case study: hr tech helps it firm find the right talent internally

HR Tech saves the day

A case study on how EdGE’s HIREalchemy helped an IT firm find the right people for the right job without external hiring

© 2016 EdGE Networks 2

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: A few statistics in hiring

: Case study

: About us


Let’s take a look at a few statistics first


On an average, 118 people

apply for a single job opening

It costs $5000 or more to

fill a job vacancy

It takes 26 days on an

average to fill a vacancy

A bad hire can cost

$25000 or more

Source: http://recruiterbox.com/blog/the-cost-of-hiring-new-employees-infographic/

http://www.forbes.com/sites/jacquelynsmith/2013/04/17/7-things-you-probably-didnt-know-about-your-job-search/#596914de64e6


However, predictive analytics and HR tech can help companies reduce costs,

develop faster hiring cycles and find the right people for the right job


A large IT firm with an employee strength of 150000 approached us

to solve a problem they were facing in filling vacant positions

in the organization leading to…


Lack of single skill repository

Allocation failures due to inaccurate resume

matches

High hiring cycle time leading to loss of revenue

Low internal fulfillment resulting in high external

hiring


The underlying issue…

The growing job

vacancies had to

be filled in

within a

specified time

The existing

methods of talent

acquisition were

time consuming

and inefficient

The organisation

was growing

rapidly, as a result

their demand for

resources was

very high


How we resolved it…

EdGE’s HIREalchemy


HIREalchemy is a combination of Artificial Intelligence & Analytics that analyzes

structured and unstructured Job Descriptions using a comprehensive skill database to determine the skills required for

a job & effectively matches the right candidate to the right job.

Data

Analytics

Artificial

Intelligence


How we implemented it…

Built a comprehensive skill repository by mapping the client-specific skills to the

market skills

Analysed structured demand information and unstructured job descriptions using NLP

Increased supply visibility by taking into account the synonyms and inferences of skills

Applied client’s business rules to the search to enhance workforce optimization

Provided matching stack-ranked profiles using proprietary scoring algorithms

The product was seamlessly integrated into the client’s own existing systems

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The results were for everyone to see


96% Reduction in cycle time

On time Vacancy fulfilment

58%Reduction in hiring cost

Automation of the process

helped in driving faster

and more accurate

processing and matching

Supply visibility of available

candidates with right skills

improved by over 4 times

Fewer external hires due to

better match of internal

candidates

Lower dependency on

recruitment agencies

Reduction in man hours

spent in resource allocation


33%Reduction in external hiring

ImprovedSearch result

36% increase in allocation

via Project Manager

HIREalchemy provided

wider and more accurate

match of internal

candidates against job

requirements

With better JDs, improved

skills description and

training to fill skills gap, the

odds of getting the best-fit

resources increased manifold

Ease of use, speed and

automation has enabled

self-serve internal job

fulfillment by Project

Managers


The aftermath


With HIREalchemy, the client experienced sea-change in its talent

acquisition and workforce optimization processes. Owing to its success,

the company is scaling up the solution and deploying it across business

units to reap its various business benefits.


Who we are and what we do

Learn more about EdGE Networks and HIREalchemy


About EdGE Networks


We are the Workforce Warriors.

We believe in using the steel of data science to wield our influence in battling

your toughest talent acquisition and workforce optimization challenges.

To reengineer human resource management, we harness NLP algorithms and a

powerful skill repository built as an Artificial Neural Network.

Insights and predictions are our forte; we add an intelligence layer to HR systems

that transform your workforce.


About HIREalchemy


HIREalchemy is a single platform for Talent Acquisition and Workforce Optimization. Here are some of the features it offers:

Skill Analysis

Position Management

Geolocation

Powerful Search

Resume Analysis

Fitment Score

Learning Path

Wide Job Site Integration


Connect with us now!

https://www.facebook.com/edgenetworkspvtltd

https://twitter.com/EdGENet2day

https://www.linkedin.com/company/1761077


Thank you

case study: hr tech helps it firm find the right talent internally

Recruiting & HR