TurboHire, Winner of the Great Companies Global Business Award - 2022
Business Name: TurboHire
Location: Hyderabad, India
Establishment (Year): 2019
Category / Industry: IT Services
Sub Category / Sub Industry: Recruitment Automation
Number of employees: 51-100 employees
Website URL: https://turbohire.co
LinkedIn URL: https://www.linkedin.com/company/turbohire/
TurboHire is a Recruitment Automation Tool powered by AI. TurboHire combines artificial intelligence and natural language processing to create a human-like augmented intelligence that helps recruiters make faster and better decisions related to talent acquisition.
The platform is being used by 120+ clients across 5 geographies & 15 industries including the likes of PwC, Lenskart, CEAT, ICICI Bank, GoToKo, and more.
TurboHire, understand that recruitment is a part detective and part sales job because it involves not only sourcing candidates from across functions, industries, experience levels, and geographies but also reviewing and fine-combing through applicants’ profiles to find the best fit.
To help organizations with this process, their solution enables recruiters through the various stages of hiring seamlessly. Recruiters can set up job postings and publish them to multiple job boards simultaneously from within the platform. The AI reads the sourced resumes, determines the candidate's competence, and converts them into smart cards. These cards are further enriched with additional information derived from assessments and parameters selected by the recruiter, and a score is determined that helps sort the candidates into a recommendations list based on relevance to the job role and industry.
Among others, two key features differentiate TurboHire from its competitors:
1. The AI utilizes real-world data to build human-like insights - for eg: finding people who have worked in similar companies or candidates who studied at Top Tier colleges. This meta-data-driven approach helps prevent bias as well as helps in 15% better results than state-of-the-art approaches.
2. Along with the AI for screening, TurboHire is the only platform in its category that also offers Automated-Interviews natively to help recruiters discover the candidate behind the resume.
The solutions to Customer problems:
In the world of talent acquisition, one of the biggest pain points that recruiters as well as candidates face is the mismatch that arises due to the gap between what the recruiter can enlist in a job description and the information a candidate can include in a resume.
Typically, the communication between the recruiter and candidate needs to answer 5 questions about the applicant’s experience: What, Where, When, How, and How Long. However, aside from this - and what also gets missed out by other rudimentary keyword-matching algorithms - is the assessment of a candidate’s competence.
In most companies, recruitment is undertaken using Excel sheets and many painstaking man-hours. Aside from the inconvenience caused to recruiters, there also exists the implied concern of human error arising due to fatigue and skill-gap. The latter occurs because sourcing and initial resume screening tasks are either delegated to junior members or divided amongst members of the hiring team.
They have solved these by not only leveraging the deep-tech capabilities of AI and NLP but also integrating assessments from partnering firms. As a result, customers using TurboHire can design their entire recruitment process for speed and accuracy in talent acquisition.
Their AI improves with every new resume as it learns from the thousands of jobs and over 2.5+ million candidate resumes submitted to the platform, to date. So while the use of NLP enables them to provide human-like intelligence, the continually improving AI ensures much-needed machine efficiency for each job posted and recruited for using TurboHire.
In developing TurboHire, they used an empathy-based user-centric design thinking approach.
Firstly, they started by speaking to over 100 recruiters to understand their pain points. This helped them identify the parameters that were used to shortlist candidates. This gave them the necessary insights to build the screening engine. In parallel, they studied other technologies in the market that utilized phrase-based matching between job descriptions and resumes, which were not very effective.
In doing so, they learned that a crucial component needed in the technology was Contemporary Data which would give meaning to the information - for eg: if a job requires someone who is an Ivy League college alumnus, then matching UC Berkeley from the resume would fit the requirement.
Also, when they talked to organizations, they learned that over 80% of the candidates received for every job posted were not even viewed. Therefore, by providing an AI-based solution that discovers good candidates they would not only save time but also significant amounts spent on job marketing.
This user-centric approach, helped them solve some important challenges faced by recruiters:
1. As each resume is unique, the information that recruiters had to work with comprised unstructured data. Their AI converted this information into a structured smart-card format that was easy to comprehend and work with.
2. Given the nature and volume of work involved in manually screening resumes, there was a very high probability of human error and bias occurring. Using a meta-data-driven approach, enabled them to mitigate these challenges.
Unique Value Proposition:
The powerful AI that drives the TurboHire platform is the underlying core differentiator compared to the other offerings. The AI enables resume-parsing in lesser than 3 seconds (industry average is 15+ seconds) and recruitment automation of 85+% (industry-best average is 65%). This helps companies achieve the fastest returns for their talent acquisition teams within 3 years, by having an ROI of 2000+%
This platform is built, managed, marketed, and sold by a team of young eager to grow members. The leadership team comprises 10 members who come with experience, knowledge, and network from the IITs, ISB, IIM, SCMHRD, XIMB, Google, Microsoft, Fractal Analytics, and Cipla.
Their ICP is any talent-led organization - i.e. any company wherein the primary resource of the business is its human capital. Typically, their ICP comprises mid-large Services (ITeS, Consulting, Financial Services) companies.
Albeit their platform can serve any English-speaking country, their target markets are primarily APAC, North America, and the Middle-East regions.
Company’s Internal Objectives related to innovation, customer service, and operational excellence:
Most innovative products/services
Investing in Great customer service
Improve customer retention
Streamline core business processes
Enable the increasingly alleviated importance of HR from being a mere operational function to that of strategic importance to an organization
A customer’s review:
Understands customer’s needs
Delivering results that a lot of other platforms can't (other platforms that they have tried in the past)
Benefits to Employees:
Positive Work Environment,
A Fair Salary,
Freedom in the Workplace,
Growth Career Opportunities,
Very high learning and career development opportunity
Community / Society Service:
In TurboHire, they developed solutions that solve immediate recruitment-related challenges of organizations as well as that which can be integrated into existing HRMS applications to increase the value companies can derive from the combined solution.
Organizations using TurboHire have witnessed a reduction in time-to-hire of 78% and cost-to-hire of 65%. Additionally, recruiters have observed that 5X better candidates are getting matched and hired for their job positions.
With this, they believe that enabling better and faster talent decisions will help organizations and candidates build robust careers in their areas of choice, thereby further reducing friction & chaos in the entire process.
Therefore, with a user-centered problem-solving mindset deep-rooted in their organization, innovation in the field of SaaS and recruitment are ongoing pursuits for them - as they continue alleviating pain points and providing increased value to recruiters.