Addressing the Biggest Obstacle for Business Growth Using AI
Talent shortage has been pinpointed as the main barrier for economic growth in Sweden. In response, the AI company Violet has created a matching engine that leverages AI to match job seekers' resumes with relevant job listings.
The matching engine is now used by Lernia in their matching robot Leja, designed to streamline and improve Lernia's matching and recruiting services. This is a practical example of how AI can be used to tackle societal challenges.
Swedish companies have long expressed concern about the difficulty in finding skilled personnel. In 2023, growth in Sweden is expected to be the lowest in the EU, and a similar trend is anticipated for next year. One out of three companies view shortage of skilled talent as the primary obstacle for growth. For large corporations, this is the second greatest risk factor, while for small and medium-sized enterprises, it's the most significant one. This issue persists for companies regardless of whether they are seeking candidates with a high school degree or a master's degree in biochemistry.
In an effort to tackle this challenge, Violet, an AI agency, has built a matching engine designed to match unemployed people with potential job opportunities. Lernia, a government-owned company, has harnessed this technology to create Leja (Lernia JobbAutomatisering), a matching robot. This robot, built on algorithms developed by Violet , is now being used within the "Rusta och matcha" initiative, to streamline job matching processes.
"Skill and job matching is such a significant issue in the business world that it also poses a challenge to society as a whole. Recruitment processes has been hopelessly manual for too long. You're either sending your application to one company at a time, or you're relying on a friend to help land a job. It's a slow process, and as a job seeker, it's easy to lose your grit," says Péter Nagy, CEO and founder of Violet.
Every day, Leja retrieves information from job postings in Platsbanken at Arbetsförmedlingen (the Swedish Public Employment Service) and matches it against information from users' resumes. As a job seeker, you receive suggestions for available jobs, ranked based on how well they align with your profile.
With this technology, Lernia's mentors have been able to spend less time searching and matching job seekers with positions from various job sites, freeing up more time for other valuable activities, such as coaching. Each week, Leja now matches over 1,000 individuals with nearly 70,000 available positions in Platsbanken.
"Our mentors should focus on preparing job seekers for the job market, not searching for relevant job postings across numerous websites. It's exciting to see how AI technology can be applied to address long-standing challenges," says Viveca Onn, Digital Transformation Leader and responsible for Leja at Lernia.
Job matching is a prime example of how tasks can be streamlined using artificial intelligence – these are time-consuming, manual, and morale-draining tasks that both businesses and society are eager to eliminate.
"AI solutions are excellent for solving business challenges, but its potential in societal development is equally significant. I am incredibly proud that the matching engine we developed is now used by Lernia to assist job seekers in finding their next dream job," Péter Nagy concludes.
Violet AI was founded in 2018 as one of the first pure-play AI agencies in the Nordics. Today, Violet consists of a fast-growing consulting and advisory team and four subsidiaries with a total of 50 employees. We specialize in Machine Learning, Advanced Analytics, Intelligent Automation, System Development, and AI Strategy.