"JPMorgan Chase's report underscores that too many skilled workers are being overlooked due to fixable architecture flaws in job matching technology," said Byron Auguste, President and Co-Founder, Opportunity@Work. "When we design tools to take into account an individual's personal affinities and background, employers will find far better candidates to place in their companies and for a longer period of time."One example of a job matching tool design to address these issues is SkillSmart. Their platform is designed to connect job seekers, employers, and educators through mutually identified skills. The program allows employers to specify the skills needed for success in their company and helps individuals find opportunities based on their skillset. SkillSmart's algorithm calculates how closely an applicant's skills align with overall employer need. If job seekers do not have the necessary skills for a job they want, SkillSmart will provide suggestions for training opportunities. Additionally, SkillSmart helps educators to include in-demand skills in their curricula. Based on interviews with 45 industry leaders and an exhaustive review of research, the Swipe Right report highlights that finding the right person for the job is a crucial component of business success, employee wellbeing, worker productivity, and economic health. The consequences of getting the match wrong are high both for employees and employers. The cost of replacing a worker can be as much as 60 percent of an employee's annual salary. Without good design, a tool will have limited usefulness and be challenging to implement. Without good implementation, a tool will not achieve its purpose of improved matching and quickly lose relevance. The report includes the following recommendations to improve the design and implementation of job matching technology: Design
- Build with User-Centered Design: Ensure that the tool is easy to use for both employers and job seekers by involving and consulting them throughout the tool design process.
- Use Target-Audience Language: The language used in job postings should avoid jargon and be familiar to the target job seeker.
- Encourage Skills-based Hiring: Work with employers to foster skills-based job descriptions and hiring practices rather than rely on increasingly irrelevant gatekeeping credentials.
- Engage Employers: Align with employers on occupational and skills definitions to develop a shared understanding among employers, training institutions, and job seekers.
- Integrate Training Opportunities and Pathways: Include easily accessible information on training opportunities to help job seekers gain skills to qualify for their desired positions.
- Consider Implicit Bias Mitigation: Reduce implicit bias in the hiring process by creating tools that do not expose employers to signals like names or addresses.
- Keep an Eye on National Trends, Use Local Data: A tool that uses local data and corresponds to the realities of the local labor market will be most helpful to current job seekers.
- Optimize for Mobile: An online tool should be created to reflect the ways that people use the internet, and mobile optimization is vital for job seekers who lack desktop access.
- Support Job Seeker Needs and Access: Regardless of how well a technology tool is designed, some individuals will need in-person guidance, and digital inclusion efforts may be needed to help everyone access the tool.
- Ongoing Activation of Industry Partners: Employers need to post their job openings through the tool and ensure that the information reflects their changing hiring needs.
- Recognize Need for Continued Refinement and Investment: Since online technology quickly becomes outdated, continued investment is needed to keep a technology tool up-to-date and appealing for users.
- Analyze Outcomes: Longitudinal data collection will help ensure that a technology tool aids employers in hiring by illuminating outcomes after the point of hire and helping determine best practices in labor market matching technology.
The full report can be found online at https://www.jpmorganchase.com/corporate/Corporate-Responsibility/new-skills-workforce-matching-report.htm.About JPMorgan Chase JPMorgan Chase & Co. (NYSE:JPM) is a leading global financial services firm with assets of $2.5 trillion and operations worldwide. The Firm is a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing, and asset management. A component of the Dow Jones Industrial Average, JPMorgan Chase & Co. serves millions of consumers in the United States and many of the world's most prominent corporate, institutional and government clients under its J.P. Morgan and Chase brands. Information about JPMorgan Chase & Co. is available at www.jpmorganchase.com.