Bright Raises $6M and Applies Data Science to Shake Up Job Search
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June 19, San Francisco, CA -- Bright unveils today the Bright Score, a smarter, faster and easier way to connect job seekers with the right jobs. Bright also announces the public launch of Bright.com today after raising a $6M Series A from angel investors.
A first in the market, Bright is not just an innovation in online job search, its mission is to move the labor markets faster. The Bright Score eliminates the lengthy and expensive task of finding the right fit between an open position and a qualified candidate. Instead of painstakingly searching for opportunities, job seekers are delivered a list of positions offering the best fit from over two million online job listings on Bright.com. Now, job seekers may apply to jobs where they have the best chance of attracting the attention of hiring managers. Recruiters can locate the most qualified candidates within seconds, reducing the time spent searching for top prospects and sifting through applicants by up to 90%.
Today's job market is inefficient. Employers spend an average of $5,504 per hire, while the time to hire can range from two to six months and the median duration for job seeker unemployment is about 19 months, according to the U.S. Bureau of Labor Statistics. The Bright Score delivers a faster and more accurate way of hiring.
The Bright Score
The Bright Score is a numerical assessment from 0 to 100 of a candidate's qualification for a job. Over the last 18 months, Bright's data science team, comprised of neuroscientists, mathematicians and nuclear physicists, performed the largest scientifically controlled resume to job description trial in the history of the HR industry. The trial included over 8.6 million job seekers, more than 2.1 million job descriptions, over 2.8 million resumes, and hundreds of talent recruiters. The result is a machine-learning algorithm that, after analyzing thousands of data points including education, employment history, employer prestige, career progression and social connections, delivers an individualized Bright Score for each job seeker against each job opening.
The Bright Score for Job Seekers
Today, job seekers may go to Bright.com, sign up for free, upload a resume and let Bright do the work of surfacing the best jobs for them. Bright delivers job openings ranked by the Bright Score that are the best fit. Finding the right job opening has never been easier. Forget key word searches. No need to set time aside to click through Bright.com's listings. By doing in seconds what could take hours, the Bright Score takes the "search" out the job search process.
How Bright Scores and Sources Candidates for Employers
Employers expend too much time evaluating applicants. According to Bright's research of HR professionals over the past 18 months, evaluation inefficiency is partly due to the fact that 66% of job applicants meet the minimum qualifications. Bright cuts the amount of time spent from scheduling time to sift through resumes to reviewing them by up to 90%. Bright's technology plugs into an employer's existing ATS (Applicant Tracking System), making finding the right candidate quicker and more cost effective. By seeing only the best of the candidate market, hiring managers can be confident that they have the best person for the job.
Reinvigorating The Hiring Process
"There is a fundamental problem in the job market -- it is inefficient, time-consuming and costly. The job search process for too many people is a difficult journey that gets the best of even the most passionate among us," says Steve Goodman, CEO of Bright. "Bright solves this problem by connecting job seekers with opportunities where they can attract the attention of hiring managers, and provides employers with a short list of the top candidates that make sense to interview. With the Bright Score, we use data science to simplify the process for both job seekers and employers."
Finding the right job should be easier than splitting an atom. Steeped in data science, Bright eliminates the noise in the hiring process by efficiently connecting job seekers to their best opportunities, and employers to their top prospects. Bright's machine-learning algorithm, the Bright Score, examines thousands of data points to find the best fit between job seekers and job openings. Bright reduces time to hire - a welcome relief to job seekers and employers. For more information, please visit http://www.bright.com/ and follow us on Twitter @brightjobs
Taryn Langer, Moxie Communications Group; email@example.com; 917-703-1146