Glassdoor research shows that on an average, you are against 250 resumes whenever you apply for a job.
Of those resumes, 4 to 6 get called for an interview, and only one gets the job.
Yes, there are 249 other people striving to do the exact same thing - standing out in front of the recruiter.
The battle to hire top talent is fierce.
Every day, companies receive hundreds of resumes and applications from multiple sources that flood their inbox. There are employee referrals, direct applications from candidates and responses from recruiting sites and agencies. Organisations are starting to realise that their ability to attract, screen and select the right candidate is ultimately going to determine the success of their organisation.
Unsurprisingly, almost 60 years since recruitment picked up as an industry, traditional staffing methods still exist.
With more than 22 years since popular portals like Naukri and Monster were launched, there have been no significant improvements in the traditional hiring process. While a majority of HR professionals struggle to use the new tools and technologies, the actual hiring still remains their top concern.
Recruitment as an industry is analogous to any market that seeks to balance demand and supply, but here the commodity is real people. People who have ever-growing aspirations to work with different people.
Start-ups from around the globe have been striving to disrupt the traditional recruitment process. One such start-up is Vasitum, a Noida -based venture that has developed a platform to cater to the needs of modern-day HR. Vasitum attempts to streamline and automate the recruitment process by using ML (Machine Learning) and NLP (Natural Language Processing).
But how will AI affect candidate hunting?
The centrepiece of Vasitum is their AI chatbot - Vasi that sits behind every functionality on the platform.
Vasi is almost at par with people when it comes to carrying a conversation. Vasi has been stocked with NLP to have full-fledged conversations with both recruiters and candidates. This reduces the response time of candidates since Vasi asks the relevant screening questions as soon as the candidate applies.
Vasi crawls the web and its extensive database to source profiles against tailored job criteria. This chatbot uses ML to find candidates who are likely to switch jobs by evaluating their profile. It analyses how long someone is in a job, whether their company is downsizing, and several other factors to find the most suited candidate for the role
Vasitum was launched back in January 2019 and have since made considerable improvements in their product. With clients like Snapdeal, Proptiger and Lemon Tree Hotels entrusting the brand, the product looks well on its way with a clear focus. Currently, the platform is free and open to all with some additional features available just to their featured employers.
"Imagine if a recruiter could ask for a snapshot of their day or reschedule their interviews by simply typing it out. That's exactly what we've planned for Vasi. Furthermore, he will be equipped to conduct comprehensive background checks on candidates and companies within minutes," said Ankit Bagga, Senior Product and Marketing Manager at Vasitum.
The recruiters are going to get a lot of mileage out of these tools and make their day-to-day lives much easier. This call for the industry leaders in recruitment to catch up with these new start-ups who are planning to disrupt the HR industry.
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