recommended reading

Forget Traditional Hiring. This Startup Allows Tech Workers to Auction Off Themselves

hxdbzxy/Shutterstock.com

ARCHIVES

By Diksha Madhok Quartz August 8, 2014

recent posts

The traditional hiring process puts job seekers at a disadvantage. Rare is the candidate who is able to play one prospective employer against the other in a process that will result in perfect price discovery for her wages. Most job seekers make employment decisions with limited information about which companies are seeking the skill sets she has.

An Indian startup now wants to change that—at least in some sectors. The company’s website allows people to put themselves up for an auction that employers can participate it.

Talent Auction was started by three Indian Institute of Technology-trained engineers in February this year. The team claims that if job seekers use their platform, they can “sit back and relax” and the right job will find them.

“The power basically shifts to high-quality candidates,” says Mayank Jain, a 27-year-old co-founder of Talent Auction. “Instead of she running after employers to seek job interviews, now the companies compete for her.”

Candidates first have to fill their profiles online. Typically 50 of them are shortlisted for the “auctions” that take place every three weeks. During these biddings, companies can view candidates’ profiles and approach the ones they like for an interview. Details such as salary and role are made clear upfront. The founders say that most shortlisted users get up to 10 interview offers.

Most of these candidates get an employment offer within two weeks of auctioning, whereas finding jobs via traditional recruitment portals can take at least three months, says Jain.

For the job seeker, it is free. Talent Auction charges employers 10% of the salary being offered to candidates once they are hired.

Even though the country produces a large number of engineers, only a quarter of them are employable, leading to a drastic shortage of skilled workers. A website like Talent Auction gives top candidates a chance to rise above the rat race.

The concept is similar to an American company called Hired, which is a marketplace for tech employers. Jain says their inspiration came from observing campus placements in their respective colleges, where large number of companies vie with each other for the best students.

“At campus placements it is so easy for students to find a job, but life is so much harder after college and even high-quality candidates have to run around.” he says. “If you want to explore job opportunities, the process can be so cumbersome.”

When it comes to shortlisting candidates, Talent Auction looks at their previous experience and the college they attended. So far, the team had done the curation manually but now plans to build a technology that can can handle the initial sifting.

The startup was launched with seven companies on board in February, but now it has partnered with 100 firms, including rapidly growing companies such as Zomato, Snapdeal and Goibibo. Most of the potential employers are actually technology startups and positions offered are in the field of  marketing, sales, technology and product development. It caters to job seekers with 0-12 years of experience.

The startup was bootstrapped by the founders. According to Jain, they are raising capital and are in “advanced talks” with an investor.

(Image via hxdbzxy/Shutterstock.com)

JOIN THE DISCUSSION

Close [ x ] More from Nextgov
 
 

Thank you for subscribing to newsletters from Nextgov.com.
We think these reports might interest you:

  • Modernizing IT for Mission Success

    Surveying Federal and Defense Leaders on Priorities and Challenges at the Tactical Edge

    Download
  • Communicating Innovation in Federal Government

    Federal Government spending on ‘obsolete technology’ continues to increase. Supporting the twin pillars of improved digital service delivery for citizens on the one hand, and the increasingly optimized and flexible working practices for federal employees on the other, are neither easy nor inexpensive tasks. This whitepaper explores how federal agencies can leverage the value of existing agency technology assets while offering IT leaders the ability to implement the kind of employee productivity, citizen service improvements and security demanded by federal oversight.

    Download
  • Effective Ransomware Response

    This whitepaper provides an overview and understanding of ransomware and how to successfully combat it.

    Download
  • Forecasting Cloud's Future

    Conversations with Federal, State, and Local Technology Leaders on Cloud-Driven Digital Transformation

    Download
  • IT Transformation Trends: Flash Storage as a Strategic IT Asset

    MIT Technology Review: Flash Storage As a Strategic IT Asset For the first time in decades, IT leaders now consider all-flash storage as a strategic IT asset. IT has become a new operating model that enables self-service with high performance, density and resiliency. It also offers the self-service agility of the public cloud combined with the security, performance, and cost-effectiveness of a private cloud. Download this MIT Technology Review paper to learn more about how all-flash storage is transforming the data center.

    Download

When you download a report, your information may be shared with the underwriters of that document.