Artificial intelligence: A game changer in recruitment process
HR tech Indian startup, Talocity, calls itself the world's first 'talent stock exchange', powered by artificial intelligence and predictive analysis
Gurgaon headquartered Talocity is an AI powered SaaS platform which provides point solutions in the HR space. The company was incorporated in April 2015 by Ketan Dewan, Rajat Suneja and Devvrat Arya. The SaaS-based platform provides a one-way video interface to gauge the potential of existing employees and future employees by generating a personality report and sorting the talent pool through relevancy scores, better known as TalScore. “We have revolutionised the hiring process by providing unbiased and relevant test results for HR. These results are key in the decisive stages of an employee lifecycle i.e. hiring, appraisal, promotion, talent need identification and exit interviews,” says Ketan Dewan, Co-Founder and CEO, Talocity.
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The product is being used by recruitment teams across 25 countries globally. The startup has expanded its presence into the Philippines and will soon be opening shop in the US.
The target customer segment for Talocity are large organisations and medium size companies. It offers a one-stop shop for solutions related to their recruitment and HR needs. Dewan points out that the platform not only helps organisations in reducing recruitment costs but also helps on-board quality talent on time. The current client list of Talocity includes companies like Genpact, ICICI Prudential, HDFC Life, Yes Bank, Infosys, IFFCO, Aditya Birla Fashion and Retail Ltd., Bajaj Finserve, L&T Financial Services, and others.
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While currently Talocity is serving large and medium enterprises, the future plans include making hiring easier and seamless for small enterprises as well.
Explaining how the technology works, Dewan says, “Talocity’s SaaS platform enables companies to experience Touchless HiRing, wherein selected CVs and other potential employees get an automated IVR, SMS and e-mail for them to give their one- way interviews for roles at eminent organizations. Job seekers go on to record their answers to the questions posed by the companies. Talocity uses AI technology which understands tonality, choice of words and reads eye ball movement of job seekers, in the videos recorded. After carefully evaluating each such one-way interview, the software ranks job seekers as per the relevancy for the job.”
He further adds that HR teams choose their desired candidates basis the recommendations made by Talocity. Therefore, this enables them to choose from the most relevant pool and removes the 80 per cent of job seekers who would anyway not be selected. “This makes the hiring process more efficient and cheaper. In addition to this, the platform learns about the type of job seekers that join respective organisations and the type of job seekers that are most selected by organisations. This selection helps the SaaS platform to become more intelligent and sharpens the AI as per the requirement of each organisation and role,” mentions Dewan.
The company believes that HR should let machines do the transactional operations, whilst allowing the department to focus on building relationships within the organisation and aligning resources with the business strategy of the organisation. “We are constantly delving into different facets of HR and curating solutions to make processes more efficient. The company is in the process of attaining more patents, apart from what it already possesses,” remarks Dewan. He reminds that it is essential to use technology wisely and invest time in building relationships. “Let technology do the operational work that eats away time from the more strategic aspects at work and/or in life. We strive to consistently improve our technology to better serve our clients and solve problem areas that may not have been addressed earlier,” says Dewan.
Talocity has won several accolades in the four years of its existence including the ‘Best Startup of the Century” Award by UKTI in 2016-17, which was awarded by Indian PM Narendra Modi and former British PM Theresa May.
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