Today we speak to Sarbojit Mallick, Co-founder of Instahyre, to understand how Instahyre is shaping the HR sector through its innovative product offerings.
Read the complete interview
TechGraph: Could you help give a sense of how far Instahyre has come since its existence?
Sarbojit Mallick: Incepted in 2017, Instahyre is a comprehensive advanced HRtech platform that uses the potential of AI and ML to build InstaMatch – the proprietary technology that mimics a human recruiter and learns from the user’s actions.
In a short span, the HRtech platform has satisfied over 10,000 customers, including prominent industry players – Amazon, Google, PayPal, Salesforce, Walmart, Oracle, Razorpay, Paytm, PhonePe, JP Morgan, Adobe, Myntra, and many others.
Instahyre has grown 4x in the last year, and most of the growth has been in the previous 6-7 months. The new product Instahyre Drives, which can instantly handpick the best candidates for mass hiring using AI, has d got excellent traction from companies like Amazon, Walmart, Google, and 800 of the largest companies, unicorns, and high-growth startups in the world.
TechGraph: How is Instahyre utilizing its sectoral expertise to help companies find the right candidates?
Sarbojit Mallick: Customer satisfaction is central to our operations. We thoroughly understand our customers’ requirements/pain points/gain points and tailor our solutions to their specific needs. As a result, the industry / sectoral expertise accumulated as a result of our team’s cumulative years of experience assists us in obtaining the exact match as per our client’s requirements.
As a leading talent solution provider, we understand the industry’s needs and provide high-quality, cost-effective talent solutions. These solutions’ primary goal is to connect talent with global opportunities. Transparency and integrity are ingrained in our culture. We redeploy resources from our candidate pool based on their experience, which helps us achieve operational efficiencies. Our Responsiveness is par excellence
TechGraph: How are technologies transforming the HR ecosystem? Do you think the trend had taken hold even before the COVID-induced disruptions?
Sarbojit Mallick: The use of Al in HR has increased in recent years, and we anticipate that this trend will accelerate dramatically in 2022. We also expect to see increased adoption of other emerging technologies such as machine learning, natural language processing, and blockchain.
AI will be used for more than just data analysis in 2022 and beyond. It will be used to train employees on new policies, put in place learning management systems, and even conduct performance evaluations. We anticipate the release of hybrid HD software that can tap into an organization’s transactional data and provide insights based on Al. This information could include employee performance reviews, compensation information, and attendance records.
Verticals such as Human Resources and Talent Acquisition must integrate the digital revolution along the way. This will assist startups in streamlining their workflow and increasing team efficiency. Technology and market trends are constantly evolving to make tools more reliable.
Human resource suites are cutting-edge tools that help businesses optimize their operations. It is critical for HR professionals to monitor all technological trends and incorporate them into their processes to optimize operations and increase productivity.
TechGraph: What are the new recruitment trends?
Sarbojit Mallick: The most recent recruiting trends are vastly different from those of previous years. As we live in more uncertain times than ever before. Forecasts are also difficult to believe, even when they come from experts and highly regarded professionals. HR leaders should be more focused on retaining talent and breaking the stereotypes of hiring only from the same industry.
So, these are the upcoming new hiring trends. As per our research, in the coming months, we will see more hiring not only in IT sectors but also in many other sectors such as banking, finance, insurance and real estate, restaurants and hotels, manufacturing, and other services.
As a result, the post-coronavirus era is forcing us to stay at home more than ever before. In addition, we rely on technology for shopping, entertainment, and work. Many professionals and industries see new technology as a threat to their jobs, but 54 percent of HR recruiters see it as an opportunity.
TechGraph: While researching Instahyre, our editorial team discovered that there are different services available on the platform. Can you explain more about them to our readers?
Sarbojit Mallick: Our algorithm “InstaMatch” uses this data to create a hiring model for that company using AI, ML and related technologies. For example, by analyzing the present and past employees of the company, it tracks the kinds of companies and industries from which this company tends to hire. Our technology also uses the company information to generate a personalized email that is sent to candidates by this company’s recruiters, highlighting why the candidate should consider working at this company.
Instahyre drives use the AI-powered algorithm of InstaMatch that integrates all hiring segments and helps recruiters with intelligent inputs to build a high-performance talent pipeline. The single tool automates the mundane hiring task and handles the bulk hiring for recruiters, from sourcing, shortlisting, and scheduling interviews to finding the right candidate. It offers quick ROI with a reduction in hiring time and a 3X reduction in hiring cost.
Instahyre drives leverage AI-enabled candidate matching through personalized emails and inbound applications. It conducts deliberate screening and assessment, shortlisting, and interview scheduling of the candidates, followed by the offered rollout for selected candidates.
