Startup uses AI technology to create diverse pool of early-career job candidates

'[Diversity in the workplace] can help outperform financially homogeneous teams'

There seems to be a noticeable trend on Wall Street: Most financial services professionals share similar demographics.

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Recruiting startup Suited plans to break the stigma with artificial intelligence technology – targeting the diversification of the industry.

Suited co-founder and CEO Matthew Spencer told FOX Business’ Maria Bartiromo on Thursday how Suited matches diverse job candidates with appropriate roles.

“Suited opens access to early-career job opportunities in the financial professional services sector to a wider range of candidates,” Spencer said. “Leveraging technology enables firms to consider those candidates more efficiently, effectively and equitably.”

Spencer said Suited’s technology prevents recruiting firms from heading to the same few institutions and universities for candidates.

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Suited’s hiring pool consists of early-career candidates with limited professional experience, a factor other recruiting platforms like LinkedIn rely heavily on.

“When you look at a tool like LinkedIn, it is very based on a historical job experience, which college graduates coming into the workforce don't really have,” he said. “[So Suited] is really focused on college campuses, college graduates, both at the undergrad and as well as the MBA level.”

As far as diversifying Wall Street goes, Spencer said it’s something that has to matter to everyone.

Firms are at their best when the diversity of perspectives that come with diversity of background are prevalent inside them.

- Matthew Spencer, Suited CEO

“When you can bring more diverse perspectives into a company, it helps you avoid things like groupthink,” he said. “It can increase innovation. It can help outperform financially homogeneous teams. It helps move the needle and think about things in different ways.”

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Spencer said companies should focus more on who they’re bringing in as an effort to diversify the ecosystem.

“The critical piece is: Can we bring more information to that critical decision point… and help them gain a better understanding of who an individual actually is?” he said.

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