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Business Insider
an hour ago
- Business Insider
Is your job application being rejected by AI? We asked 7 big companies.
It's the great mystery facing frustrated job seekers: Who — or what — is rejecting my application? As more companies turn to AI to boost productivity,applicants often tell BI that they wonder whether a human ever reviewed their résumé. We reached out to seven major companies and found out that AI's role in the hiring process varies widely. Mark Grimwood, Salesforce's SVP of Recruiting, said the company received "tens of thousands" of applications for account executive roles in the first quarter of this year — a position the company is investing heavily in. Grimwood said two key factors help manage this volume: skilled recruiters who know how to spot talent with the right skills and experience, and Agentforce — the company's AI-powered tool. He said Agentforce helps recruiters scan for valued skills like collaboration, storytelling, and AI literacy, and identify promising candidates. "Our human recruiters are overseeing this process from start to finish, but using AI in our hiring processes really helps our recruiters be more productive and prioritize their time on the most relevant candidates," he said. Grimwood said the company's recruiters strive to give every application the attention it deserves, but not every one is reviewed by a human. "The sheer volume we see — especially in areas like sales, where we are really growing and investing — means we have to be strategic," he said. AI is playing a growing role in the hiring process. Some job seekers have used AI tools to optimize their résumés, submit hundreds of applications, and navigate interviews, while some businesses are using AI-assisted applicant tracking systems to evaluate and prioritize candidates. While AI has helped streamline parts of the process, it's also created headaches on both sides: Some applicants have told Business Insider they worry they're being rejected by algorithms with little or no human review, while companies are overwhelmed by AI-generated applications that aren't always accurate or well-crafted. While job seekers' concerns are understandable, most companies haven't offloaded their entire application review process to AI, though many are using it to assist. Business Insider asked seven companies — Salesforce, Google, Kraft Heinz, McKinsey, Verizon, Exelon, and Allstate — what role AI plays in evaluating applicants. Have you landed a new job in the last few years and are open to sharing your story? Please fill out this quick Google Form. Struggling to find work? Please fill out this Google Form. How AI is a tool in the job candidate evaluation process Some companies are trying to strike a delicate balance: using AI to help evaluate applicants without relying on it too heavily, and ensuring substantial human involvement. Google, Allstate, Kraft Heinz, and Exelon all said recruiters still review every application and decide who moves forward. Sean Barry, Allstate's vice president of talent acquisition, said the company uses technology to pinpoint strong candidates, which has helped speed up the early stages of the hiring process. He said it used to typically take about 22 days for the company to follow up with promising candidates — asking for details like location and salary expectations — but that now it's happening in just 11 days. "When you get 1,000 people applying for a single job, we use the technology not to decide who's the right fit, but to figure out which, say, 50 look like they could potentially be the right 50 to begin screening," he said. However, Barry said every application is still reviewed by a human, and that humans continue to decide which candidates move forward, and who ultimately gets hired. A Google spokesperson said the company's recruiting teams are exploring ways to make the application review process more efficient, and AI is a part of that effort. "We use machine learning to suggest candidates for open roles based on their skills and experience, which in turn, frees up recruiters to focus more on building relationships with the best candidates," they said. While this technology helps prioritize candidates, the spokesperson said every application submitted to Google is still reviewed by a human. Denise Galambos, chief people and equity officer at Exelon, said the company uses AI to help rank candidates based on various criteria, but a recruiter looks at every résumé. "We are not using AI to just right off the bat, exclude people," she said. Some companies are still relying heavily on recruiters Some companies have been slower to adopt AI for candidate evaluation, or have focused on other ways to apply the technology in hiring. Spring Lacy, Verizon's vice president of talent acquisition, said the company doesn't use AI tools to filter or rank applications — that job still falls to its recruiters. She said Verizon is open to using AI to make hiring more efficient, potentially freeing up recruiters to spend more time with top candidates. But any technology, she said, would need to function properly. "We want to make sure that any tools that we use are fair, and that there's no bias in the AI," she said. "That it can accurately and equitably screen résumés based on our qualifications." Blair Ciesil, partner, global talent attraction at McKinsey, said the company doesn't use AI to rank applicants during the screening process. Applications are reviewed by humans who have a set of criteria they're looking for in candidates. "We do not use AI to evaluate cover letters or résumés," she said, adding that AI's primary role in the hiring process is a "candidate bot" that helps employees prepare to interview applicants for open roles. Allstate is also exploring alternative ways to use AI in hiring — including to revisit past applicants. Barry said the company adopted a tool last year that helps flag qualified candidates who were initially turned down and recommends them for other roles. Through this process, Allstate has hired more than 100 people, many of them for claims roles. "While they might've been a no-go for that role at that time, it certainly doesn't mean that they're not a fit for the company and potentially a fit for another need," Barry said.
