The nature of investment in human resources at companies and organizations has undergone significant change over the last decade. A successful business today must adhere to a clear and detailed human capital strategy, which puts the employee in the center and take his well-being and his personal security into account.
The understanding that in order to truly grow the business it is necessary to recruit excellent people, is paramount to any organizational strategy and is relevant to all companies, be them large or small. However, the challenge in finding suitable human capital that can cope with a dynamic and multi-challenge environment – be them business, cultural and technological – is only growing.
Recruiting a Tech-affiliated employee is like investing in a share and has a high-risk potential for the company. Each sorting process is intensive, taking about 45 days on average, at an estimated cost of more than $4,000. Bad hires and turnovers can cost the company additional tens of thousands of dollars and will have to go through another sorting process.
This recruitment process, at its present form, increases the dissonance in the high-tech market, where huge demand for workers in technological positions and a large selection of candidates with the requisite knowledge and experience exists hand in hand.
The main problem with this form is the lack of a common language between the companies and their potential candidates. On the one hand, high-tech companies define the nature and essence of the position in their own individualized organizational language. On the other hand, job seekers formulate their resume and portfolios in a completely different way.
In the last two years, along with the conclusion that more attention is required to find, recruit and manage human capital at the high-tech market, ICV was established. The company, numbered at 29 employees, is headed by its four founders: Ron Strinsky, Guy Binder, Ran Weiss, and Ehud Peres.
The company works within international markets in order to provide an active technological solution to these inherent problems in the recruitment process. With the help of Machine Learning and Natural Language Processing technologies, ICV streamlines and improves the process of locating and recruiting employees, from the moment one applies for a position.
"We work with different countries that face similar pains in the recruitment process", says Ron Strinsky, the company's CEO, "However, each market gives a different meaning and emphasis to different parameters on recruitment. There are countries in which for every position a company publishes, there are about 8,000 people who send resumes. In order to process and scan such a huge amount of resumes, a large division of people is needed, followed by faults and human errors that a learning machine can easily solve".
In the last two years, ICV has implemented a mobile app in the Israeli market that enables job seekers to apply for high-tech positions in a coherent and user-friendly digital format. At the same time, ICV enables high-tech HR managers to fully view and locate high-quality candidates through a fast and convenient interface.
Using a smart algorithm that calculates the matching percentage of each candidate to the job which they applied to, candidates can track their progress on each job they applied to on their mobile device, giving full transparency in the recruitment process at any given moment.
"The world is undergoing an all-out digital transformation", says Ran Weiss, CTO of the company, "We are seeing more and more companies moving to a data-driven decision-making model, at all organizational levels and aspects. Using advanced technologies can be 'game-changing' for companies that can use information and increase their profit margins.
"With the use of our Natural Language Processing, Machine Learning and Artificial Intelligence, our clients can see incredible improvement such as a 80% reduction in irrelevant resume reading, 32 hours-per-week saved on average for resume filtering, and a reduction of up to 40% of advertising costs for sourcing new candidates due to better utilization of existing database".
One of the company's most significant cases was when an organization that uploaded thousands of resumes for 14 open positions, ended the recruitment process for those jobs within two weeks. "We were very surprised by the results", Ran proudly adds, "There are no precedents to those times anywhere".
"In addition, there is a 'war' for talent, workers who are exceptionally talented in their fields. To attract them, companies invest a great deal of time and resources in their branding", adds Strinsky, "Getting to the relevant candidate before the competition is no longer an option, it is a necessity. The talent, of course, expects a higher salary and perks than their previous workplace, but also expects a fast and efficient recruitment and onboarding process”.
"It is also important to acknowledge candidates who submitted their resumes but were not accepted to the position. Our technology has automation tools to inform these candidates that they were found not suitable at the initial stage and thanking them for applying. That way, the employer positions himself as responsible, efficient and transparent in the eyes of candidates", Strinsky concludes.
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Empowering HR globally
Today, the company is working globally and provides advanced technological solutions to some of the largest IT companies in the world. The company's technology has successfully passed tests by leading organizations and companies and has positioned itself at the forefront of Natural Language Processing (NLP), and Machine Learning in the HR and human capital management fields.
ICV has recently won two prestigious awards at the Stevie Awards International Competition. The company is now recruiting, expanding its development department, and penetrating new markets with additional products.
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PR: Rothenberg Communications Group.