Flexiloans is a leading Fintech platform in India. After raising a Series C in June 2022 of $90 Mn, Flexiloans needed to expand really fast and hire talent even faster. Flexiloans at that time was working with multiple recruitment agencies but soon realized that they need to think outside the box to close the hiring with enraging talent war. That’s when Flexiloans connected with CredoHire to close their hiring.
After setting up their account on CredoHire, Flexiloans created the job of Engineering Manager on CredoHire platform. It was a hiring requirement for a senior tech leader in the salary range of ~40 LPA.
CredoHire’s analytics engine processed the job description data to automatically broadcast the requirement to 10+ partner agencies on the basis of their domain expertise. Each agency receives an email notification and logs in to the portal to check the requirements. CredoHire shares detailed information at JD level and opportunity level with the network. Only when an agency is confident of fulfilling a requirement, they pick up the requirement, else they mark it as ‘not interested’ in their portal. They do so in order to have higher rating.
CredoHire assigns a rating to agencies which is calculated in a dynamic manner depending on agencies’ performance. More than 5 parameters are taken in to account for generating the rating of an agency.
Once agencies pick up a requirement, they assign at least one to two resources or recruiters from their team. Each recruiter then starts the talent hunt basis the skillsets selected by the hiring manager on the CredoHire’s job portal. Recruiters do the hardcore manual job of casting a wide net and reaches out to all the candidates who are looking for a job in those skillsets, at that particular point of time and at that particular time. Collectively a team of 10+ recruiters across the country is able to reach out to 200+ candidates at a time.
Each agency is then allowed to upload only 10 CVs for every job. This again ensures that quality is maintained and only skill based sourcing is done. CVs need to be uploaded in a timebound manner and CredoHire platform runs a live timer for the agencies. Agencies’ ratings are boosted for every candidate shortlisted by the system and every candidate hired by the client. Better rating means more business opportunity for the agency.
Once ample number of CVs are uploaded, CredoHire shortlisting algorithms shortlist top 10% CVs for verification round. CVs are shortlisted on the basis of multiple data points such as CV parsing score, skillsets scoring, joining probabilities etc.
Journey for a candidate starts as soon as their profile is uploaded by the agency on the platform. Candidate receives an automated email and WhatsApp message asking them to create a profile on CredoHire and to conduct a self evaluation of the skills. Once a candidate is shortlisted by CredoHire, they receive another email & WhatsApp message asking them to book a slot for the interview.
At the same time, a hiring pool is created automatically by CredoHire which consist of shortlisted candidates and subject matter experts (SMEs). These SMEs are the alumni of IITs/IIMs/top brands and work with CredoHire as a freelancer under interview as a service business model. CredoHire is an invite only platform for the SMEs and these experts are invited to become an interviewer only after thorough vetting via personal network or references.
SMEs join and create their profile on CredoHire and are later on mapped to a hiring pool basis their functional match, skillset mapping and experience level mapping. SMEs also receive automated emails and WhatsApp messages at each step. They share their availability on the platform and can take interview at their own convenience and availability.
SME screening form is generated in a customized and dynamic manner. It consist of questions at function and skill level which are chosen in a dynamic manner from CredoHire’s question bank. The questionnaire includes objective as well as subjective questions and are tailored to the need of that particular role.
Feedback is then recorded on a scientific framework and is analyzed through CredoHire’s analytics engine to generate Credo verified CV. Credo verified CV consist of a Credo report and the candidate’s CV appended with a dynamic QR code which can be scanned to verify that the CV is indeed verified and valid. 30+ data points are processed to assign score on technical skills, soft skills and overall Credo score.
Hiring managers are presented with quantitative as well as qualitative feedback and are in a position to take faster action. When Flexiloans received first 5 Credo verified CV within 3 days for the role of engineering manager. They were able to take fast decision and interview top 3 candidates and were able to hire and release offer immediately. All of this was achieved within a week and an engineering leader joined the company within 3 weeks and has already started creating value for the Flexiloans.
