PUNE, India, Aug. 28, 2019 /PRNewswire/ — The problem of last-minute dropouts of candidates who had earlier accepted offers is spreading like an epidemic now. Employers, primarily in IT companies, are in a real fix on this growing menace that directly impacts their revenues and credibility with their customers. SCIKEY survey indicates that last-minute dropouts of candidates are touching as high as 25% for mainly mid-size and small IT companies while attrition continues to be more than 20%. Companies are struggling to fill this gap while they equally struggle to add to a quality workforce to increase their business.
SCIKEY Talent Commerce platform that was recently launched has an in-built psychometry assessment algorithm (MindMatch) that can map the candidate mind-set. This MindMatch data was analyzed by SCIKEY to find why some candidates drop off just before joining while most other joins. The answer came out in their mind-set, and the pattern was relatively uniform.
“SCIKEY Research found more than 90% of the dropout candidates had scored less than 40% on the parameter of ‘Adaptability.’ It was evident that most of the dropouts happen because of the anxiety level of the candidate in changing their existing familiar environment and seeing the next gig as a risk-taking rather than an opportunity. SCIKEY MindMatch algorithm provides inputs on 25 parameters relating to mind-set of the candidates and has the potential to answer many questions that remain unclear to the HR and recruitment industry,” says Shriram Viswanathan, Founder of SCIKEY.
In another analysis, SCIKEY found that candidates with lower trust and integrity scores tend to shop their offers using their notice period time. Such candidates do not hesitate to dishonor commitments if they receive more attractive financial opportunities with another employer. While offer shopping is a well-known problem in the industry, the analysis came out with the fact that every candidate does not resort to shopping their offer in hand, rather a lot of them are retained by their employers or have genuine reasons beyond financial. The mind-set gives a clear insight into addressing the issue of dropouts.
SCIKEY Research found that better candidate engagement improved the joining ratio; however, less than 3% of the companies studied followed any candidate engagement that was worth mentioning.
“We plan to offer MindMatch as a ‘scientific-input’ (as against a mere guess-work) to companies to get a deeper understanding of their potential and existing employees. We will also offer a certification training program soon to HR and recruitment executives to take full advantage of SCIKEY MindMatch data,” adds Karunjit Kumar Dhir, Co-founder of SCIKEY.
SCIKEY is a new age talent solutions venture, which provides a comprehensive Talent Commerce Platform where human psychology and cutting-edge Technology meet to maximize the potential of talented minds most effectively. SCIKEY has been created to deliver extraordinary outcomes for various talent needs including employee experience management, employee learning & development and employee productivity enhancement through path-breaking MindMatch algorithm. SCIKEY’s MindMatch algorithm is focused on disrupting and transforming the way hiring is done globally, using AI & Psychology, adding a completely new dimension of predicting if a certain human behaviour will fit a given job profile. SCIKEY’s Global ecosystem owns several IPs in the field of Behaviour Analysis & Prediction. It comprises R&D centres in Europe & India, global R&D Partners, collaborations with global universities and a team of expert researchers & data scientists.
India Business Head
The content is by PR NewsWire. DKODING Media is not responsible for the content provided or any links related to this content. DKODING Media is not responsible for the correctness, topicality or the quality of the content.