The company has also released modern tools like Instahyre Scheduler, an automated interview scheduling system, and Instahyre Talent Insights to overview the talent landscape for any role across any geography.
TechGraph: How do you prepare for the highly disruptive HR industry?
Sarbojit Mallick: The world is changing quickly, and with it come new opportunities. Many traditional HR tasks will be automated and will never be performed again. The need for change is not far away, and it is growing. The transition period will be tumultuous, and HR must begin preparing for the potential revolution now. New HR must take the lead on commercial awareness.
Along with the long-term strategic necessity, automation will reduce short-term wages for the vast majority. This is fine in the long run; people will adapt, and wealth will be created in different ways. However, in the short term, it is an HR nightmare.
Employees may become more cynical and disengaged as wages fall, and who will manage them? HR. The simplest solution is to encourage skin in the game. Educate your employees to be investors in the economy as a whole, not just in your company. Allow them to benefit from automation and increased efficiency as well. Companies must pick up where the education system leaves off and teach employees how neoliberalism works. Display profit and loss statements to employees, as well as dividend information, and encourage them to own a portfolio.
The employee of the year 2050 will be either a full-time strategist or a technician, guiding or maintaining the army of technology required to keep a large organization running. Management will be different in this context because it will be nearly impossible to keep up with the sheer volume of information produced, and instead, there will be a lot more delegating, individual responsibility, and autonomy.
This is fantastic, but the current workforce is unprepared. 23-year-olds will be expected to make decisions comparable to 30-year-olds today. Things should get easier as AI’s decision-making capabilities improve, but it will still be a significant step forward.
TechGraph: How do you see technologies, namely Artificial Intelligence and Machine Learning, with regard to their relevance across HR? What does the future look like?
Sarbojit Mallick: Artificial intelligence has the potential to drastically alter the human resources industry. There is no doubt that the future of artificial intelligence in HR services will revolve around chatbots.
Employee engagement through machine learning automation AI is currently used to automate and improve the efficiency of simple tasks, but with further development, it will be able to take over more complex tasks such as hiring decisions and performance reviews.
Given the current state of AI, HR technology companies must be cautious not to overestimate AI and robot advisors’ capabilities. Instead, they should concentrate on how technology can automate daily tasks and assist their clients in making better, faster decisions.
Both at the same time. HR technology providers must be careful not to undersell AI’s capabilities. The technology has the potential to make complex decisions and better serve a company’s employees as well as its customers, and businesses must ensure that this is communicated effectively to their customers.
TechGraph: How is Instahyre leveraging technology to enhance the recruiters’ & candidates’ experience?
Sarbojit Mallick: By analyzing the present and past employees of the company, we track the kinds of companies and industries from which this company tends to hire. Our technology also uses the company information to generate a personalized email that is sent to candidates by this company’s recruiters, highlighting why the candidate should consider working at this company.
Instahyre uses the AI-powered algorithm of InstaMatch that integrates all hiring segments and helps recruiters with intelligent inputs to build a high-performance talent pipeline. The single tool automates the mundane hiring task and handles the bulk hiring for recruiters, from sourcing, shortlisting, and scheduling interviews to finding the right candidate. It offers quick ROI with a reduction in hiring time and a 3X reduction in hiring cost.
TechGraph: What is the roadmap for Instahyre going forward?
Sarbojit Mallick: Instahyre has grown 4x in the last year, and most of the growth has been in the previous 6-7 months. The new product Instahyre Drives, which can instantly handpick the best candidates for mass hiring using AI, has d got excellent traction from companies like Amazon, Walmart, Google, and 800 of the largest companies, unicorns, and high-growth startups in the world.
The team size has increased, and we are strengthening our departments with senior hires as we look to launch globally. The expansion will be the IT services segment that has already used our product and is harnessing the power of Instamatch, our proprietary algorithm mimicking a human recruiter. For geographical expansion, we are looking to start in the USA, as many US companies and startups already use Instahyre for their Indian offices.
Instahyre’s revenue model has been subscription-based. As a SaaS product, we have roped in 30 million candidates and 7,000+ companies ranging from enterprises to high-growth startups and unicorns. We have grown 380% in a year regarding the number of job seekers using our platform. We help with 50-80% of all the hiring for our clients.
We are building a unified platform for recruitment with automation that gives 10-12x more candidate engagement than any of the available solutions in the market. Instahyre uses technology to understand a candidate’s personality and employer DNA to match them. We process millions of data points to understand intent and behavior from both the supply and demand points of view.
Our new products will help add all the hiring segments together, from sending the first email to the offer email, with intelligent inputs from Instamatch for a high-performance talent pipeline. Instahyre has saved 72% of the hiring costs for our clients. We extensively use technology to automate manual tasks, reminders, etc., for faster closure.