Factorial cuts recruitment costs by 30% per hire after unveiling new generative AI solution
Digital workforce solutions provider Factorial has announced the launch of Factorial AI, a generative AI tool for HR technology, designed to help businesses streamline operations while saving time and costs.
The move will see AI incorporated into Factorial’s all-in-one workforce management solution, allowing HR teams to supercharge every area of their HR processes by removing additional time-consuming manual tasks and further automating operations.
As part of its AI debut, Factorial has introduced an intuitive AI talent recruitment capability that speeds up the recruitment process by 35% and cuts costs by 30% per hire. It does this by automatically screening CVs and filtering clients before the first interview, which in turn helps HR teams prioritise the best talent and focus on growing their culture in the right direction.
Other key capabilities of the technology include automatically suggesting and assigning key competencies for every team member no matter their role and level; and document analysis, involving generating document summaries and presenting important information, insights, and findings.
Jordi Romero, Founder and CEO at Factorial said: “By incorporating AI into Factorial's solutions, we are unleashing a great capability that provides workplaces with some of the most advanced tools currently on the market. By removing the burden of tedious manual tasks and streamlining operations, Factorial AI will empower businesses to enhance all aspects of their HR processes, allowing leaders to focus their resources on getting the best out of their teams. This technological leap showcases Factorial's commitment to continuous innovation and customer-centric solutions.”
The launch of the AI solution comes as the Barcelona, Spain-based company also joins the Amazon Web Services (AWS) marketplace, which will help the company capitalise on its recent rapid growth trajectory. Since the start of 2023, Factorial has increased its worldwide client base by 10.4% and has experienced an employee growth rate of 45.8%.
Businesses can now leverage comprehensive HR solutions offered by Factorial directly through the AWS Marketplace platform, unlocking many benefits and seamless integration possibilities.
Founded in 2016 by entrepreneurs Jordi Romero, Bernat Farrero, and Pau Ramon, Factorial supports 300,000 users across 7,000 businesses in 65 countries, including over 300 clients in the UK and Ireland alone. Last year, the company was designated a European unicorn after closing a Series C investment round of USD 120 million, with a valuation of USD 1 billion.
