This isn’t a novel problem — You are in deep trouble because your lead developer has stepped down and you need to fill in the gap within a month’s time. Well, the solution, though, is indeed innovative. Entitled MyNoticePeriod, this recruitment portal can help in finding candidates serving notice periods to reduce the hiring lead time and multiple rounds of negotiation.
It takes three months to find the right candidate and another three months of notice period for them to finally join, which leads to a wastage of time and money. “We started thinking about this widespread problem, and I along with Manjunath Talwar, a former colleague at Yahoo, started mynoticeperiod.com, a portal to find candidates serving notice periods, to reduce the hiring time and have an active job seekers’ database at any given point of time,” shared Khasnis.
The portal also ensures better candidate matching through its algorithm and captures information like job seekers’ best offer salary and title.
Mynoticeperiod.com was launched in December 2013 and is currently part of NASSCOM 10,000 Startups Program. The service is free for job seekers but recruiters have to pay for an annual or quarterly subscription. There are currently 49,545 job seekers on the platform and about 4,000 recruiters including TCS, Wipro, Sony, HCL, Oracle, Dell, Flipkart, Samsung, ebay and Nestle.
According to Khasnis, recruitment portals like Naukri and Monster have a lot of inactive profiles. LinkedIn’s primary focus is on passive job seekers and about 65 per cent of overall LinkedIn’s database comprises them.
“The hit rate with passive job seekers is extremely low. Hence, we only wanted to look at people who are actively seeking a job change because they have a specific date in mind when they can join, which allows a recruiting company to work faster if there is a critical hiring need,” he added.
The platform has a database of candidates across IT, Sales, Marketing, Finance and BPO domains. The service is available in Bangalore, Pune, Hyderabad, Chennai and New Delhi with plans to expand to Mumbai soon.
MyNoticePeriod recently raised over US$330K (INR 2 crore) in seed funding led by IDG Ventures India.
The deciding factor
A job seeker has to fill in the best offer title, salary, current job and place of work, skills, total experience and contact number. Once a recruiter signs up on the platform, he can then search for the desired candidate and set a date for the candidate to join. It shows the number of people available to join within the time frame along with the best offered salary, title, nature and place of the current job and skills. When the candidate’s profile suits the requirement, the recruiter can download his resume. The platform retains only active profiles and the day notice period ends, the profile gets inactive.
“The recruiters’ search becomes easier if they can see all the information upfront. They can also filter through the skill sets of a candidate,” Khasnis added.
“The past two employments and the offer in hand is the deciding factor at mynoticeperiod.com,” said Khasnis. There are four categories of job seekers on the platform — people serving a notice period, people between jobs, candidates who have been asked to leave because of restructuring and the ones who have taken a break from work.
Recently, Yahoo downsized its software development centre in Bangalore and approximately 400 people, mainly working in product engineering, have been affected due to this move. The startup is helping these employees connect with potential recruiters and startups that want to hire quality talent from Yahoo through its page yahoo.mynoticeperiod.com.
Is Naukri and Monster a threat?
The basic premise of any recruitment portal is hiring. But there are mostly early-stage job seekers on portals like Naukri and Monster. However, mynoticeperiod comes at a much later stage when there is an offer in hand.
“If bigger companies like Wipro and Infosys want to carry out mass recruitment of over 3,000 people, then they would typically approach a Naukri or a Monster due to their large database. While if they want to do critical hiring with specific skills, then they can approach us,” said Khasnis.
The adoption challenge
According to Talwar, CEO of MyNoticePeriod, adoption has been very challenging. Recruiters will typically go for established players like Naukri or Monster because they have already paid them. Digital advertising has been the focus of MyNoticePeriod to get noticed in the market. It has also done radio ads to make people aware of its services.
“Sales was very new for us because we belong to the engineering side. Hence, in the beginning, it was difficult to manage sales and marketing. But we have a team now that has scaled the momentum. Accounting and taxation was a major worry for us when we started, but we are slowly and gradually solving these issues,” said Talwar.
Betting big on Singapore
The startup is aggressively looking to expand to Singapore and wants to establish a platform where companies in the city-state can hire Indian talent. It is going to launch an app next month.
It also plans to add features ranging from sourcing, post-sourcing, screening, interviews, feedback collection and negotiation to facilitate speed hiring.