“AI has already been a part of the recruitment industry. However now that there are even more advancements in technology, it is sure that there will be higher expectations we will hold in the year 2023. Right from the sourcing stage to the onboarding phase all the process have already been automated and AI has played a major role in the same, says Deepak Agrawal , CEO and Co-founder, TurboHire, in an interaction with CIO AXIS. TurboHire recently secured $2 million in funding, which will be deployed to scale our international presence, namely in the APAC region, Australia, the Middle East, and North America.
CIO AXIS: Briefly describe TurboHire and its journey since inception. Outline some of the key milestones achieved.
Deepak Agrawal: TurboHire is an AI-powered recruitment solution that enables and empowers recruiters and HR professionals to hire talent quickly and precisely. Our platform ensures 98% accuracy regarding applicant filtering, which helps downsize the time and resources that may be spent on interacting with the wrong talent. Originally conceived as a Resume Parser, TurboHire now serves as an end-to-end platform that solves key challenges at each stage of the hiring process and is integrable with any HRMS or HCM platform.
Headquartered in Hyderabad, TurboHire was incorporated on March 20, 2019.
CIO AXIS :What is TurboHire’s differentiator in the talent acquisition landscape about the application of AI tools?
Deepak Agrawal: While different AI tools are streamlining talent acquisition, they are yet to come up to speed in automation. The current industry standard is 65-70%, while TurboHire has helped companies achieve 85% automation in hiring and recruitment. It has also helped recruiters save up to 65% of hiring costs and reduce time-to-hire by 78%.
Additionally, TurboHire does not only focus on active applicants but passive candidates as well by reaching out to them on platforms like LinkedIn, to determine who can be an asset to the organization in the future. These candidates are screened, devoid of any bias – including those of gender, ethnicity, and other sensitive subjects and hired based on their skills, experiences, etc.
To accelerate recruiting decisions, TurboHire combines artificial intelligence and machine learning processing to offer a human-like augmented intelligence that enables faster and more accurate hiring decisions. Our adaptable solution may also be coupled with a business’s current HRMS or HCM platform, enabling it to feed data automatically after choosing a candidate and make wise recruiting decisions. By introducing intelligence (through AI) and automation into the overall recruitment system, the platform helps enterprises reduce their cost of bad hires – a metric that subsequently correlates to the profitability of the company.
CIO AXIS : Can you elaborate on the USPs of your company and how impactful it is for the current market trends?
Deepak Agrawal: TurboHire automation solution leverages AI and Natural Language Processing (NLP) to understand the characteristics of a candidate, match it with the job requirement and then stack-rank the applications received based on augmented data such as education, experience, skillset, and so on.
This eases the job for recruiters who typically spend less than 10 seconds per resume and may or may not make a human error while filtering these applications. TurboHire makes recruitment smarter and more efficient, especially with remote working models, highly niche jobs, etc. Overall, TurboHire comprises over 70 features that allow recruiters to get the right talent for the organization.
Moreover, companies that leverage TurboHire have the advantage of the System of Recruitment Automation instead of a System of Recruitment Execution. This means the TurboHire automates the overall hiring process, including filtering, interviewing, onboarding, converting resumes to smart cards, etc., which streamlines recruitment workflows. Inevitably, this is better than a recruitment process that is only focused on hiring — irrespective of the quality of the candidate.
The nature of TurboHire makes it extremely adaptable and adoptable. It is capable of adapting to the client’s current recruitment procedure by introducing 85% automation to various activities. Its AI-powered screening engine makes it possible to scan and screen candidates with 98% accuracy. It also has the option to advertise jobs and provides alerts via WhatsApp, SMS, and email for multi-channel communication from the platform. It also permits comprehensive reporting on all data points gathered across the recruitment process. Even for the most novice user, the platform’s straightforward user interface facilitates rapid adoption. With user experience at its core, TurboHire allows users to interact with hiring managers, applicants, interviewers, and other stakeholders without having to be active platform users. In less than six months of use, TurboHire can yield a return on investment in terms of shorter hiring times, lower hiring costs, and improved hiring quality.
CIO AXIS : How is AI playing a pivotal role in modern-day recruitment processes?
Deepak Agrawal: The HR industry is in one of its most dynamic eras. Work-from-anywhere models, focus on DE&I, social justice at the workplace, increased employee engagement as well as attention to employer branding, L&D for individuals’ growth, and many other reforms are making the People Success function more wholesome but also a little extensive. And a lot of this starts right from the stage of onboarding the talent. As a result, today, hiring processes need to be intuitive and streamlined, while ensuring that most apt candidates are being engaged and recruited.
Artificial intelligence, thanks to its learning capabilities, is making recruitment more proactive and on-point for organizations. It can take on the challenge of the changing scenario and bring more accuracy to the process by offering insights into the applicants and their performances to help modern HRs hire the best talent.
CIO AXIS : Your views/insights on the role of AI shaping the recruitment industry in 2023?
Deepak Agrawal: AI has already been a part of the recruitment industry. However now that there are even more advancements in technology, it is sure that there will be higher expectations we will hold in the year 2023. Right from the sourcing stage to the onboarding phase all the process have already been automated and AI has played a major role in the same.
We are also looking forward to our AI knowledge graph that will help TurboHire to become an information-rich product that not only works on codes but also human-like interactions. These knowledge graphs prepared will consist of NLP which will also play a major role in redefining recruitment in 2023.
Apart from getting an AI-automated solution, there will also be segregated data that will change the way recruitment is currently being perceived. We can also expect to see the involvement of VR and AR, especially during screening stages where no matter how far employees are they can conduct meetings in simulated realistic environments.
CIO AXIS :Please shed light on your growth strategy and plans.
Deepak Agrawal: Over the past year, our team has grown 2x to 65 members and we have expanded our geographical footprint to 8 countries. We are proud to share that we recently secured $2 million in funding, which will be deployed to scale our international presence, namely in the APAC region, Australia, the Middle East, and North America. We are on-track to bring in at least 25% of our overall revenue from the global clientele in 2023.
Additionally, but more importantly, our team is working on stepping up our automation capabilities from 85% to 95%. This will make it possible to supercharge the hiring process with the help of an auto-recruiter, i.e. by simply activating a ‘TurboMode’ for recruiters using the platform..
We hope to maintain our 20% MoM growth and add more enterprises with 1000+ employees to our clientele.