Phrases matter: AI can predict salaries primarily based on the textual content of on-line job postings

Date:

Share post:


We’re excited to carry Rework 2022 again in-person July 19 and nearly July 20 – 28. Be a part of AI and knowledge leaders for insightful talks and thrilling networking alternatives. Register right this moment!


The job panorama in the USA is dramatically shifting: The COVID-19 pandemic has redefined important work and moved staff out of the workplace. New applied sciences are reworking the character of many occupations. Globalization continues to push jobs to new areas. And local weather change considerations are including jobs within the different vitality sector whereas slicing them from the fossil gas trade. 

Amid this office turmoil, staff, in addition to employers and policymakers, may benefit from understanding which job traits result in greater wages and mobility, says Sarah Bana, a postdoctoral fellow at Stanford’s Digital Financial system Lab, a part of the Stanford Institute for Human-Centered Synthetic Intelligence. And, she notes, there now exists a big dataset which may assist present that understanding: the textual content of hundreds of thousands of on-line job postings. 

“On-line knowledge offers us with an amazing alternative to measure what issues,” she says.

Certainly, utilizing synthetic intelligence (AI) and machine studying, Bana not too long ago confirmed that the phrases utilized in a dataset of multiple million on-line job postings clarify 87% of the variation in salaries throughout an unlimited proportion of the labor market. It’s the primary work to make use of such a big dataset of postings and to have a look at the connection between postings and salaries. 

Bana additionally experimented with injecting new textual content – including a ability certificates, for instance – into related job listings to see how these phrases modified the wage prediction.

“It seems that we will use the textual content of job listings to guage the salary-relevant traits of jobs in close-to actual time,” Bana says. “This info may make making use of for jobs extra clear and enhance our strategy to workforce schooling and coaching.”

An AI dataset of 1 million job postings 

To investigate how the textual content of on-line job postings pertains to salaries, Bana obtained multiple million pre-pandemic job postings from Greenwich.HR, which aggregates hundreds of thousands of job postings from on-line job board platforms. 

She then used BERT, some of the superior pure language processing (NLP) fashions accessible, to coach an NLP mannequin utilizing the textual content of greater than 800,000 of the job postings and their related wage knowledge. When she examined the mannequin utilizing the remaining 200,000 job listings, it precisely predicted the related salaries 87% of the time. By comparability, utilizing solely the job postings’ job titles and geographic areas yielded correct predictions simply 69% of the time.

In follow-up work, Bana will try and characterize the contribution of varied phrases to the wage prediction. “Ideally, we are going to shade phrases inside postings from pink to inexperienced, the place the darker pink phrases are linked with decrease wage and the darker inexperienced are linked with greater wage,” she says. 

The worth of upskilling: A text-injection experiment

To determine which expertise matter for wage prediction, Bana used a text-injection strategy: To sure related job postings, she added brief phrases indicating the job requires a specific profession certification, resembling these listed in Certainly.com’s 10 In-Demand Profession Certifications (And How To Obtain Them). Acquiring these certifications could be pricey, with costs starting from about $225 to about $2,000. However, till now, there was no option to decide whether or not the funding is worth it from a wage viewpoint. 

Bana’s experiment revealed that some certifications (such because the IIBA Agile Evaluation Certification) produce significant wage positive aspects shortly whereas others (such because the Cisco Licensed Internetwork Professional) accomplish that extra slowly – precious info for staff who want to have higher details about how an funding in expertise coaching will have an effect on their salaries and prospects, Bana says.

Workers aren’t the one ones to profit from this info, Bana notes. Employers can use these outcomes to higher put money into human capital, she says. If, for instance, machine studying fashions reveal a gradual shift away from some duties and towards others, employers would have advance warning and will retrain sure workers.

And policymakers contemplating what job coaching packages to advertise would equally profit from understanding which expertise are waxing or waning in financial worth.

To that finish, Bana and her colleagues are presently engaged on a companion paper that identifies what duties are disappearing from job listings over time and what new duties are showing. 

Sooner or later, Bana hopes that textual evaluation of job postings may yield a web-based utility the place staff or corporations may analysis the worth added by upskilling or by transferring to a brand new geographic location. 

“Presently there’s not a whole lot of readability round a path to greater earnings,” Bana says. “Instruments like these may assist job seekers enhance their job prospects, employers develop their workforces, and policymakers reply to instant modifications within the financial system.”

Katharine Miller is a contributing author for the Stanford Institute for Human-Centered AI.

This story initially appeared on Hai.stanford.edu. Copyright 2022

DataDecisionMakers

Welcome to the VentureBeat group!

DataDecisionMakers is the place specialists, together with the technical folks doing knowledge work, can share data-related insights and innovation.

If you wish to examine cutting-edge concepts and up-to-date info, greatest practices, and the way forward for knowledge and knowledge tech, be part of us at DataDecisionMakers.

You would possibly even take into account contributing an article of your personal!

Learn Extra From DataDecisionMakers

LEAVE A REPLY

Please enter your comment!
Please enter your name here

spot_img

Related articles

The Benefits of a Creative Subscription with Envato Elements

If you’re looking to find and use royalty-free images and other creative resources, it can be tough to...

Get an Additional ₹100 Cashback When You Pay with Domino’s Digital Wallet Partners

How does ₹100 cashback sound? Find out more about the additional cashback you can get when you pay...

Get Unlimited Access to DataCamp’s Library of Online Courses

DataCamp subscriptions enable access to over 300 courses, as well as projects, assessments, and additional content. Whether you're...

Why You Should Buy from DaMENSCH: The Best in Quality, Service, and Value

Buying products online can be dangerous; you never know if you’re getting an authentic product, or one that’s...