Re: Submit your Startup

THT — Sun, 09 Nov 2008 12:33:13 -0000

Innovative Recruitment methodologies - theHiringtool

Innovation is very important and considering the market downturn, companies in India and abroad are looking to innovate to be more efficient, re-organizing aesthetically and continuously finding ways to cut down costs, overheads and liabilities.

While the conventional models like Job Portals and placement vendors have proven to be effective, the Recruitment industry in India has matured over the years. There is always a constant need for small, medium and large corporates to continuously improvise on their talent acquisition sources since the conventional ones become more redundant, off-the-track and expensive.

Some organizations realized the folly of the conventional models and identified alternate sources like Campus Hiring, Buddy Referrals(Employee-referrals), Internal Job Rotations, however, they could only manage upto 30% of their hiring needs via these sources. Hence, in spite of the cost-advantage attached with these sources, they couldn’t prove to be the only sources that organizations could rely upon.

Bridging this gap, many “new-age” Web 2,0 interfaces cropped up in the last year or so.
These models claimed to combine the power of career networking (social networking portals like Orkut, Ryze and Facebook) and portals that allowed groups and forums based a large plethora of subjects ranging from J2EE to Project Management(like yahoo groups, google and msn groups etc.) These sources did manage to generate Passive candidates at certain quarters – skills, experience et al, but hardly replaced the conventional sources of recruitment.

The industry saw the advent of referral recruitment models. Again, these models have largely been unsuccessful in catching the pulse of the Indian recruitment industry. Many have failed to live upto the ideology and hype of referral recruitment. Some of them have actually been glorified RPO units in guise of Referral recruitment.

By far, the most popular career networking source for passive candidates - is LinkedIn which essentially is a US based model but has managed to catch a relatively small portion of the passive candidate market in India and other globally labor-oriented markets outside USA.

But owing to it’ adaptability and price-tag, it’s not the most effective tool that can replace the burgeoning talent crunch (of course, now the figures are down and out post-recession and US sub-prime crisis).

So, considering all of above, we can only gather as much as confidence that Conventional models still rule the roost as far as the Indian Recruitment Industry goes.

That leaves us to cite the mention of a free recruitment B2B marketplace that has had a fair amount of success in the USA and is largely untapped in the Indian context.

In India, this open B2B marketplace is introduced by two budding entrepreneurs with their venture - theHiringtool - an excellent eBusiness, web 2.0 interface that connects Employers with a large network of placement consultants.

theHiringtool has been launched in India, keeping in mind the Indian Recruitment & Staffing business, hence in it's concept, strategy and adaptability, it is a
Unique model.

How does the system work?

Step 1 - Employers post their jobs for free and attach a Placement Fee (Varies from 8.33% - 12.5% or more)

Step 2 - Recruiters search job listings they are keen to work on and get associated with Employer. theHiringtool introduces the consultant/s to the Employer via the system.

Step 3 - Candidates are submitted and reviewed by the employer

Step 4 - Shortlisted candidates are interviewed by the employer

Step 5 - The hire is made, and the recruiter gets paid via theHiringtool!

Value Adds -

For Employers -

-> Every candidate received is pre-screened by an experienced recruiter. These recruiters compete to fill jobs, resulting in faster fill rates and higher quality and Passive candidates.
->Registration is absolutely FREE.
->Free Access theHiringtool's nationwide network of professional recruiters. Hence, no geographical restraint in getting quality submissions even from vendors in different locations but with access to local database.
->Employers can Set standard fees and find willing Consultants who can work on their terms.
->They pay only for successful hires and receive 100% money back guarantee in the event of a candidate leaving services in a given time(varies from client to client)
->Using the theHiringtool Automated Interview Process is free. What's more no more multiple folders to be maintained on Desktop/Outlook. With touch of a button,
reports, analysis on candidate/vendor is made available via the system.
->The system helps track job orders and progress made on them. From shortlisting, to interviewing, to final joining and eventual financial transaction - everything is automated! In short, a complete FREE Vendor Management system.

For Consultants -

-> They get to Work with best clients in India.
-> No cold calling/ tedious business development follow-ups, simply search jobs, associate and start recruiting on theHiringtool!
-> theHiringtool handles all billing administration, Payment Collection for them. No need to do any paperwork like raising an Invoice, following up for payments etc.
theHiringtool takes care of all backend.
-> Free branding on theHiringtool, 100s of clients access theHiringtool who have access to a vendor’s company literature and expertise.
-> A complete Candidate Management system – Candidates can be recycled for same-type jobs. No repeat submissions.

FAQs

1) Who is their competition and what is their biggest strength compared to competition?

theHiringtool has no direct competition. In the e-recruitment space, there are job boards(naukri, monster etc) – employers and consultants go to jobboards to find candidates and spend time reviewing resumes and qualifying them as well as coordinating interviews; referral based recruiting (reffster,yellojobs, techtribe etc.)- these sites try to leverage the power of personal connecton to make hiring recommendations. The problem with this model is that people are not in the business of placing their friends plus the rewards that are offered are not enough for someone to make a living; and, there are social networking sites (linkedin).

Their strongest strength is the streamlined third party recruitment process which gives the employers access to the largest collection of placement consultant and for the consultants, they provide qualified job order and streamlined payment process on both ends.

2) What is their long term vision with Hiring Tool?

To create a talent trading platform like a stock exchange so all third party recruitment is being routed through theHiringTool

3) What is Hiring Tool's revenue model?

Their revenue model is a percentage split of the placement fees and subscription model providing with enterprise level management of the application.

4) What technologies do they use?

They are built using .net/asp and ms-sql and their Product is constantly evolving to suit the market needs - both from Employer and Vendor perspective.

5) Final message: Trying is Believing!

Rather than seeing TheHiringtool as Competition, Vendors and Employers should look at this unique model as a Consortium. A consortium that would enable the Vendors to create an effective marketplace and give way to an innovative recruitment model.
In the present scenario, each vendor has limited market share in terms of Employer acquisition, with TheHiringtool, vendors will increase this marketshare multifold!
Imagine, how much it can help Vendors to utilize and optimize their pool of candidates! Same candidates could be recycled for so many jobs across industry verticals on theHiringtool.
Similarly, for Employers this open marketplace has the potential for organizing not only their Vendor Management but also optimizing their Talent Acquisition process.

-Amit Anand
Head Marketing and Operations
theHiringtool
www.thehiringtool.com

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Re: Submit your Startup