Technology, especially, artificial intelligence — is changing and simplifying the way companies screen, hire and manage employees.
From identification of potential candidates based on social activity to automation of recruitment to personalised onboarding and career mapping, AI has the potential to transform human resource functions, says Rajiv Jayaraman, co-founder, Knolskape, an HR tech startup.
Hyderabad-based Darwinbox, founded in 2015 by Chaitanya Peddi, Jayant Paleti, and Rohit Chennamaneni, uses AI to match and rank CVs based on the role as well as predict attrition rates.
“Cost saving, increased productivity, better talent acquisition and higher talent retention have resulted in 40% return on investment for our clients,”
says Peddi.
For hiring managers, sifting through piles of CVs to find qualified candidates is one of the hardest tasks as the number of resumes received is usually a lot more than the positions available.
“For instance, it is typically those who are planning to quit who visit the page that has details on exit procedure. Typically, they do this two weeks before they put in their papers. Just tracking the number of hits the page gets and who visits the page can help correlate it with attrition,”
says Peddi.
Investors are also in favour of using artificial intelligence to hasten the hiring process.
“When you are hiring in thousands, a talent map can offer a lot more predictability. With enough data, it is much easier for machines to do it. We are excited about the space,”
says Karthik Reddy, managing partners at Blume Ventures.
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