In conversation with Sarbojit Mallick discussing Instahyre generating jobs amid layoffs

CXOToday has engaged in an exclusive interview with Mr. Sarbojit Mallick – Co-founder & CBO of Instahyre

• In this age of large-scale layoffs, How Instahyre is generating jobs?

In this age of large-scale organization restructuring, we are using technology to “match” candidates and the most active companies who are hiring. The match is the basis of our AI ML technology, Instamatch which “understands” the candidate’s personality and company hiring behaviour. We are generating offers at a 10x faster rate than legacy job boards on basis of our technology. Our AI-powered job suggestions are helping candidates to be better prepared for their job hunt, check and apply only relevant jobs. This makes their lives easier, also recruiters and companies save a lot of time, and hence more offers are generated. Personalized communication using Instahyre Inbox and emailers have helped increase the candidate’s delight. In this scenario, candidate delight and well-being is our major concern. Our team is working round the clock to help candidates and companies with any queries and guide them for faster closures.

• How many candidates have you assisted with placement over the last three to four months?

 In the last 4 months, we have placed more than 70,000 candidates who have been impacted during the second wave of layoffs. In the first wave, we had placed more than 40,000 candidates. The roles which were impacted like software engineering for both senior and junior positions, marketing and sales professionals, HR, and people success roles got their dream jobs through Instahyre.

• Are there any specific trends or changes in the job market in India that are contributing to the increase in layoffs, and how is your company responding to those changes?

 The global macro economic environment has resulted in the drying up of funding. This funding crunch led to organization restructuring for profit. The mass layoffs have been throughout the tech and IT industry. This resulted in a lot of candidates open for work and fewer job opportunities. Instahyre has seen a splurge of candidates applying for jobs and getting interviews during these times and it has increased the candidate sign-up rates.

• What role do you believe HR tech can play in preventing or minimizing layoffs in the future?

 I believe HR tech can help prevent layoffs by providing data analytics and insights that can help organizations identify potential problems early on. For example, the Instamatch technology used by Instahyre helps to identify a potential cultural fit match. The cultural fit match is achieved with the Instamatch algorithm reading through millions of resumes, understanding the data points related to the hiring behaviour of companies, and then matching the personality of the candidates with these company jobs. This has reduced attrition by 60% or more for all the companies using Instahyre.

• Are there any ethical concerns or considerations around using technology to handle layoffs? If so, how is your company addressing

To handle layoffs and get them placed as soon as possible Instahyre is using technology to identify the impacted candidates and then putting them on priority for recruiters and hiring managers. As the companies will see candidates who are ready to join immediately and only “relevant” candidates for the roles, the turnaround time becomes a fraction of that of legacy platforms. The impacted candidates will see the roles which are most suitable for them and companies who are actively recruiting, this helps them to plan their job search better and get placed 10x faster than any other platforms.

• How much revenue are you aiming to close in FY23? Any funding and expansion plans for the company?

We are expanding into all the white-collar hiring categories. In the internet company hiring we are the leader with all the largest tech companies using Instahyre. We are expanding into IT services and Banking sectors for both technology and management roles for India and foreign markets. We have seen great traction in these segments. We are aiming to grow our revenue 4x in the next year. As we are profitable for the last 5 years, we are funding our expansion with our revenue.