business strategies, accelerating digitization and finding a balance among changing employee and customer needs. This rapid change creates the imperative for Chief Human Resource Officers to quickly reassess what current employees are capable of doing today, and redeploy them to new initiatives or set them on a path to reskill and upskill.
"We learn and retain more by practicing new skills, rather than simply taking a class," said Ashutosh Garg, Co-Founder and CEO of Eightfold.ai. "With nearly 50 percent of top talent leaving companies after just two years, one of the key ways to retain people is to show them their potential and reward them with challenging opportunities as members of project teams. Such cross-functional projects are the missing link in strategies to increase employee productivity, engagement, and retention, and they represent a way to improve both company culture and alignment to company goals."
"We all need to think about our careers proactively – constantly evaluating the external circumstances and thinking about the skills we have and could have that will keep us relevant," said Vicki Walia, Chief Talent and Capability Officer at Prudential Financial. "The Project Marketplace is a great way to start that learning journey to hone a new skill or take on a passion project."
Project Marketplace, with its underlying AI technology, supports the diversity and inclusion goals of organizations. Eightfold's AI models use Equal Opportunity Algorithms, an approach to AI that prevents bias based on gender, ethnicity, age, or any other personal characteristic. Furthermore, the Project Marketplace experience is inclusive because it is equally accessible to all eligible employees, removing elements of favoritism or risk-avoidance that can negatively impact underrepresented groups in an organization.
This combination of unbiased algorithms and unlimited employee self-service represents an important transformation of an organization's D&I strategy. Organizations can offer their employees confidence that they are taking a step forward, without limiting the D&I strategy that the organization is pursuing according to its own values, legal requirements, and history.
Eightfold.ai® delivers the Talent Intelligence Platform™, the most effective way for companies to retain top performers, upskill and reskill the workforce, recruit top talent efficiently, and reach diversity goals. Eightfold.ai's deep learning artificial intelligence platform empowers enterprises to turn talent management into a competitive advantage. In April 2020, Eightfold.ai launched Talent Exchange, a place to help all companies and individuals impacted by COVID-19 to flatten the unemployment curve. For more information, visit www.eightfold.ai.
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