Status: ACTIVE
Stage: Seed Funding
Next-Generation Staffing Service
Brief
The idea of AI powered staffing service, that is going to replace a traditional recruitment agencies came to my mind when I was trying to find a job in Singapore after completing my bachelor degree. I was struggling to find a job, because I simply did not not how to address my skills and qualities and what kind of job I really need. But during that time I always knew, that there should be a technological solution, a match-making tool that simply connect me with an employer who really needs me.
First, I realised that “Resume” as a source of information about candidate is obsolete, and we do not need it in 2021. So I developed a simple solution:
- AI-powered natural language processing chat bot that extract information about candidate/employer through natural conversation
- Match-making based on recommendations engine, trained from big data
- Video interview or paid task (for technical jobs)
- Management tools (For remote work)
Problem and Solution is based on a deep and holistic research, including academical materials, industry expert opinions, reputable business publications.
SIMPLE, SEAMLESS, PRECISE
Misson
Magnett will be an effective medium for creating a precise first touchpoint between the candidate and the employer to create an organic environment for their interaction
Problem
Too much noise in the HR market
- Uncontrolled and excessive flow of applications from candidates who, out of need, spam their resumes into employers’ mailboxes.
- Hard to grab candidate’s attention
- No feedback mechanisms. No online trust in HR industry
- Too many job posts. Enough to occupy jobseeker for life applying them.
Too high hiring costs. Disproportionate resources
- Average cost to hire an employee is $4,000, with around 42 days to fill a position.
- The average amount of time it takes to find a job is about 9 weeks due to the process of sending out applications, scheduling interviews and waiting for a callback.
Current systems do not solve problem / Lack of Trust
- The field of AI in recruitment and selection (R&S) remains hugely underdeveloped
- ATS (Applicant Tracking System): Selects candidates with the best resumes (keywords), not the best skills=candidates
- Job boards still rely on 1990s ideas and technology
- People hoax their skills, responsibilities, employment dates, job titles, academic degrees, companies worked for, accolades/awards received
- Too long a path and many steps for candidate to reach the employer (Letters, forms, resumes)
Solution
WE SUPPLY
Talent Management & Supply Chain
1.We Provide HR management tools to facilitate efficient interaction
2.We mediate working conflicts
3.Candidate’s value and ranking is based on feedback from previous interviewees and on assessing the level of interaction after hiring
4.Salary is estimated by AI big data analysis and projected to both parties based on qualification and job requirements provided (Uber model)
TECHNOLOGY SUPPORTS
Enhanced Person-Job Fit Engine
End-to-end Ability-aware Person-Job Fit Neural Network (APJFNN) model
Word-level semantic representation for both job requirements and job seekers’ experiences based on Recurrent Neural Network (RNN):
- Text Mining With Deep Learning
- Intelligent way for Person-Job Fit
- Bridge for adapting the right job seekers to the right positions.
- GAMIFICATION
- We do not give any choice to candidates. We match them.
HUMAN DECIDES
Interview Carousel
Environment for effective interaction between the candidate and the employer.
Planning and conducting quick online interviews.
Goal: Minimum of the resources spent from the candidate and the employer for the first interview.
Just lay back and let us bring you to the interview
TECHNOLOGY SUPPORTS
Enhanced Person-Job Fit Engine
End-to-end Ability-aware Person-Job Fit Neural Network (APJFNN) model
Word-level semantic representation for both job requirements and job seekers’ experiences based on Recurrent Neural Network (RNN):
- Text Mining With Deep Learning
- Intelligent way for Person-Job Fit
- Bridge for adapting the right job seekers to the right positions.
- GAMIFICATION
- We do not give any choice to candidates. We match them.
HUMAN DECIDES
Interview Carousel
Environment for effective interaction between the candidate and the employer.
Planning and conducting quick online interviews.
Goal: Minimum of the resources spent from the candidate and the employer for the first interview.
Just lay back and let us bring you to the interview
WE SUPPLY
Talent Management & Supply Chain
1.We Provide HR management tools to facilitate efficient interaction
2.We mediate working conflicts
3.Candidate’s value and ranking is based on feedback from previous interviewees and on assessing the level of interaction after hiring
4.Salary is estimated by AI big data analysis and projected to both parties based on qualification and job requirements provided (Uber model)
Features
How it works
Ability-aware Person-Job Fit Neural Network
(Logic Model for AI algorithms)
Word-level: Capturing the key phrases from the sentences of job requirement.
Ability-level: Measuring the different importance among all abilities
Matching-level: Understanding the matching between job requirements and candidate experiences
Comparative Analysis of Screening in Operations Perspective
Process
The evaluation process is performed by algorithm to parse and match relevant keywords and phrases from information about candidate and that are related to job requirements.
