16th August 2024: The IT hiring landscape is undergoing a seismic shift, driven by the increasing demand for tech talent and the complexities of finding the right fit in a hyper-competitive market. According to a report by Numbers Orb, the global IT job market is expected to grow by 11% annually, with over 300,000 new jobs added each year in the U.S. alone. Yet, while opportunities abound, the traditional hiring process has struggled to keep pace, often leading to prolonged hiring cycles, talent shortages, and mismatches in skills and expectations. Startups are stepping into this gap, offering innovative solutions to streamline and enhance every stage of the hiring journey.
These startups are leveraging cutting-edge technologies like artificial intelligence, machine learning, and data analytics to transform how companies source, screen, and select candidates. A recent study by Tech Pulse highlights that 70% of recruiters now prioritize data-driven insights to improve hiring outcomes, with 65% reporting that AI-powered tools have reduced time-to-hire by up to 50%. This paradigm shift is not just about speeding up the process; it’s about making it more accurate and efficient, ensuring that the right candidates are matched with the right roles from the outset. Moreover, the economic impact of inefficient hiring practices cannot be overstated. Research by Talent Dynamics reveals that each day a position remains unfilled costs a company an average of $500, translating to billions in lost productivity across industries. As organizations seek to minimize these costs and improve their talent acquisition strategies, startups are offering solutions that not only accelerate the hiring process but also enhance the overall candidate experience. These five startups are at the forefront of this revolution, each bringing unique innovations to the IT hiring process from application to offer.
We have narrowed down the list of 4 HR tech startup that clout the technology to revolutionize HR industry globally in 2024:
iXceed Solutions: iXceed Solutions is a leading Talent and Workforce Solutions service provider to Fortune 500 companies globally focussing on Technology, IT Consulting, Engineering Consulting domains. iXceed has been functioning as one of the leading end-to-end recruitment solutions Internationally(UK), now operational in the Indian market.
It uses an efficient and robust process to develop solutions in the recruitment space. The facilities are primarily tech-skill-based, and customer satisfaction is always based on the best fit for the industry. The company uses Artificial Intelligence-based recruitment solutions to create a best-in-class experience for both the clients and candidates. Some of their clients are- Infosys, HCL, Oracle, Mindtree, NIIT, etc. It is co-founded by Yogita Tulsian, who is also its Director.
Darwinbox: Darwinbox is a cloud-based HR solutions firm. An end-to-end HR platform, Darwinbox offers solutions for recruitment, core HR processes, employee engagement, performance management, employee movement, and others.The platform’s AI engine allows a recruiter to analyze a job description and employee profile picking up keywords to arrive at a certain ranking metric. So, if there are 400 applicants for a job, the system will shortlist about 10-15 applicants for the recruiter to talk to, which saves time, increases productivity, reduces costs, and results in better talent acquisition. The three-year-old firm serves over 100 clients, including Paytm, Ekart, Spencer’s, Delhivery, and others.They provide services in Indonesia, Malaysia, Thailand, Dubai, and many more.’
Freshworks: Freshworks makes it fast and easy for businesses to delight their customers and employees.Taking by a fresh approach to building and delivering software-as-a-service that’s affordable, quick to implement, and designed for the end-user. Unlike legacy software, Freshworks builds tech that works for everyone, making it easy for IT, customer service, sales, marketers and HR to do their job and delight their customers.They provide services in Australia, Germany and UK.
Keka: Founded in 2015 by Vijay Yalamanchilli, Keka has swiftly become India’s premier HR tech platform for small to medium-sized enterprises. With a team that has grown to over 550 professionals, Keka offers a complete solution, automating HR processes, and streamlining payroll, recruitment, leave management, and performance evaluation. Serving over 6500 customers globally, across sectors like IT services, pharmaceuticals, manufacturing, and more, Keka manages payroll for 1.5 million employees worldwide, leaving a significant mark on the HR tech landscape.
