This HR tech startup has created an algorithm that helps individual talent and employers find the optimal match between the aspirations, values, and beliefs of an individual versus a team or an organization.
Along with all the bad news that the pandemic brought about, there have been several pluses for tech entering businesses. HR tech is one such sector. As companies realized the need for remote working overnight, digitization became the answer for almost every business process, especially workforce management.
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SCIKEY Market Network is an AI and automation-based platform for companies and jobseekers. During the pandemic, SCIKEY pivoted and created a marketplace, which became a networking community for companies and jobseekers. It is an evolved version of an HR startup, that calls itself a further upgrade from a LinkedIn community, job platform, and Glassdoor through its revolutionary technology.
The Tech Panda spoke to Co-founder Karunjit Kumar Dhir about the vision behind use of tech in HR. He says that in a world where world leaders are going back to emphasizing the strong foundation built around great values, it is not about just profits anymore.
Karunjit Kumar Dhir
The SCIKEY MindMatch algorithm… helps individual talent and employers find the optimal match between the aspirations, values, and beliefs of an individual versus a team or an organization
“It is no longer about mere passion, but a much larger purpose that is making this world a better place in every sense possible. And, in the context of talent and performance, all this is possible in a practical sense only when, at an individual, group (team), and an organization level there is a proper alignment of aspirations, values, and beliefs.
“And the three most important factors that affect these aspirations, values, and beliefs are the ego, habits, and eco-system noise. This is what forms the genesis of SCIKEY MindMatch algorithm, that helps individual talent and employers find the optimal match between the aspirations, values, and beliefs of an individual versus a team or an organization,” he says passionately.
The algorithm helps predict human behaviour in context of a job role, team, and an organization culture. This further helps in achieving the right-fit hires, better alignment, and therefore a much happier workforce, resulting in high performance and sustainability.
“Basis the analysis of more than 400,000 SCIKEY MindMatch assessments and feedback from customers who have used this assessment, it is fair to say that we have seen good results to the accuracy rate upwards of 73.6%. We continue to refine the algorithm further, towards achieving at least 75% plus accuracy consistently,” he adds.
How SCIKEY is Leveraging AI and Other Tech for Product Growth
SCIKEY uses AI to power its algorithm, which helps in human behaviour prediction and matches between the individual personalities versus the persona of a job role, a team, or an organization (culture). Dhir informs that this has multiple business use cases, ranging from hiring the right-fit talent, predict attrition, using it as a scientific input towards succession planning, role fitment, change management, and talent alignment.
We have also tested it on the use case of mapping founders’ mindset to predict startup success, and the findings have been quite interesting
“We have also tested it on the use case of mapping founders’ mindset to predict startup success, and the findings have been quite interesting,” he says.
Other than MindMatch, they use AI to enable the algorithm for their online market network. They are also using analytics for their recommendation engines and crowdsourcing. However, from a pure product development perspective, they are trying to ride the low-code wave, to keep pace with their development needs and also to keep their spend in check.
Growth Story
SCIKEY´s unique model offers its customers the reach of an online platform, along with the assurance and personalized expertise of a professional.
“It is like getting the best of both worlds in a click,” says Dhir.
The whole concept of positioning SCIKEY as an online market network itself is a big bold move and not something that many have done so far
Their on-demand talent and crowdsourcing solution is winning customer confidence every single day. Last year, they launched their ‘remote teams and managed work’ solution, which is receiving tremendous customer reviews and has helped them create 300 plus remote jobs in India for their global customers who happen to be some of the most iconic Fortune 1000 brands.
“The whole concept of positioning SCIKEY as an online market network itself is a big bold move and not something that many have done so far. It is so powerful and is helping our customers cut down on their costs significantly, while achieving 30-40% better productivity levels,” he says proudly.
The SCIKEY USP
Dhir says their edge over the other available solutions is clearly the ‘value’ that they offer their customers in terms of ROI, efficiency, scale, variety and flexibility.
“Our customers can choose from a fully online (digital), to a fully offline, to a mix of both (hybrid). They also enjoy the choice between onsite, offshore, and remote engagement, to avail the desired talent, technology, and outcomes,” he says.
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SCIKEY is a set of social-enabled interconnected digital platforms enhanced with the power of crowdsourcing, matchmaking, digital automation, and professional services that creates an ecosystem of a market that is networked physically and digitally. It delivers multiple managed solutions to individual and business users via a single interface –
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- SCIKEY Talent Solutions
- SCIKEY Technology Solutions
- SCIKEY Sales Solutions
- SCIKEY Marketing Solutions
- SCIKEY Outcome Solutions
- SCIKEY Academy
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Helping the Gig economy
Since, the platform offers a digital interface accessible on multiple devices to anyone from anywhere across the world, brings individual and business users together on a single market network, addresses the jobs, work, and business solutions need of every enterprise, it offers a classic setup for gig economy play.
With a majority of work moving to an on-demand kind of service-model, a lot of employers offering a higher number of contract jobs than the traditional model of full-time employment, I am sure we are all set to witness a significant surge in the adoption soon
“We have witnessed multiple employers initially engaging talent from our platform on a contract (gig) basis and later also offering more long-term employment or work contracts to the same folks. With a majority of work moving to an on-demand kind of service-model, a lot of employers offering a higher number of contract jobs than the traditional model of full-time employment, I am sure we are all set to witness a significant surge in the adoption soon,” Dhir says.
He predicts that this will be further propelled by several global enterprises coming to the platform to explore their ‘remote talent’ and ‘full-enabled remote teams’ offering.
