Video Recruit, founded in 2010, helps companies conduct asynchronous interviews with remote candidates. Extending this further, two-year-old startup Talview (former Interview Master) has come up with an interviewing platform that is accessible even in areas with intermittent internet, making it a preferred choice for companies looking to hire in emerging markets and tier-2 cities.
Meanwhile, LetsCareerUp is an integrated system that brings students, employers and academic institutions together into one linked career ecosystem, helping bridge the gap between talent supply and demand.
"It has taken a bit of time for clients to get used to something very innovative, but once they start using it, it really saves a lot of time and money," said Jaideep Venugopal, India director of Prague-based Video Recruit, which has conducted 8,000 interviews for Indian companies such as HCL Technologies and Bajaj since entering the local market two years ago. Video Recruit raised a total of 3 million euros (Rs 235 crore) in 2012.
Asynchronous interviews emerge as a favourable solution to the hiring process, where interviewers can quickly determine whether a candidate is eligible within a few minutes, but traditionally have to spend time completing the entire interview. Using these new technologies, companies simply input questions to be asked of candidates, who submit video responses in real time settings.
"In the US, large companies may have to interview 6,000 candidates a year, but in India, companies may have to interview 6,000 a week," said Sanjoe Jose, 29, co-founder of Talview, which has conducted over 10,000 video interviews for over 500 clients, 60% of which are based in India."With faster hiring, enterprises no longer have to lag be hind filling positions."
"It's a tool that has helped us standardize our interview and given clarity to our evaluation process," said Sweta Jain, head of HR for domestic business and emerging markets for biotechnology company Wockhardt, which has screened over 1,000 candidates to fill 300 positions across 25 Indian cities using Talview. "I would recommend it to organizations who work in retail and which have virtual operations."
"Hiring is proving to be an enormous pain, particularly in an emerging market like India," commented Nikhil Khattau, managing partner of Mayfield Advisors, an investor in Talview. According to his observations, companies using such recruitment services have improved efficiency by 50-80%. "You're in hyper-growth mode where you're staffing up very significantly because business volume is growing — this means you are virtually rebuilding the aircraft while it is flying."