foundit Reimagines Hiring With AI-Powered Search
foundit (formerly Monster APAC & ME), India’s leading talent platform with over 7000 customers, today formally announced the launch of a next-gen recruitment solution that has reimagined hiring for the future. foundit has already previewed the product with close to 100 companies that have seen an 80 per cent increase in recruiter productivity, a 4.5X reduction in recruitment costs and a 2X enhancement in candidate response rates.
The launch comes at a time when HR functions are progressively investing in tech-first talent acquisition tools to refine their hiring processes. foundit’s reimagined hiring solution now includes an expanded talent pool comprising active job seekers as well as passive candidates. In addition, the product’s features include Super Profiles with information beyond the resume, system-generated Smart Insights; AI-powered Magic Search personalised by organisation with more than 35 Smart Filters; an outreach module with AI-generated emails and mass personalisation; and a seamless collaboration tool.
Speaking about the launch, Sekhar Garisa, CEO, foundit (previously Monster APAC & ME), said, "Recruiters today are grappling with multiple challenges - navigating numerous sourcing platforms, sifting through irrelevant search results and inefficiencies in communication and closing positions. At foundit, the four pillars of our latest tech innovation address these challenges head-on. With access to talent on and off the market, candidate profiles with Smart Insights, and AI-powered Magic Search personalised by organisation, recruiters now have a comprehensive solution to be more agile and efficient. Since rebranding last year, we have been committed to going beyond merely solving problems to anticipating and building for the future."
The personalised experience extends to the candidates as well. Instead of overwhelming them with a vast array of job listings, foundit is focusing on presenting jobs that align best with their qualifications and preferences. The approach is to guide candidates seamlessly through their job search journey, offering insights and support at every step.
Upon receiving candidate data, the process involves three key elements. Firstly, exploring over 15 public sources to gather additional relevant information about the candidate. This ensures a more comprehensive understanding. Secondly, employing data science to track changes in a candidate's professional journey. If there are updates elsewhere, the platform prompts the candidate to keep their profile current. Lastly, it curates a refined profile, extracting the most valuable insights. For instance, if a candidate tends to stay with an organisation for an average of five years, this insight contributes to building a higher-quality profile.
While the platform is largely free for candidates to access job listings and submit applications, additional services, such as resume drafting or interview preparation assistance, may incur charges.
Following the brand evolution of foundit from Monster last year, this launch marks a key milestone in the company’s vision to enable and connect the right talent with the right opportunities using tech innovations that will redefine the future of recruitment. Towards fueling its product-led offerings and market expansion, the company in 2021 raised ₹ 137.5 crores in a funding round led by investors Akash Bhanshali of Volrado Venture Partners and Mohandas Pai of Meridian Investments with participation from Quess Corp, its parent company.
Commenting on foundit’s role in realising its parent Quess Corp’s future-forward strategy, Ajit Isaac, Chairman, Quess Corp, added, “With India on the path to becoming a $5 trillion economy, there is no doubt that employment will be a key driver across sectors. Increasingly, skills-based jobs have become critical and hence technology will need to assist recruiters in enhancing productivity to find the right fit especially when it comes to white-collar jobs. At Quess, we have always been at the forefront of service-led offerings, and through foundit, we aim to redefine the current traditional recruitment norms and usher in a new era of efficiency and precision.”
As part of its commitment to advancing the recruitment landscape, foundit has strategically invested in developing this solution and taken a giant leap to define the future of recruitment.
