Predlytics: Uplifting the Indian Talent Acquisition via Improving the Offer Acceptance Rate
Recruitment technology has witnessed a number of new developments in 2018 and 2019 is likely to see further evolution, with new developments in AI and machine learning, providing a favorable environment to transform the recruitment industry.Recruiting is one of the toughest issue's businesses face today. Finding the right talent is critical for business success. As AI becomes more pervasive, it is only natural that it is deployed in solving the problem of finding the ‘right talent’. Yet, AI and ML algorithms can only do so much. The holy grail of Talent Acquisition continues to be the human touch that brilliant recruiters and managers bring to the table. Recruitment is a high touch activity and organizations that forget this simple truth struggle with hiring and with what is commonly seen in India last minute decline and no shows.Industry statistics reveal that ‘no shows’ rate is close to 30 percent and is one of the biggest challenges that any recruiter faces today.
“Last minute declines and no shows on the date of joining is a perennial issue that recruiters continue to struggle with. In order to mitigate this risk, companies roll out more than one offer for a position or worse, are pushed into a corner to either increase joining bonus or salary for a position which are bandaid solutions and not lasting”, explains Ramlal Waghray, Founder at Predlytics. Predlytics - a startup aims to solve this issue of no shows and last minute declines by combining the power of data science and machine learning with candidate engagement which is infused seamlessly with a modern web-based platform.
Predlytics has developed a SaaS based predictive analytics platform, Off2 Join that combines intelligence, prediction and engagement to help companies understand the attributes that influence candidates’ joining decision. Retrieving insights from the historical data, this platform helps
the recruiter to understand the attributes that are positively influencing the candidate to join. Following this, the platform assigns a prediction score in real time. The recruiter can then use insights and the prediction score for each candidate to define appropriate candidate engagement strategies using data driven touch points. The product is deployed on AWS and the touch points are available as an Android App.
The founder says,“all machine learning/AI products use existing data to build models that help in making accurate predictions. Without the underlying data, algorithms wouldn’t be able to make right prediction. The old adage of ‘garbage in garbage out’ is very relevant for building models. The quality of the data drives the quality of prediction”. Off2join uses the historical data to build a custom ml model of an organization. Since, on an agreeable degree, every organization has data spread out in disparate systems, excel sheets and in some cases manually too, Predlytics takes extra precaution and works with the clients’ HR department to help them build a strong data strategy and culture. Although Predlytics is a product company, it helps organizations with additional services like specific data analysis, preparation and cleansing activities. These are essential and precursor before the model is trained and tested before deploying the model for real time prediction.
More innovations ahead
Predlytics is at an early stage of launch of off2join and is currently being tested with few beta customers. Predlytics further intends to bring in sentiment analysis and NLP to extend the platform to a more comprehensive AI/ML driven product that will help recruiters succeed in their efforts to find the right talent. Predlytics has announced release of via mentor a mentoring platform to help onboard and mentor employees. Further the company plans to release dipstick which is an innovative employee satisfaction tool focused on helping improve ‘new employee infant mortality rate’.
Predlytics through its suite of products is focused on helping organizations get the right talent and also help them assimilate, integrated and productive.
The founder says,“all machine learning/AI products use existing data to build models that help in making accurate predictions. Without the underlying data, algorithms wouldn’t be able to make right prediction. The old adage of ‘garbage in garbage out’ is very relevant for building models. The quality of the data drives the quality of prediction”. Off2join uses the historical data to build a custom ml model of an organization. Since, on an agreeable degree, every organization has data spread out in disparate systems, excel sheets and in some cases manually too, Predlytics takes extra precaution and works with the clients’ HR department to help them build a strong data strategy and culture. Although Predlytics is a product company, it helps organizations with additional services like specific data analysis, preparation and cleansing activities. These are essential and precursor before the model is trained and tested before deploying the model for real time prediction.
More innovations ahead
Predlytics is at an early stage of launch of off2join and is currently being tested with few beta customers. Predlytics further intends to bring in sentiment analysis and NLP to extend the platform to a more comprehensive AI/ML driven product that will help recruiters succeed in their efforts to find the right talent. Predlytics has announced release of via mentor a mentoring platform to help onboard and mentor employees. Further the company plans to release dipstick which is an innovative employee satisfaction tool focused on helping improve ‘new employee infant mortality rate’.
Predlytics through its suite of products is focused on helping organizations get the right talent and also help them assimilate, integrated and productive.
