Combining artificial intelligence and natural language processing to empower recruiters, TurboHire aims to change the way we acquire talent.
Brief introduction about TurboHire
Headquartered in Hyderabad, TurboHire was incorporated on March 20, 2019. It is an AI-powered recruitment automation platform that combines artificial intelligence and natural language processing to create a human-like augmented intelligence that helps recruiters make faster and better decisions related to talent acquisition.
TurboHire provides 98% accuracy in applicant filtering and selection. The startup is on a mission to revolutionize talent acquisition in India and throughout the globe. With over 150+ clients across sectors in 7 countries, TurboHire has successfully assisted recruiters in saving millions of dollars in hiring costs.
The company is managed by a team of entrepreneurs. Ten people make up the leadership team, and each one of them brings a variety of functional knowledge and experience to the group. Of these 10, three are second-time entrepreneurs and others have held executive positions at Google, Microsoft, and Cipla. They are almost all graduates of IIT, ISB, IIM, SCMHRD, or XIMB. Members of the team are referred to as TurboHumans since Turbohire does not view itself as a family but rather as a team of high-performing professionals.
How TurboHire is achieving 85% automation, where the industry average of recruitment automation is 60-75%?
Recruitment today involves a total of 39 different activities across 5 different stages of recruitment.
- Candidate Sourcing (10 Activities)
- Pre-Screening (9 Activities)
- Skill Assessment & Interviews (9 Activities)
- Offer & Onboarding (7 Activities)
- HR Operations (4 Activities)
TurboHire evaluated all of these activities from a first-principles point of view, and then using Artificial Intelligence and Smart Workflows automated all the activities that didn’t require human intervention.
This is the first time in the recruitment industry where instead of System of Recruitment Execution we built a System of Recruitment Automation.
We are on track to automate upto 95% of recruitment activities.
Any specific impact of COVID-19 on TurboHire?
Three important strategic choices were made in response to COVID-19:
- We put more of our attention on the product, platform (with the addition of ten more features and a redesigned user interface), and company procedures (obtaining ISO 27001 and ISO 27701 certifications).
- We developed a complementary strategy for integration with leading HRMS platforms and began successfully closing large enterprise customers who were using existing HRMS platforms with poor recruitment modules.
- We began selling more using the remote work environment, using virtual meetings for problem solving in conjunction with product demonstrations; plus reallocating expenses previously incurred in-person meetings for marketing and lead generation.
Revenue growth so far and future plans of TurboHire
The revenue growth (Y-o-Y) since inception in 2019, has been:
- 2019 – $0
- 2020 – $10K
- 2021 – $100K
- 2022 (till date) – $900k
- 2022 (end) – $1m
Over the next 3 years, we will be scaling our revenue teams and efforts, as well as expand our global GTM towards the following targets:
- 2023 – $2m
- 2024 – $4m
- 2025 – $8m
Any plans of scaling and expansion into global markets
We, at TurboHire, are focusing on further global expansion in order to generate at least 25% of total revenue from sources outside of India over the next six months. The company currently has clients in eight different countries. The target markets include North America, Australia, the Middle East, and APAC, where we already have a presence. As we grow, the objective is to maintain a 20% MoM growth rate while giving enterprise-level clients with 1000+ employees priority.
What are the technology and business priorities for 2023?
There are three prime focuses in the year 2023 when we consider technology and business fronts and can be given as:
- Automation –
Creating an auto recruiter, where this auto recruiter will act as an assistant to the recruiter and help fulfill all the day to day tasks such as sourcing, interviewing and going through resumes.
- Engagement –
We are making it both a technology and a business priority to make a process that can be done through phones. Where entire information about the candidates can be extracted through Whatsapp. So whatsapp communication and consequent engagement will be our focus.
- Intelligence –
Creating an automated interview process where based on the recruiter and candidate’s availability the interview can be automatically scheduled.
Then there’s also the creation of an auto job description assistant. This auto JD assistant will help recruiters create an automated JD just on the basis of skills and work experience needed.
There will also be certain predictors being added to the platform which will help to predict whether the candidate undergoing interview will be joining the organization in the future or not.
Expected trends in the HR tech industry in 2023
Based on current trends and industry insights, here are some of the HR trends that are likely to dominate in 2023, in our opinion:
- Technological Developments 2.0- It is anticipated that the HR technology market will be worth $35.68 billion by 2028. It will witness the full use of analytics tools with AI, which will further use data-driven analytics and predictive analysis to find opportunities to make informed decisions. The new technology in HR will be beneficial to both HR managers and business leaders.
- Focus on Total Quality Management (TQM)- In the year 2023, total quality management, a managerial strategy for long-term success, will include employee satisfaction. To link people-centeredness and company culture, TQM uses strategy, data, and efficient communication. In the new year, businesses will build their strategies, communication, and preparedness policies using employee well-being as a guide.
- Automated Talent Acquisition- Technology will increasingly outweigh human interaction in talent acquisition. Virtual assistants will plan interviews, chatbots will automate physical tasks, and others will perform redundant tasks. Through data encryption and process transparency, blockchain will enhance HR strategies. Automation will make the rules for hiring clearer and make it easier to conduct fair hiring.