Param, an Intelligent Recruitment Platform designed to help recruiters find the perfect candidates for them launched recently at an event held for a selected audience in Gurugram.
(Param.ai team at the launch event.)
Param, as claimed by the Stellar Software Technologies, is in itself is a complete recruitment solution which is powered by analytics and artificial intelligence. It will integrate seamlessly with a company’s applicant tracking system (ATS) and stack ranks incoming job applications against open requisitions based on the past and trending hiring patterns of the company. That is not all. In addition to features like ATS mining, candidate correspondence, automated tasks, analytics, and dashboard etc. it also provides the recruiter with additional insights like the summary and social data for each candidate.
As you know the talent acquisition industry faces an ongoing challenge with finding and hiring the best talent quickly. Usually, the recruiting departments of big companies have tens of thousands to millions of applicants within their Applicant Tracking Systems (ATS) and CRMs and limited methods (and time) for prioritizing the best candidates for specific jobs and it becomes really hard to find the good candidates. Recruiters have been spending hours manually going through tons of resumes against each job opening for years. Most recruiters use inaccurate Boolean searches and inefficient keyword searches based on outdated job descriptions. And to add to all this, most of the candidate information in their ATS is outdated which results in mismatched candidates and companies.
As Hari Krishna, co-founder and CEO of Param said,“Param enables recruiters to significantly increase the speed at which they hire, while reducing the number of hours spent on manual, tedious processes by 30-40%, automatically reducing the cost-to-hire.It also helps them make great and data-backed hiring decisions. Data is key in recruiting, and Param aggregates and standardizes the data for recruiters so that they stay focused on engaging and hiring top talent”.
From what we got from the live demo at the event, the process that Param.ai has for candidate selection is divided into 3 parts.
- Candidate Discovery
- Candidate Engagement and,
- Candidate Retargeting
Basically, a candidate is first discovered after Param.ai connects with your ATS services and stack rank the candidates against open job profiles by continuous matching. It derives helpful insight from the ATS for the company requirements and patterns followed through hiring pattern analysis.
It then moves to Candidate engagement where custom emails are sent to them to initiate the hiring process with automated follow-ups based on pre-defined rules by the company. Param.ai also prepares campaign reports for you to get valuable insights into the company’s hiring process and what’s needs to be changed.
Next step is Candidate retargeting where Param.ai retargets the best of the candidates across the networks and even from past for the open positions by mining your ATS engage with them.
That’s how Param.ai spends a typical day.
As we know the a.i or artificial intelligence is the next big thing in the tech world. A.I tech is spreading fast everywhere and is automating almost everything around us. Param.ai, being the one of its kind product is sure to rattle the market in some ways, just how much that is, is yet to be seen. There are some questions, some of which were even asked at the launch event about whether it will be able to replace a human working behind the process completely, answers of which, only time will tell. For now, Param.ai is here, and we should congratulate and welcome them wholeheartedly,
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