In India, the figure is presently at 35% which is the number of potential hires who drop off the talent acquisition pipeline. Chennai based Avtar Group, launched Bruhat Insights Global, a new-age manpower consulting firm that uses Artificial Intelligence and Big Data Analytics to provide prescriptive insights to enable companies to tackle ghosting and increase offer acceptance ratios.
Bruhat Insights Global is a brainchild of Talent Strategy Expert Dr Saundarya Rajesh. It provides actionable insights drawn from every stage in the entire profiling life-cycle. An EY Human Resources Solution Industry study pegs the recruitment market in India between Rs 2,800-Rs 3,100 crore and it is expected to touch Rs 6,200 crore in the next three years. If the potential revenue loss of about Rs 1,000 crore, caused by ghosting is brought down by even 50%, the industry stands to gain a whopping Rs. 500 crore, while not including the additional revenue by way of projects that are resourced on time by able and apt professionals. In India, the average cost to hire varies from Rs. 25,500 – Rs 50,000 per candidate, depending on the industry and sector. This includes cost of the internal talent acquisition team, the cost of subscribing to databases, retainers to search firms, success fees paid to consultants.
“India has been experiencing labour shortages, with unfilled job positions across industries causing a lot of impediments to both steady state businesses as well as start-ups. When we used the AI powered selection mechanism for the positions sourced, we experienced a 300% jump in closures” said Saundarya, Chairman, Bruhat Insights Global.
Umasanker Kandaswamy, COO and Joint Director – Bruhat Insights Global, said “Usually, in their hurry to close the position, recruiters often miss connecting the dots. This is where Big Data analytics and AI’s intervention can give the hiring landscape in India a much needed fillip.”