Words matter: AI can predict salaries based on the text of online job postings

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The occupation landscape in the United States is radically shifting: The COVID-19 pandemic has redefined critical do the job and moved employees out of the office environment. New technologies are transforming the character of numerous occupations. Globalization proceeds to press work to new locations. And local weather improve issues are adding careers in the different power sector whilst chopping them from the fossil gas market. 

Amid this place of work turmoil, workers, as well as businesses and policymakers, could profit from being familiar with which position attributes guide to increased wages and mobility, states Sarah Bana, a postdoctoral fellow at Stanford’s Electronic Economy Lab, component of the Stanford Institute for Human-Centered Synthetic Intelligence. And, she notes, there now exists a huge dataset that could assistance offer that understanding: the text of thousands and thousands of online task postings. 

“Online information provides us with a remarkable possibility to evaluate what matters,” she claims.

Certainly, making use of synthetic intelligence (AI) and machine finding out, Bana lately confirmed that the terms utilised in a dataset of more than 1 million on-line task postings demonstrate 87% of the variation in salaries throughout a wide proportion of the labor market place. It’s the initial work to use these types of a huge dataset of postings and to glimpse at the partnership involving postings and salaries. 

Bana also experimented with injecting new textual content – incorporating a skill certificate, for example – into appropriate work listings to see how these words and phrases altered the wage prediction.

“It turns out that we can use the text of task listings to appraise the income-suitable traits of employment in close-to authentic time,” Bana suggests. “This data could make implementing for work much more transparent and boost our technique to workforce instruction and instruction.”

An AI dataset of 1 million task postings 

To analyze how the textual content of online task postings relates to salaries, Bana received more than one million pre-pandemic occupation postings from Greenwich.HR, which aggregates thousands and thousands of position postings from on line job board platforms. 

She then employed BERT, 1 of the most superior normal language processing (NLP) types obtainable, to train an NLP product making use of the textual content of far more than 800,000 of the position postings and their connected salary information. When she analyzed the model working with the remaining 200,000 career listings, it accurately predicted the involved salaries 87% of the time. By comparison, using only the job postings’ job titles and geographic spots yielded correct predictions just 69% of the time.

In adhere to-up function, Bana will try to characterize the contribution of numerous phrases to the wage prediction. “Ideally, we will coloration phrases in postings from pink to green, the place the darker purple words and phrases are linked with decreased wage and the darker inexperienced are connected with increased wage,” she states. 

The benefit of upskilling: A text-injection experiment

To determine which techniques matter for wage prediction, Bana utilised a textual content-injection method: To particular suitable task postings, she additional quick phrases indicating the career needs a individual occupation certification, these as these detailed in Indeed.com’s 10 In-Desire Profession Certifications (And How To Attain Them). Obtaining these certifications can be high priced, with price ranges ranging from about $225 to about $2,000. But, till now, there has been no way to ascertain no matter if the financial commitment is worthwhile from a income level of perspective. 

Bana’s experiment revealed that some certifications (these as the IIBA Agile Analysis Certification) produce meaningful wage gains rapidly although other people (such as the Cisco Certified Internetwork Professional) do so more little by little – valuable information for personnel who would like to have much better data about how an expense in techniques education will influence their salaries and prospects, Bana suggests.

Workforce are not the only ones to benefit from this information, Bana notes. Businesses can use these results to far better commit in human capital, she states. If, for instance, machine discovering designs expose a gradual shift away from some duties and toward other people, businesses would have progress warning and could retrain selected staff members.

And policymakers considering what work training courses to endorse would likewise advantage from knowledge which skills are waxing or waning in economic value.

To that finish, Bana and her colleagues are currently functioning on a companion paper that identifies what duties are disappearing from job listings around time and what new tasks are showing up. 

In the long run, Bana hopes that textual investigation of career postings could yield a world wide web-based mostly software wherever personnel or companies could analysis the value extra by upskilling or by going to a new geographic area. 

“Currently there’s not a whole lot of clarity all-around a path to increased earnings,” Bana suggests. “Tools like these could support task seekers make improvements to their work prospects, businesses establish their workforces, and policymakers react to immediate adjustments in the overall economy.”

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

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

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