Three IIT alumni have developed a platform that helps scale the concept of campus placements to a wider network of people. Inspired by the annual campus placements happening in colleges, the three have developed a platform for job seekers called – Talent Auction.
“We aim to give more power to the candidates, so instead of the candidate running after the employer we let employers run for top quality talent (just like in campus placements),” says Mayank Jain, co-founder and CEO at Talent Auction
How Does it Work?
A candidate applies on Talent Auction, the team take stock of the various applications they receive, and short list top candidates. The applications are then perused by companies that participate in the auction. The result maybe one or multiple interview offers to candidates.
“We have had two rounds of auctions so far. Auctions were held in February and March, and next round will be held on April 14th.. Out of the 200+ applications we received in the last auction, 40 high quality candidates were selected,” says Mayank.
Once the companies receive the applications, they begin bidding on candidates they wish to interview. Criteria and details for a bid include
Salary being offered/Minimum guaranteed compensation
Candidates will be shown the list of offers given by each company and can pick based on their likes. They can also reject an offer just like they would had they been placed from campus, says Mayank. Users also have the option of syncing their accounts with LinkedIn.
Talent Auction claims that 15 companies including goibibo, Zomato, Housing and Snapdeal participated in the auction.
“One of the biggest challenges for most employers is to source premium candidates, and source them fast. We solve the above 2 problems for employers, where in we provide access to multiple premium candidates at once,” says Mayank.
Talent Auction is free to use by both companies and candidates who wish to participate in the auction.
However, Talent Auction charges companies 5% of the CTC being offered to candidates once they accept offers and are hired. Current positions being offered are primarily focused on marketing, sales, technology and product development.
72 interview offers have been given by companies in the most recent round of the talent auction.
“80% of the candidates got an average of 2 offers each in the most recent round of talent auction. Average CTC being offered was Rs 19 lakhs,” says Mayank.
One challenge we foresee for Talent Auction will be in figuring out a scalable mechanism to identify and shortlist high quality talent. Mayank however says that this is not an issue currently, but will come up as they scale.
“We plan to use a combination of technology along with manual judgment. Technology might help us shortlist from 1000 to 100 applications, however the last mile i.e. 100 to 50 applications will have to be done manually” explains Mayank who says that the company will soon create technology for the same.
Another hurdle the Talent Auction may need to solve is the salary-based bids that companies will make. Candidates with 0-14 years of experience are likely to list on their platform, says Mayank. However, candidates with lesser experience will get the shorter end of the stick if companies are allowed to bid on them.
A similar company seeing success abroad is Hired, a marketplace where tech companies compete to hire candidates. Hired is seeing reasonable success in the USA, and Talent Auction believes that they will follow in Hired’s footsteps. Going forward, Talent Auction wishes to introduce more auctions, up from the current once a month auction. They also seek to raise capital and are already in talks with investors for the same.