Recruitment and hiring platforms like SquaREcruit have intensified their efforts to build a pool of qualified employees for the generative AI era as businesses of all sizes struggle with a talent shortage in new-age technologies, particularly a dearth of AI skills.
India presently holds the top spot in the world for AI talent concentration and skill penetration, according to Nasscom, the main organisation for the IT industry.
The lack of AI talent is now being felt across the board, though. Over the past six months, India’s demand for AI talent has increased 11% due to job demands in industries including IT, retail, telecom, BFSI, and advertising/market research.
AI is predicted to generate 2.3 million new employment by the end of 2023, with the largest demand being for positions as AI developers, data scientists, and machine learning engineers.
SaaS-based recruitment and talent management system development company SquaREcruit’s founder and CEO, Kedar Deshpande, and co-founder and CTO, Sarath Sribhasyam, told IANS that chatbots can assist recruiters in automating the initial screening and scheduling process, decreasing recruiter workload.
They claim that SquaREcruit is helping clients locate the ideal candidates 60% faster and at a 32% lower cost of hire.
The following are snippets from an interview:
What are the goals and objectives of SquaREcruit? What sets you apart from your peers and what is your USP?
Deshpande: The goal of SquaREcruit is to make recruitment management simple everywhere. The issue has gotten so severe that it is difficult for candidates and employers to locate one another due to inefficiencies and a flawed recruitment approach.
The goal of SquaREcruit is to offer a solution that helps both job searchers and hiring managers find the best candidates more quickly.
SquaREcruit is a smart tool that automates everything from scheduling interviews to following up with candidates.
SquaREcruit differentiates itself from rivals thanks to its connected architecture and all-encompassing automation. Intelligent linked architecture enables smooth communication throughout the employment process by connecting customers with their vendors, end-clients, and candidates on a single platform.
Can you provide some examples of client success stories? How have you improved their situation for them in terms of hiring costs, candidate engagement, time to fill positions, etc.?
Deshpande: SquaREcruit is agnostic to domains, and more than 150 businesses presently utilise its many products globally.
One of our early adopters is a pioneer in the retail sector’s digital transformation and a significant US retainer. The adoption of SquaREcruit has automated the entire employment process. A seamless sourcing process was achieved by using sourcing channels like Recruitment Partners, Employee Referral, and Career Page, which connected all participants in the hiring process.
More than 50 Recruitment Partners are seamlessly connected to customers thanks to SquaREcruit’s connected architecture, enabling end-to-end communication and progress updates while drastically cutting down on the amount of time previously spent doing it manually.
One of SquaREcruit’s most recent deployments is with a well-known microfinance company in India with more than 6,000 employees. SquaREcruit assisted them in digitising every step of the hiring process, from application receipt by QR code to evaluation procedures, built-in video interviewing to housing verification and geographical coordinates to pre-employment training and onboarding.
SquaREcruit has also linked with a number of other platforms, like WhatsApp and background check businesses, to provide clients with a streamlined hiring process.
SquaREcruit is assisting customers in hiring the best people 60% faster and at a 32% lower cost. providing all of these advantages through a single, intelligent employment platform.
Which new technologies’ potential to change the landscape of employment and talent
Acquisition most excites you? How will AI change this field?
Sribhasyam: Recruiters can automate the initial screening and scheduling process with the aid of chatbots. Additionally, they can respond to frequently asked questions and give applicants real-time information on the status of their applications, which will enhance the candidate experience and lighten the strain of recruiters.
Throughout the employment process, predictive analytics can assist recruiters in making data-driven decisions. Recruiters can enhance their sourcing strategy and lower the cost of hiring by analysing historical hiring data.
Artificial Intelligence and Machine Learning (AI/ML) approaches significantly improve the predictability of which applicants would perform best in a given role.
AI and ML-based video interview insights will aid in assessing how well candidates’ soft skills and fit with the company’s culture.
AR and VR can aid recruiters in improving the onboarding experience for candidates by enabling them to take a virtual tour of the office, do practise tasks, and communicate with team members. With the aid of this technology, job prospects can make more informed decisions by gaining a deeper understanding of the workplace culture.
What have AWS and cloud technology helped you achieve better?
Sribhasyam: Cloud computing has made it possible to totally concentrate on the design and development of product architecture without bothering about infrastructure specifics. Our product engineering team has easy access to all the most recent and cutting-edge technology through AWS.
What benefits have you realised from using AWS in terms of business outcomes?
Sribhasyam: Our ability to construct the infrastructure quickly enough to meet our evolving product requirements is made possible by AWS. It has significantly shortened our time to market. RDS (Amazon Relational Database Service), one of the fundamental technologies, has assisted in managing our uptime obligations to our clients.