THE FUTURE OF HR TECH
Entrepreneur magazine|May 2021
As human resources management sits on the cusp of a tech overhaul, a slew of startups are cashing in on the opportunity
Shipra Singh

Human Resources (HR) professionals have to wear many hats. From recruitment, to handling employee performance, relations, training and benefits, to planning and maintaining administrative functions, HR management is not just limited to hiring anymore. With the role of HR becoming critical in supporting business, companies are increasingly looking to integrate technology into their HR operations to streamline their tasks. Seeing an opportunity, a slew of HR technology startups are building products using artificial intelligence (AI), machine learning (ML), data analytics and blockchain to help enterprises enhance their business outcomes.

AI OVERHAULING HIRING PROCESS

Nitin Kumar signed up on several job portals in early 2020 while looking to switch jobs. What worked well for him was an AI-based platform Instahyre that threw up relevant listings which matched his credentials. “The platform listed tech roles suited to my skill set and from known companies, which was not the case with other portals,” said the Delhi-based software developer. Instahyre has developed a matchmaking algorithm that analyses millions of data points to find the job best suited for candidates using the platform.

The Delhi-based advanced hiring platform is streamlining recruitment--from discovery, to communication to engagement-of not just job seekers but also companies. Sarbojit Mallick, co-founder and CBO, said “Our platform is solving three key problems in the recruitment industry: high cost of hiring talent that often turns out to be unreliable, long hiring process and difficulty job seekers face in discovering the right job.”

Another startup changing the dynamics of recruitment is ReferHire. As per founder Rohit Tewari, an estimated 70 per cent jobs aren’t advertised and over 65 per cent vacancies get filled through referrals. For this reason, making the right connections has become an important criteria in advancing one’s career, which puts the majority of candidates who haven’t graduated from top schools at a disadvantage.

“We’re enabling professionals to build multiple peer level connections in specific companies they want to target next,” said Tewari. ReferHire is a P2P social hiring network where users can check vacancies their peers may have put or tap them on behalf of their company to earn their referral bonus.

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