Glassdoor and Careerbuilder reveal that having the salary indicated in the job description is key for job seekers to apply to any job. However, most job advertisements still lack that vital piece of information, and transparency should be applied before job seekers eventually become candidates or prospective employees. But job seekers MAY finally get an idea of the salary range of their desired job with the help of an A.I. How, then, does the A.I. predicts salaries?
A.I. Predicts Salaries
This was made possible by Sarah Bana, a researcher at the Stanford Institute for Human-Centered Artificial Intelligence (Stanford HAI). She used Natural Language Processing (NLP) and the Bidirectional Encoder Representations from Transformers (BERT) framework to identify the text in job postings. With those models in place, she also uses the Greenwich.HR to help predict the salaries from different jobs.
With these in mind, Bana revealed that her trained framework accurately predicted the salaries. The prediction was 87% accurate. This was possible due to the text included in job descriptions. However, she ran another test but only used the titles in job descriptions. The framework was only 69% accurate.
Who Could Benefit from this A.I.?
Bana says that job seekers can greatly benefit from using this A.I. because of transparency. Plus, it will help job seekers select which jobs they can apply to instead of applying to everything and getting disappointed. It’s also possible that job seekers who know where to apply now might have the chance to upskill.
In fact, she said that certain certifications have a bearing when applying to jobs.
It’s not only prospective employees that will benefit from this. Employers can also use this A.I. for human capital purposes.
Should You Include Salary Range in Your Job Descriptions?
The consensus among human resource experts says it’s a definitive YES. You want to make sure that you’re upfront about how much you’re paying the prospective employee. In turn, prospective employees will know from the get-go how much the salary is. This way, you can let the prospective employee negotiate on what they think would be a fair salary.
Plus, future employees will not need an A.I. that predicts salaries.
How Do You Become Transparent in Job Descriptions?
You can attract more talents to apply to your new job openings by ensuring you’re transparent with what you’re offering prospective employees.
An Example of a Great and Transparent Job Description
Inc found a now-deleted job description from Basecamp. Although deleted, Inc still listed the components of a transparent job description:
- A salary range
- Reporting structure
- Clear hiring process – it’s best to let applicants know when you’ll start and how long it will last
- Performance expectations
But there was one other thing that Basecamp addressed in the job description. Inc reported that Basecamp banned any political or social discourse in the office. And that is reflected in the job description. It was one way that Basecamp, as an employer, let prospective employees know how their culture works.
To take your job description up a notch, you can also add employee testimonials. This lets prospective employees know how current employees feel about working with the company.
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