Business Insider
an hour ago
- Business Insider
A HENRY aims to save $100,000 for his kids' futures but won't push college: 'Trade school is a really good option'
Cimarron Beckstead, 39, has put over $20,000 into his two kids' college savings accounts — and he didn't have to put any of his own money aside. Instead, he thanks the state of Alaska for annual oil dividend checks. "We wanted to put it into an investment account for their future rather than just spend it on a new TV or whatever else we want right now," Beckstead, a father of a five- and seven-year-old, told Business Insider. "We're going to recalculate everything as they start getting a little bit older and see if we need to start adding more ourselves. But as of right now, we have not actually put any of our money in there." Beckstead is referring to Alaska's Permanent Fund Dividend. The state's revenue department allocates an annual payment to Alaska residents from the investment earnings of oil and minerals revenue. The amount of the check varies based on the fund's performance. The 2024 dividend amount was $1,702, up from $1,312 a year prior. Beckstead and his wife both work for major telecommunications companies, and he said theircombined income is in the low six figures. He identifies as a HENRY — or high earner, not rich yet — a group that typically makes a six-figure income but, due to cost-of-living, student-loan debt, or a mortgage, must be cautious in order to live within their means. Are you a HENRY (a high earner, not rich yet)? How are you thinking about big financial decisions, like college savings, housing, or childcare? Share your story with this reporter at asheffey@ Beckstead said that he wants to ensure his sons are aware of all the postsecondary options they have, like trade school, when they get closer to college age. Neither Beckstead nor his wife had to take out student loans for their educations due to their jobs paying for their degrees; Beckstead said his degree in IT business management has not yet furthered his career, but he's grateful to have pursued his degree because he believes "knowledge has more value than just career prospects." His goal is to have a combined $100,000 saved for both of his children, allowing them the same financial freedom that Beckstead said he was grateful to have. "We feel very fortunate that we both ended up with companies that paid for our college, but by no means is that guaranteed," Beckstead said. "So we wanted to give our kids an opportunity in life where we kind of felt like we got lucky." 'Trade school is a really good option' Beckstead puts Alaska's yearly dividend checks directly into the state's 529 accounts. These are state-sponsored investment accounts that allow money to grow tax-free and can be used to cover education expenses. Alaska offers one of the top 529 plans due to its low expense ratio and benefits for future University of Alaska students. If his kids express interest in a college route that's more expensive than costs at a state school, Beckstead said he would likely withdraw some money from his savings or 401(k) to help supplement any additional expenses. "I think we should be okay," Beckstead said. "We should be in a good enough financial position to pay for college within reason, as long as it's a public school within in-state, or a trade school, or something like that." The higher education sphere is rapidly changing as more young people are questioning the value of a college degree, and there's a growing interest in alternative postsecondary routes like trade school or directly entering the workforce. President Donald Trump's administration has even joined the trade school push — Trump recently suggested that federal funding for Harvard should be redirected to trade schools, an area of investment which he said is "badly needed." Still, college continues to be the primary route that students take after high school. The New York Federal Reserve recently found that college graduates continue to earn more than those without a four-year degree; the median worker with a college degree earned about $80,000 a year, compared to $47,000 for a worker with just a high school diploma. "I'd like to give them their options," Beckstead said. "I'm really going to try to push them to do something in-state because it's more economically feasible, but honestly, if I had to push them in any direction, I think trade school is a really good option." While some Americans are able to pay off their student loans if they are able to find a steady-paying job after graduating, BI has previously spoken to dozens of older borrowers who have been paying off their student loans well into retirement with no end in sight, and regret pursuing their higher educations. The future of Alaska's yearly checks is uncertain. Some state lawmakers have introduced legislation to lower the annual dividend amount to a flat rate of $1,000 and would eliminate the dividend for anyone making over $50,000 a year — or $100,000 a year for a married couple — which would make Beckstead ineligible, if passed. Beckstead knows that the annual checks might not last forever, and he still wants to ensure his kids will have the funds they need for whichever path they choose. He said that he will plan to supplement with his savings if the dividends go away, and that, regardless of where the contributions are coming from, the 529 accounts will continue to grow. "I'm hoping they'll have enough, depending on what they do, that there would be plenty to pay for the whole thing if they decide to go to college," Beckstead said. "And if it's going to cost more at that point than we have money saved, then we'll just hopefully be able to help them pay for whatever the remainder is."
Yahoo
4 hours ago
- Yahoo
The US minted 1,000 new millionaires every day last year
UBS released its latest global wealth report on Wednesday, detailing wealth trends in 2024. America saw an increase of nearly 380,000 millionaires last year. That's more than other major economies like China, which added 141,000 millionaires. The ranks of US millionaires grew rapidly in 2024. Each year, UBS releases a comprehensive analysis of household wealth across the globe, and its latest report shows America's wealth boom was particularly pronounced last year relative to the rest of the world. While the report notes that the number of US millionaires increased by only 1.5%, nearly 380,000 people were made new members of the seven-figure club. "Given the size of the American millionaire population, this translates into an additional 379,000 such individuals within a single year — or over a thousand a day — weekends included." By contrast, nations such as Turkey and the United Arab Emirates boast what look like high percentages of new millionaires, with rates of 8.4% and 5.4% last year. However, as UBS adds that those numbers amount to 7,000 and 13,000 new millionaires, a fraction compared to the US. With US inflation gradually easing and the Federal Reserve implementing multiple interest rate cuts, conditions were ripe for new wealth creation. The S&P 500 gained 25% last year, a year after gaining 26% in 2023. Yet, despite its high growth rate, the US can't claim the highest density of millionaires per capita. Switzerland and Luxembourg have claimed that honor, UBS said. The US also reported more new millionaires than mainland China, which minted more than 386 millionaires per day last year, reaching 141,000 in total. Meanwhile, Japan saw its own millionaire rate fall 1.2% for the year, translating to 33,000 fewer people in that category. "Some markets display surprisingly high levels of wealth in relation to their average salaries, while others punch below their weight in wealth, in spite of comparatively high incomes," the report's authors note." They add that in the coming five years, they predict that the US and China will prove to be the primary wealth drivers globally. Read the original article on Business Insider
