In an exclusive interview with TimesTech, Lokesh Nigam, Co-founder & Director of Kognoz, sheds light on how Konverz.ai is revolutionizing talent acquisition. This advanced AI-driven platform offers tailored solutions to tackle the specific challenges faced by mid-size and traditional businesses in their hiring processes, such as high costs, attrition rates, and lengthy time-to-productivity. Konverz.ai not only accelerates the hiring process by up to 50% but also enhances the quality of hires, reduces costs, and fosters diversity and inclusion. As the HR tech industry evolves, AI-powered solutions like Konverz.ai are becoming pivotal for organizations seeking a competitive edge in talent acquisition.
Read the full interview here:
TimesTech: How Konverz.ai represents a transformative shift in the way organizations approach talent acquisition
Mr. Lokesh: Konverz.ai offers tailored solutions to address the specific challenges faced by mid-size and traditional businesses in their hiring processes, empowering them with a robust technology stack. Hiring the right talent poses significant challenges, including:
- High Cost per Hire: The average cost per hire stands at $4,700.
- High Attrition Rates: Attrition rates often exceed 50% due to low fitment percentages.
- Lengthy Time to Productivity: It takes 6-8 months for new hires to reach full productivity.
Enter Konverz AI, which helps organizations tackle these challenges by:
- Elevating Candidate Experience and Fostering Diversity and Inclusion.
- Enhancing Quality of Hire: Through candidate ranking and fitment identification.
- Reducing Cost and Time to Hire: By streamlining the hiring process and improving efficiency.
Konverz.ai’s tailored solutions empower mid-size and traditional businesses to navigate the complexities of talent acquisition effectively.
TimesTech: How Konverz.ai provides organizations with a competitive edge in talent acquisition by leveraging advanced AI technology to assess personality traits, cognitive abilities, motivations, and emotions, benchmarked against industry standards.
Mr. Lokesh: Konverz.ai empowers organizations to gain a competitive edge in talent acquisition by harnessing advanced AI technology to assess personality traits, cognitive abilities, motivations, and emotions, all benchmarked against industry standards.
Here’s how Konverz.ai benefits companies:
- Cost Reduction: Cut cost per hire by up to 30% and optimize budget allocation for hiring activities.
- Time Optimization: Accelerate time to hire by up to 50% and streamline the hiring process for quicker results.
- Fitment Improvement: Enhance fitment percentages by up to 40%, ensuring better alignment between candidates and job requirements.
- Productivity Boost: Boost recruiter and business productivity by 30% while expediting the onboarding and ramp-up period.
Konverz.ai’s AI-driven solutions offer a strategic advantage in talent acquisition, making the process more efficient, cost-effective, and aligned with organizational goals.
TimesTech: Highlight the platform’s capability to accelerate the hiring process by up to 50%, ensuring faster recruitment in today’s competitive job market.
Mr. Lokesh: Konverz.ai stands out in today’s competitive job market by accelerating the hiring process by up to 50%, ensuring swift recruitment.
Here’s how Konverz.ai achieves this:
- Automated Interviews: Conduct interviews seamlessly, without the need for human intervention.
- AI Analysis: Utilize advanced AI algorithms to extract over 180 datapoints, including behavioral patterns, psychometric parameters, and construal level.
- Unmatched Accuracy: Benefit from deep expertise in behavioral science, providing precise and actionable insights.
- Streamlined Hiring: Konverz.ai simplifies the hiring process, enabling data-driven decisions for faster results.
TimesTech: Talk about how Konverz.ai addresses the specific challenges faced by mid-size and traditional businesses in the hiring process, offering them a powerful technology stack.
Mr. Lokesh: Konverz.ai offers tailored solutions to address the specific challenges faced by mid-size and traditional businesses in their hiring processes, empowering them with a robust technology stack.
Hiring the right talent poses significant challenges, including:
- High Cost per Hire: The average cost per hire stands at $4,700.
- High Attrition Rates: Attrition rates often exceed 50% due to low fitment percentages.
- Lengthy Time to Productivity: It takes 6-8 months for new hires to reach full productivity.
Enter Konverz AI, which helps organizations tackle these challenges by:
- Elevating Candidate Experience and Fostering Diversity and Inclusion.
- Enhancing Quality of Hire: Through candidate ranking and fitment identification.
- Reducing Cost and Time to Hire: By streamlining the hiring process and improving efficiency.
Konverz.ai’s tailored solutions empower mid-size and traditional businesses to navigate the complexities of talent acquisition effectively.
TimesTech: Emphasize the broader shift towards advanced HR tech solutions and their significance in the modern workforce.
Mr. Lokesh: In 2021, the HR Technology Market was valued at $28.65 billion, and according to IMARC Group, it’s expected to reach $48.85 billion by 2027, growing at a 9.2% CAGR from 2022 to 2027. This growth is driven by a heightened focus on improving the employee experience, as companies increasingly adopt HR technology solutions, as noted by Josh Bersin, Founder of Bersin & Associates.
Key Drivers and Restraints
Companies are shifting towards reporting and analytics dashboards to boost productivity and address HR challenges like retention and sales productivity. This trend fuels investment in new software solutions such as learning, operational, and assessment systems. However, the cost of HR technology can be a growth impediment.
Machine Learning and AI
AI is poised to drive innovation in various industries, with 66% of global business leaders and analysts predicting its significant role in the next 1-5 years.
Decentralized HR Management
HR technology is evolving, emphasizing new management skills and moving away from the belief that managers should know everything.
Focus for HR Technology Managers in 2022
- Review key performance indicators for managerial evaluation and encourage skill development over operational competency.
- Provide data and tools to empower managers, enhancing management selection and training.
In summary, the HR Technology Market is on the rise, driven by a growing emphasis on employee experience and the adoption of advanced technologies like AI. Decentralized HR management is also shaping the industry, and HR technology managers are urged to prioritize skill development and provide necessary tools for effective management.
TimesTech: Discuss the evolving trends in the HR tech industry, where AI-driven solutions like Konverz.ai are becoming pivotal for successful talent acquisition.
Mr. Lokesh: The HR tech industry is undergoing a remarkable transformation, with AI-powered solutions playing a pivotal role in reshaping talent acquisition. Among the notable AI trends and use cases, one can observe:
- Bias Detection: AI, particularly natural language processing, is being harnessed to identify and rectify bias in job descriptions. This ensures that job postings are more inclusive and appeal to a diverse pool of candidates.
- Candidate Profile Enhancement: Advanced sourcing tools are leveraging AI to enrich candidate profiles using publicly available data. This results in more comprehensive candidate profiles, making it easier for recruiters to find the right fit.
- Candidate Ranking: AI algorithms are efficiently evaluating candidates and presenting the most suitable ones to recruiters. This streamlines the screening process and saves valuable time.
- Job Fit Score: AI-driven predictors are being customized for specific roles or contexts, helping organizations identify candidates who are more likely to succeed in a given position.
- Recruitment Marketing Optimization: AI is maximizing recruitment marketing efforts by optimizing career sites and communication strategies. This leads to improved click-through rates, higher candidate conversion rates, and greater diversity in applicant pools.
- Recruitment Virtual Assistant: Automated conversational agents are becoming indispensable. They support candidates, recruiters, and hiring managers in various tasks, such as scheduling interviews, collecting essential data, conducting initial screenings, and more.
In this dynamic landscape, AI-driven solutions like Konverz.ai are at the forefront of revolutionizing talent acquisition. These technologies not only enhance efficiency but also promote fairness, diversity, and the overall quality of hiring processes. As the HR tech industry continues to evolve, the role of AI is set to become even more central in shaping the future of talent acquisition.
