Every organization needs to onboard good talent, retain, engage them and work with them to increase efficiency and productivity. Huge amount of time and money is spent to search, select, interview and hire the perfect candidate. Artificial Intelligence (AI)/ Machine Learning (ML) integration into human resources (HR) practices make organizations better as AI applications helps the HR Team to analyze, predict and diagnose for better decisions. According to a report published by Grand View Research in February 2020, the human resource management market is anticipated to reach $38.17 billion by 2027, registering a CAGR of 11.7 % from 2020 to 2027.
Delhi based startup, ReferHire, has created a peer-to-peer (P2P) networking platform to bring together organisations and those seeking newer career opportunities. Jobseekers have to identify the companies they are interested in and then ReferHire introduces them to peers in those organizations. These peers help job seekers in placing their application internally in the organisation and assist during the recruitment process.
Culturro, Gurugram-based startup has developed an Artificial Intelligence-based NLP bot platform Agnya which helps companies to build the right workplace experience and identify the drivers. It recommends actionable insights for HR heads and also influences behaviour modification in individuals to create the desired workplace experience. Post action, it constantly monitors the progress.
Bengaluru-based Equiv.in launched AI tool which aims to solve talent assessment and hiring while keeping diversity in mind. Equiv.in is exclusive for women, differently-abled individuals, members of the LGBTQ community and army veterans where the jobseeker can sign up with AI Equiv tool. Some of its clients include Indeed, ThoughtWorks, Infosys, Societe Generale, Microsoft and Blackrock.
Similarly, 19th Mile has developed Analytics-driven automated sales coaching system that provides personalized, data-driven coaching to sales representative. The app tracks individuals’ daily sales activities using data from its inbuilt mobile CRM or from the organization’s CRM and uses it to intelligently coach users towards meeting their specific sales targets.
On the other hand, HireSure.ai uses blockchain technology to store employment-related records. Its predictive tools use AI to offer insights related to employee compensation and offer acceptance behaviour, which helps companies increase their offer-to-join ratio. This brings down hiring costs by up to 50 %.
Hiring is a challenging process in any organization and if not addressed efficiently they end up losing good candidates. There is also rapid evolution in business dynamics and therefore several startups are using new age technologies to fill up these gaps.