Global recruitment industry is a $416 billion industry with India contributing around $10 billion annually with 21% CAGR for permanent hiring (Temporary hiring market could be around 5-7 times bigger). In this fast pace environment, companies wants to hire fast and best talent as delayed recruitment are impacting organizations worldwide and its effect on companies experiencing growth.
Traditional recruitment processes involve hiring in house recruitment teams, contracting to third party agencies, reaching out to candidates through referral programs, buying database access points through job portals & also utilizing social media channels like LinkedIn etc. while spending enormous amount of money and energy, companies are still struggling to hire the right candidate & the reasons could be quality of candidates, scanning through SPAM, bandwidth issues, Fee negotiation & back outs etc.
To challenge the status quo of the traditional recruiting process, Jatinder Singh, Neha Kalra bathla & Anil Kumar founded MyHiringBox to provide a technologically advanced, new and revolutionary way to match great jobs with great candidates.
Delhi-based MyhiringBox is an online cloud based Recruitment Marketplace for Hiring Smart Talent which enables employers to crowd-source their recruitment efforts in an open marketplace, facilitating interaction with independent recruiters, recruitment agencies, whereas job seekers can submit their profiles which are scrutinized further by their profile matching algorithm and pre-screening team to make hiring faster, easier and scalable. In nutshell, it‘s a one stop shop for complete recruitment activities.
Employers can work with reputable independent recruiters, recruitment agencies and everyday people around the world to find the right candidates for their company. It also gives them a chance to do marketing of their company to the candidates Independent Recruiters & Staffing Agencies can Redirect time consuming and costly sales efforts into what actually makes them money placing candidates whereas Job Seekers can apply to open positions and get joining bonus.
They are currently offering this model free of cost for everyone (Employers, Recruitment Agencies, Recruiters and Job Seekers). In last 4 months – myhiringbox have close to 50 clients, 300 Recruitment Agencies + Recruiters and a database of over 5000 resumes.
Presently not funded, the startup plan to be the Uber of recruitment and looking to raise close to $150k. Their plans for next year is to develop a complete Applicant Tracking software with all features for Employers and Recruitment Agencies which will be a SaaS based paid model. They also intend to enter South East Asian market in coming year.