For new-age businesses looking for mass sign ons, recruiting has to be quick
Recruitment is now in the fast lane with a new concept called ‘speed hiring’, where suitable candidates are filtered in 12 minutes flat.
To ensure that new-age e-commerce firms and start-ups spend less time in their recruitment processes, HR managers have evolved this new hiring tool, which is finding favour with firms such as Snapdeal, Ola Cabs, Quikr, Foodpanda and Practo.
Typically, ‘speed hiring’ involves candidates being tested for their cognitive abilities in just about 12 minutes. Offer letters are given to candidates found suitable.
“In start-ups and new-age businesses, life moves very fast and the scenario changes every fortnight. Therefore, it is important to show results to investors. So, it may not be viable to invest half of the time in recruiting,” says Sunil Goel, MD of executive search firm GlobalHunt. The Cognitive Ability Speed Test (CAST), developed by assessment platform CoCubes Technologies, carries 50 objective-type questions on English grammar, ratios, percentages and inductive reasoning to assess the cognitive abilities of candidates.
“While CAST is definitely more popular among start-ups with large-scale hiring, larger established companies such as Allianz Cornhill are also using it,” says CoCubes’ Co-founder and CEO Harpreet Singh Grover.
Says Saurabh Nigam, Vice-President (HR) at e-commerce major Snapdeal, which used CoCubes’ platform: “In the last six months of implementation, with over 22,000 assessments, CAST has shown a correlation of 81 per cent with the offer ratio and has helped to provide a seamless experience for the candidates.”
Says Guruvayurappan PV, Vice-President and HR Head, Omega Healthcare: “On an average, we hire over 600 employees every month to meet our business requirements. Employee referrals contribute 50-55 per cent of our monthly entry-level hiring. Speed hiring does help us meet our hiring targets.”
Rituparna Chakraborty, President of the Indian Staffing Federation, however feels that the trends being seen in technology start-ups today are akin to what used to happen around 2007-08 in the BFSI and telecom sectors.
“Some of these industries are still recovering from the excess (and some obsolete) fat that got accumulated in the middle layer on account of speed hiring,” says Chakraborty.