1) What prompted you to make Hyreo.com
The concept of Hyreo took shape in our mind as an outcome of the recruiting challenges we faced on a daily basis. All aspects of recruiting are very human labor intense and predictability of outcome at each stage was quite limited. The amount of time spend in sourcing, validating and assessing candidates was very high and hence pretty expensive. The same challenges existed in companies of all sizes. Hyreo took shape in our mind as a possible solution to address some of the recruiting challenges we saw around. We are trying to leverage smart technology and automation to improve the way candidate sourcing, assessment and engagement is carried out. We also felt that the opportunity was quite large since globally the recruitment model and process is fairly standard with limited or minor changes. Availability of technologies including Open NLP and others also helped us decide on building Hyreo as a potential solution to these recruiting problems.
2) In your two year journey as an entrepreneur with Hyreo, name some
learnings and some turning points.
A few learnings from our entrepreneurial journey:
- Customers are the most important factor impacting everything – employees, investors & partners
- Partner as much as possible than build everything in-house and create ‘win-win’ for all parties
- Be prepared for rejection, it is unavoidable
- Hire slow but fire fast
- Entrepreneur knows more about the product than investor, customer or media
- Marketing is more important than one might think. Place it early in the lifecycle and use it effectively
- Create evangelists and supporters of the cause early in the game, but never on equity
3) Specifically which need is Hyreo.com trying to address and solve
Hyreo is disrupting the way companies ‘Discover’ and ‘Engage’ with talent. Hyreo leverages smart technology to automate the process of job information dissemination to prospect candidates, understand their interest level and subject proficiency and keep the candidates engaged and up-to date on the latest status 24/7. Build as a SaaS solution with chatbot technology, the platform is able to integrate with legacy systems or exist as a stand-alone system. Hyreo is built in a modular fashion such that customers can choose the product based on specific needs. By using the platform, companies are able to reduce 50% overall effort in recruiting and 40% overall cost with substantial improvement in candidate experience and hence talent brand.
4) What are some of the other innovations you see in the HR space
All aspect of HR and human capital management areas is getting disrupted with legacy processes being challenged by newer technology including Machine learning and AI based systems. Some of the areas that we see interesting innovation and proved merit include:
- Employee engagement: Be it answering employee queries or addressing issues of the employees, innovative technology solutions including Chatbots are being deployed
- Candidate reference checks are being automated to ensure the cycle time and the overall effort is reduced considerably
- Digital Learning platforms including micro learning platforms
- Intelligent interviewing platforms
5) What are some of the obstacles you see to HR innovations.
The journey has just begun and the initial inertia opposing the change has drastically reduced. There is a lot of exciting new technology in the market now, and it will take time for all stakeholders to evaluate options and adopt best practices. Some of the areas we should look at:
- HR should be a CEOs function and there should be focus on not just improving process but the mindset should be to invest in success
- There is a need for re-branding HR as a growth catalyst rather than a growth support function
- Need more investments in HR Tech space