Ghosting’ is a phenomenon that has taken the global manpower landscape by storm. One of the most debilitating problems of business, ghosting is the shocking circumstance in which potential employees who have engaged with recruiters and leaders in career opportunity discussion, simply vanish during the offer acceptance life-cycle, leading to lost projects, delays in business delivery and wastage of innumerable man-hours. In India, the figure is presently at 35% which is the number of potential hires who drop off the talent acquisition pipeline. Ghosting leads to not only severe time-lags in the market plans of start-ups and entrepreneurs, but also results in lost revenues for both businesses and the recruitment fraternity. Chennai based AVTAR Group, today announced the launch of Bruhat Insights Global, a new-age manpower consulting company that uses Artificial Intelligence and Big Data Analytics to provide prescriptive insights that will enable companies to tackle ghosting and increase offer acceptance ratios.
Bruhat Insights Global, a brain child of Talent Strategy Expert and SME on Diversity and Inclusion, Dr. Saundarya Rajesh, not only effectively manages people requirements, but also provides actionable insights drawn from every stage in the entire profiling life-cycle. With a strong foundation of data driven methodology derived from profiling of 1.5 million resumes, Bruhat delivers differentiated talent solutions to close the gap between offer and acceptance. Using Bayesian inference to create prescriptive offer acceptance scores of shortlisted candidates based on 166 unique touch points, Bruhat brings a very transparent recruitment mechanism that includes a candidate’s competency scoring, identity cloud capture, keyword cloud capture and prior offer acceptance patterns, using artificial intelligence solutions.
The recruitment market in India is already significant in size. According to an EY Human Resources Solution Industry study, it is estimated between Rs 2,800-Rs 3,100 crore and is expected to touch Rs 6,200 crore in the next three years. If the potential revenue loss of about Rs. 1000 crores, caused by ghosting is brought down by even 50%, the industry stands to gain a whopping Rs. 500 crores, while not including the additional revenue by way of projects that are resourced on time by able and apt professionals. In India, the average cost to hire varies from Rs. 25,500 – Rs. 50,000 per candidate, depending on the industry and sector. This includes the cost of the internal talent acquisition team, the cost of subscribing to databases, retainers to search firms, success fees paid to consultants, et al. When more than one candidate drops off the radar after engaging with the company, the damage is many times this number.
“India has been experiencing labour shortages, with unfilled job positions across industries causing a lot of impediments to both steady state businesses as well as start-ups. Even with the positive statistics on increase in job offers, there is a parallel increase in candidate no-shows post offer. When we used the AI powered selection mechanism for the positions sourced, we experienced a 300% jump in closures” said Dr. Saundarya Rajesh, Chairman, Bruhat Insights Global. Adding to this, she said “Artificial Intelligence is capable of detecting several layers of information that emerge from a single conversation with a potential candidate. But such data is possible only when human insights also combine with AI to build a valuable relationship. Bruhat utilises not only the machine learning that emerges from providing multiple cases to the tool – it also leverages the profiler’s innate skill in having a thorough, data-rich conversation with the candidate”
Commenting on the launch, Mr. Umasanker Kandaswamy, COO and Joint Director – Bruhat Insights Global, said “During the profiling life cycle of a candidate, which a recruitment partner usually builds over several years, there is phenomenal opportunity to mine data that can help the hiring corporate make an informed choice. Usually, in their hurry to close the position, recruiters often miss connecting the dots. This is where Big Data analytics and AI’s intervention can give the hiring landscape in India a much needed fillip. Bruhat Insights Global, armed with the power of AI, is capable of not only providing on-track selection implements to the hiring manager, but also preventing the acquisition pipeline from leaking valuable talent”
Bruhat is a one–of-its-kind AI venture that eliminates human error in screening processes especially in volume based hiring. With data scientists and behavioural scientists added to the sourcing efforts, Bruhat will kick-start a new path in hiring process, one that is cost effective and encourages productive interaction with candidates.
Bruhat Insights Global will be ably supported by an expert Advisory Board comprising of eminent Business and HR leaders – Mr. Sriram V Iyer, VP (Engineering) – Head Innovation Labs, Myntra- Jabong; Mr. Hariharan Kannan, Co-Founder and Chairman, Vietnam Company Ltd & Former Senior Director HR – PepsiCo India; Ms. Chitra Ravi, Founder & CEO, Chrysalis; Mr. Milind Sarwate, Founder and CEO, Increate Value Advisors LLP and former CFO & CHRO of Marico; and Mr. Bruce Schwack, Director of Communications, Netmeds.
This article was published in This Week India on 6th August, 2018.
AVTAR Group Launches AI Powered Talent Acquisition Company