A world-renowned American innovator in the specialized and hazardous profession of extinguishing and capping oil well blowouts, Red Adair once said these words: “If you think it’s expensive to hire a professional, wait until you hire an amateur.” His words aesthetically elucidate why the world desperately needs to evolve from the trial-and-error era of talent hiring. In the Aftermath of AI Intervention and Data Analytics, HR Leaders worldwide can’t afford go-arounds while hiring. No wonder it has become imperative for employers to find the right hiring partner who can provide a seamless, highly-compatible hiring experience and even interview-as-a-service. A recent market report by Technavio substantiates this milieu—the global human resource outsourcing market is expected to grow by $10.90 billion from 2021 to 2026. It takes excellent modern-day leadership traits to make the most out of this opportunity. Ajay Goyal, Co-Founder & CEO, Erekrut HR Automation Solutions Private Limited—one of the fastest-growing recruitment solutions companies in the country, engages in an exclusive interaction with CEO Insights to share his valuable insights about a wide range of topics. The Young Turk found his passion for entrepreneurship early on and is creating an interesting entrepreneurial anecdote in the country. 

In conversation with Ajay Goyal, Co-Founder & CEO, Erekrut

 

Could you share your thoughts about the novel strategies connecting qualified talent with evolving job requirements?

The job market has undergone significant transformations in recent years. Leaders in the recruitment industry are adopting a multi-faceted approach to bridge the gap between qualified talent and evolving job requirements. Key strategies include Leveraging Technology, Skill-Centric Hiring, Continuous Learning, and Flexible Hiring Models.

When it comes to leveraging technology, it is paramount to utilize advanced AI and machine learning algorithms to match candidates with job roles based on their skills, experience, and potential. This ensures precision in connecting talent with the right opportunities.

Skill-centric hiring is another key strategy that revolves around focusing on specific skills rather than traditional qualifications. This includes assessing candidates through practical tests, simulations, and real-world problem-solving scenarios.

Continuous learning is also pivotal: Promoting continuous learning and development through partnerships with educational institutions and online learning platforms is an ever-important strategy to tackle the evolving challenges and requirements of the job. This helps in keeping the workforce updated with the latest skills and technologies.

Adopting flexible hiring models like gig work, part-time roles, and remote work has also proven to attract a broader talent pool.

How do you perceive the deployment of AI and automation tools in hiring? What are the significant benefits they bring?

Industry leaders are increasingly deploying AI and automation tools to enhance the hiring experience. The benefits are, in fact, multifarious. These tools help in everything from candidate screening to enhancing candidate experience, reducing biases and predictive analytics. For instance, using AI, recruiters can automate the initial screening process to quickly shortlist top-notch candidates based on predefined criteria, thereby reducing time-to-hire. In addition, they can also use chatbots and virtual assistants to provide timely updates and feedback to candidates, improving their overall experience.

Skill-centric hiring is another key strategy that revolves around focusing on specific skills rather than traditional qualifications. This includes assessing candidates through practical tests, simulations, and real-world problem-solving scenarios.

Furthermore, AI also helps in ensuring unbiased hiring by focusing solely on skills and qualifications, minimizing human biases. On the other hand, AI also helps in engaging predictive analytics, which can be used to solve one of the ever-flaring challenges in recruitment by forecasting candidate success and tenure, aiding in better hiring decisions.

Team building is an important aspect of leadership, especially in the HR industry. How do you build recruitment teams with industry-specific expertise?

To provide tailored solutions to clients, it is crucial for leaders to build teams that understand the nuances and requirements of diverse sectors. This involves recruiting subject matter experts who bring valuable insights and expertise from specific industries. Additionally, investing in continuous training and development programs ensures that teams stay updated with the latest industry trends and practices. Encouraging cross-functional collaboration allows for the leveraging of diverse perspectives, leading to comprehensive solutions. Finally, focusing on developing industry-specific solutions addresses the unique challenges and needs of different sectors, ultimately enhancing the effectiveness of recruitment strategies.

The HR industry's success has a lot to do with the regular upskilling of candidates. How do you identify the right educational institutions and online platforms for upskilling?

Staying relevant to technological advances requires identifying the right sources for upskilling and reskilling initiatives. HR Leaders should adopt a multi-faceted strategy toward this. Partnering and collaborating with leading educational institutions that offer courses aligned with industry requirements is one of the predominant strategies. They must also leverage online platforms like Coursera, edX, and LinkedIn Learning for flexible and accessible learning opportunities. HR leaders should also encourage candidates and employees to pursue industry-recognized certifications that validate their skills and knowledge. Above all, fostering a culture of continuous learning within the organization to ensure employees are always evolving is one of the most important aspects.

Erekrut has been on an exponential growth journey over the past few years. What is the next chapter of the company’s journey?

We are set to embark on an exciting new chapter characterized by innovation and expansion. Our strategic goals include integrating advanced AI capabilities into our platform to deliver more accurate and efficient recruitment solutions. We are also focused on global expansion, aiming to extend our services to new international markets and cater to a broader clientele. Enhancing the user experience remains a priority, with continuous improvements in intuitive design and seamless functionality for both recruiters and candidates. Additionally, we plan to form strategic partnerships with industry leaders to drive innovation and growth. Ultimately, our ambition is to become one of the top 10 job platforms worldwide.

What would be your advice to budding leaders in the HR industry?

Based on my experience, I would advise budding industry leaders to embrace innovation by being open to new ideas and technologies that can enhance processes and services. It is essential to focus on skills and potential over traditional qualifications when building a team. Cultivating a learning culture is crucial, as continuous learning and development help stay ahead in a rapidly evolving industry. Building strong networks with industry peers, mentors, and partners provides valuable insights and support. Lastly, staying customer-centric by consistently delivering value to clients and candidates is vital, as their satisfaction is the key driver of success.