Organizations have been automating their HR processes to make their talent strategy efficient. People Matters Tech HR' 17 Spotlight Program was designed as a mentorship program for 27 emerging HR Technology companies. The initiative focused on providing a platform to these startups where they get access to a wide audience and mentors including investors and senior HR and business leaders. This year it was bigger and better, as emerging HR Technology start-ups across Asia gave elevator pitches to explain their idea, technology, and business model to the mentors during the conference.
Here is the series of HR tech startups defining their product offerings that are helping to solve HR challenges through technology - transforming the way recruitment, talent management, and HR decision-making is taking place. Have a look.
Startup Name: Scriptifi
Team size: 2-5
Raised funding: Less than USD 250,000
Client size: Between 20-50 companies
About product offering: Online recruitment marketplace which connects employers across India to hand-picked recruitment experts within their industry
Key problems addressed by the technology: Redefining the speed, quality and cost of hiring by leveraging the human intelligence of the recruitment experts and machine Intelligence of the smart algorithms
Elevator Pitch: According to various research and studies, globally, the average turnaround time (TAT) for closing a position is 42 days, and it takes an average of 10 days for the best candidate to disappear from the market. Scriptifi offers a unique online recruitment marketplace which connects employers across India to handpicked recruitment experts within their Industry who have the widest network and talent mapping capabilities to uncover that rare, elusive talent. The online platform connects broadly three types of recruiters with the employers- 1)Freelancers, 2)Boutique consulting firms and 3) HNIs (Highly Networked Individuals which includes Industry leaders across Technology, HR, etc.
The "Machine Intelligence" built in the platform not only gets you the best recruitment experts but also stack-ranks the already curated profiles in the order of relevance to every job posted. One of the striking features of our product is to solve the challenge of overflowing CVs, so there's a concept of CV limit per recruiter to drive a certain kind of behavior with sharp focus on quality. The product features include employer branding, CV limit per recruiter, Vendor Management System & Automated Invoicing system that enables a smoother hiring experience.
Startup Name: Shortlist
Team size: 20-50
Raised funding: More than USD 1,000,000
Client size: Between 20-50 companies
About product offering: Technology to let you only engage with qualified candidates ready to interview
Key problems addressed by the technology: Too many channels, too many CVs, not enough useful data on interest and skills.
Screening resumes is a major challenge. It's 10x worse in India and Kenya where 8-page resumes are common, they're entirely keyword driven, and employers often have very little faith that they're accurate. Shortlisting CV is not only a painful process, but it is also not very predictive of whether someone is going to be good at a job. Shortlist offers a single platform that automates top of the funnel screening. For each row, we create a customized digital application flow that generates dozens of data points beyond the CV looking at candidates motivation, mindset, skills, expertise and their fit for the particular role. Shortlist customized a chat interface that collects all the information that you typically receive from a screening interview like salary expectations, years of experience, location preference, etc. Then one gets to the next level which is the series of samples designed for a particular role. We fundamentally believe that the best way to know if someone is going to be good in a job is to have them do the job and see how they perform. So these are not psychometric assessments, but are role specific tests like deductive reasoning, data analysis, etc. and we got about 80 competency models that we developed in-house. It is followed by a voice interview to get a sense of the articulation and communication. Ultimately, we provide a shortlist of qualified candidates to employers so that the employer can focus on the best people and have a much higher conversion rate. We also prioritize candidate experience. They want to get engaged, want to have their questions answered. Shortlist has been working with 70+ companies and specializes in junior to mid-level roles.
Startup Name: PayReview
Team size: 1
Raised funding: No
Client size: No
About product offering: Automating salary increments, providing analytics, salary benchmarking
Key problems addressed by the technology: Annual Increment process, C&B Process, Stock Options, Employee promotion program
Elevator Pitch: Talent attraction and their uninterrupted retention require a flawless strategy and seamless execution in Compensation & Benefits stream. PayReview is an on-cloud platform which will help C&B professionals in dealing with full HR professional activities. One can do engage in full talent analytics at the time of hiring, exit, and full salary increment model. PayReview is beneficial for all, like any automation product and as such it provides support to top management by mitigating risks with salary investments. It is useful for CHROs to make data-driven decisions, for C&B leads to manage transactions with ease confidently, for recruiters to avoid parity issues at the timing of hiring and for employees to visualize their growth.
Note: This article is a series on HR Tech Startups. There is no ranking involved. The information about start-ups is as per a submission and presentation by startups at the People Matters TechHR Spotlight program)
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