Hiring the best industry talent at a reasonable cost has always been a challenge for the corporates. Mid and senior level employees were also seen struggling to find their aspiring job. This gap is further widened by the lack of proper mediums to build the employer-employee communication bridge. Reason?- the trial and error model of existing job portals, which require a candidate to search through thousands of job postings on various sites and even then, sometimes, with no results.
Talent Auction, now named as TalentPad, a New Delhi based startup, has thus launched its portal with an innovative approach to hiring. Instead of candidates running after employers, it lets employers run after top talent. The foundation was laid in form of a social referral platform, Zobtree in September 2013. Later, in february this year, the portal gets pivoted to talentauction.in. The venture is an initiative of three IIT and IIM graduates viz. Mayank Jain, Nikhil Vij and Raghav Jain.
The startup’s basic idea revolves around scaling the fundamentals of an auction/campus placements online to a wider base of lateral hires. It aims at solving the two basic challenges for most employers, i.e. to source premium candidates, and source them fast. At the same time, it is also working to reduce a candidate’s time and effort to find an aspired job.
As claimed, the portal will help candidates get interviews with their desired companies along with a minimum compensation guarantee before the interview, if they end up getting hired. Multiple employers and around 50-100 candidates participate during a talent auction, which lasts over 4 days or so leading to multiple interview offers for most of the candidates.
To participate in an auction, a candidate can register for free on (http://talentauction.in/) and fill in his profile details. The TA team evaluates his/her candidature for participation. Only a few candidates that deem fit will then participate in the upcoming auction.
During the auction candidate has to do nothing, he has to sit back and let employers compete for him/her. And at the end of the week-long auction, he gets multiple interview offers from employers with details. A commision fee as a percentage of candidate’s annual CTC is then charged from the employer for successful hires.
Considering the result of last auction held in March this year, the traction on site seems good. Around 40 candidates and 15 employers participated wherein 80% (33/40) of the candidates got at least one offer with an average CTC of 19 lakhs per annum. Also, 75% of the employers placed at least one bid with each employer (who bid) gave away an average of 7 bids.
As Talent Auction is trying to tap the premium hiring market and is relatively a new concept in India, the founders does not see a potential Indian competitor in the space. However, they do see all the entities that are enabling premium hiring such as recruitment agencies, premium job portals etc. as their competitors.
The startup is currently self funded and is looking forward to raise a round of funding. “The premium hiring market in India is huge, it’s a multi-billion dollar market. And we do have plans for international expansion, in the coming few years,” said Mayank.
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