Instahyre holds auctions where candidates receive offers from multiple vetted companies with compensation mentioned upfront. Companies get access to a set of curated candidates, with a different set in each auction. Each candidate, the company tells us is thoroughly screened to ensure quality.InstaHyre’s selling point is simple : Efficiency in hiring process.. What takes months and regular effort on job boards takes a week on the platform.
Here is a QnA with Instahyre cofounder, Aditya Rajgarhia.
In terms of experience we cater from junior to upper mid-level profiles. Our screening process focuses mostly on quality rather than years of experience, since that’s what most tech companies use as the hiring criteria based on our conversations with them. For instance, we approve freshers who have very a strong background, and deal with profiles all the way up to engineering leads or managers with several years of experience.
We evaluate candidates by looking at their work and education history, as well as other criteria such as personal projects or entrepreneurial initiatives, and open source code contributions for developers.
2. How does the auction work? Monetization model?
An auction lasts for two weeks, and during this time companies can view the profiles of candidates who have been screened and approved by Instahyre. They can make “interview offers” to candidates of their choice, and each interview offer is accompanied by the compensation that the company will offer that candidate if he or she is eventually hired after the company’s standard interview procedure. Candidates can set a “base price” and all offers must equal or exceed this amount.
Once an auction ends, we coordinate interviews between the candidates and companies. If a candidate is hired, we charge the company an all-inclusive 10% of the CTC offered to the candidate.
To maintain the freshness and quality of the candidate pool, we allow a candidate to participate in only one auction in a year.
We conducted two auctions in our private beta and our next auction starts on June 30th. We have received almost 600 candidate applications till date out of which about 80 have been approved. More than 60 tech companies are already using us, including Zomato, Practo, Wingify and Akosha.
In the previous two auctions, 90% of candidates received an offer, while several even received more than 5 offers.
Based on the current and past employers mentioned by a candidate in his or her profile, our team ensures during the screening process that these employers are unaware of the candidate’s presence in the marketplace. A candidate may also intimate us of other employers they’d like to block. They sometimes do so, for instance if they have a pending job offer from some company.
In general, we use technology to aid us shortlist candidates who we approve. Beyond that, our team helps approved candidates all the way from finalizing and improving their profile to the actual hiring process.
Below director or CXO level positions which we don’t cater to anyway, we don’t expect privacy to be an issue given the measures we take.
An interesting model (they do have a competition which offers similar service: TalentAuction), but can they disrupt the big daddy, i.e. Naukri? Are some of these models scaleable? Can you really dumbify curation, which I believe is the core IP of these platforms?
Give Instahyre a spin and share your opinion!