Monjin leverages the ‘sharing economy’ principle to bring convenience and better experience to candidates and significant recruitment cost and time benefits to enterprises: Monjin CEO
Monjin CEO Abhijeet Kashyape says the HR industry should use cutting-edge technologies to deliver consistent process execution and better customer services.
Automation has become the hottest buzzword in the technology space. Driven by Artificial Intelligence and Machine Learning, a variety of sectors are implementing automated solutions. Human Resources (HR) has emerged as one of the top adopters of AI solutions.
Artificial Intelligence is said to play a key role in driving the HR industry in the coming years. Recruitment to employee management, AI is expected to boost productivity and even save costs for entrepreneurs.
Pune-based on-demand interview platform Monjin is one of the few companies in India making efforts to bring AI-based solutions for human resources. The company last year joined hands with Microsoft to develop a global assessment standard for interviewers.
We spoke to Abhijeet Kashyape, CEO & co-founder Monjin, to discuss the prospects of AI in Human Resources and its impact on businesses. Here are the edited excerpts.
Please explain the importance of AI in the hiring sector and impact of AI in the talent acquiring process.
Artificial intelligence (AI) has been changing our lives for decades. In fact, AI is affecting human life on all kinds of levels varying from the automation of tedious, time-consuming tasks, the augmentation of human capabilities to amplification of human functions.
AI is currently used to automate routine tasks. This includes the process of data collection, automating schedules, payroll, retrieving information, arranging tax documents, and other administrative tasks.
For instance, a large MNC with over hundred job openings will find it difficult to manage the surge of applications received. Somewhere in the process of sifting through numerous CVs, a few good ones could get overlooked. Recruiters might have trouble matching profiles with different jobs. And should all go well, it’ll take many hours and weeks to schedule a meeting, arrange for the interviewers, and negotiate terms of contract before a candidate can be finalized for a single opening. This is where AI comes in.
AI cuts short laborious processes and accelerates the hiring cycle. Various application systems use keywords to sort candidates by their education, geographic location, years of experience, and more. It helps schedule candidates with suitable interviewers.
How AI is helping in significantly improving candidate engagement?
Solutions such as Monjin are designed to screen tens of thousands of candidates while taking in more detailed information efficiently and accurately. This gives each candidate a chance to be matched to the right interviewer and in turn offers a chance to be considered and evaluated based on the entirety of their resume, rather than a screening limited to job titles, company names and start/end dates.
Artificial Intelligence can be used to enhance candidate experience through proactive, contextual, timely and personalized communication. Proactively communicating to candidates has a positive effect on engagement and decreases chances of abandonment due to loss of interest or competing offers.
How has automation impacted the HR industry?
Automation is radically changing the DNA of the organization and has brought about a daunting challenge for the HR industry which along with many other internal and external departments depend on a plethora of processes to get the work done. The HR industry should engage technologies to deliver consistent process execution and excellent customer services. The ever-evolving HR sector needs to carefully analyze the strategic impact of technology as it can create jobs as well as replace them.
How does the HR industry look in 2030?
We are living through a massive transformation in the way we work. Automation and Artificial Intelligence are scaling up and replacing human jobs and tasks and changing the way people are being hired. The pace of change is accelerating and the competition for the right talent is strong.
The HR industry will go through a tectonic shift with the continuing push of technology, automation and artificial intelligence and it will change on where we work and how we work.
By 2030, we believe that most HR solutions will be highly automated and employers would be largely investing in recruiting and retaining the best talent for their organisation.
Please tell us about your video interviewing network? And how is it efficient?
Monjin does not just offer a list of potential candidates. Every profile in our database is pre-assessed, pre-interviewed, and pre-rated by Monjin’s Interviewer panel based on many parameters to ensure that the candidates are hire-ready.
With Panel as a Service, there’s just one thing left for company to do. And that’s to choose the right candidate from our thoroughly vetted talent search portal! From Retail to Information Technology, Yachting and IT enabled services; our experts come from a wide range of industries. And they’re here to ensure that hiring process is a cake-walk.
Our platform is like Uber or Airbnb. It leverages the ‘sharing economy’ principle to bring convenience and better experience to candidates and significant recruitment cost and time benefits to enterprises. The technology architecture is nimble, API driven, componentized, and the system is self-aggregating and self-curating.