The assessment is free from humans’ bias.
Chatbot can also perform the improved version of knockout questions. Instead of having merely ‘Yes’ or ‘No’ questions, the chatbot asks open-ended questions to get more clarification from job seekers.
Output
The output of AI is the recommendation on shortlisted candidates and humans have control to accept or reject the advice. When humans reject or accept, it simultaneously teaches AI algorithms to learn and improve future decision making. Simultaneously, the recommendation and insights from the machine can be used as the material for the interview stage hence making it more data driven assessment.
User Flow
Service Blueprint
User Journey
GAMIFICATION (AI chat-bot assessment)
We convert a traditional SJT (Situational Judgement Tests) to a gamified assessment
GOAL
Our aim is to gamify an assessment method that would support our AI matching algorithms to map out prospective employees’ soft skills.
REASONS
1.Gamification is a cutting edge of technology offering competitive advantage in the war of talent
2.The gamification of selection methods is also likely to improve performance prediction by impeding information distortion and providing better quality information about the test‐takers
3.SJT gamified assessments assess an applicant’s cognitive ability or judgment regarding a situation encountered in the workplace
4.Four of the skills that become in today’s demanding work environments (resilience, adaptability, flexibility, and decision‐making)
5.These skills, are key transferable soft skills integral to graduate employability
6.The base for building a product around the concept “Gamified recruitment” in future development. More research and feedback from users needed (Will be gained after launching MVP)
Product
We do not build features. We build a hiring experience
Automatic e-recruitment system that employs multiple cooperative semantic resources and occupational classifications (Generic lexical ontology “WordNet” and high-quality semantic resource “YAGO3”) to precisely match candidate qualification to their relevant job requirements. Two Interfaces: For Recruiter and Candidate. Clean, minimalistic interface
Web-Based Application (WBA)
Mobile Application
AI Chatbot to collect information about users + Chat Interview (Light)
- No need a resume
- Collected information will be used for a sematic analysis to produce a precise match between candidate and employer
- The chatbot will also be a tool that facilitate the assessment such as personality test or logical tests (the chatbot can ask candidates to solve mini cases or questions related to the domain of knowledge that relevant with the job)
- Dynamic wage projections are based on big data analysis of the local labor market and are displayed to both parties in the communication process. Changes depending on the entered requirements / skills
- No need a resume
- Collected information will be used for a sematic analysis to produce a precise match between candidate and employer
- The chatbot will also be a tool that facilitate the assessment such as personality test or logical tests (the chatbot can ask candidates to solve mini cases or questions related to the domain of knowledge that relevant with the job)
- Dynamic wage projections are based on big data analysis of the local labor market and are displayed to both parties in the communication process. Changes depending on the entered requirements / skills
GAMIFIED ASSESSING OF CANDIDATES’ SOFT SKILLS
We allow our chat-bot to use games in order to enhance fun, motivation, and engagement as well as improve predictive validity. Efficient in recruiting in graduate trainee and entry‐level positions with no prior work experience.
- Assess skills indirectly
- Focuses on behaviour and not on personality traits that appear to be a less import‐ ant criterion in employee selection
- Obtain higher quality information from candidates since they are more difficult for test‐takers to fake and better able to elicit behaviours than traditional selection methods
- The gamified SJT uses verbal and vision cues that enhance realism and as a result, might provide to future employers a superior assessment of candidates’ skills compared to traditional selection tests.
We allow our chat-bot to use games in order to enhance fun, motivation, and engagement as well as improve predictive validity. Efficient in recruiting in graduate trainee and entry‐level positions with no prior work experience.
- Assess skills indirectly
- Focuses on behaviour and not on personality traits that appear to be a less import‐ ant criterion in employee selection
- Obtain higher quality information from candidates since they are more difficult for test‐takers to fake and better able to elicit behaviours than traditional selection methods
- The gamified SJT uses verbal and vision cues that enhance realism and as a result, might provide to future employers a superior assessment of candidates’ skills compared to traditional selection tests.
MONETIZATION
We allow our chat-bot to use games in order to enhance fun, motivation, and engagement as well as improve predictive validity. Efficient in recruiting in graduate trainee and entry‐level positions with no prior work experience.
We create a SaaS company with 2 business models:
1.Subscription based –focus on the value provided: HRM tools and relationship mediator
2.Ad-hoc interview based. –For people who just want to match and communicate with a right candidate fast.
- The matching algorithm gives out the number of candidates available for interview that meet the requirements
- Employer decides what plan will be better for his company (If he is expanding business)
- If he wants ad-hoc hiring, he can choose how many interviews he wants to make
We allow our chat-bot to use games in order to enhance fun, motivation, and engagement as well as improve predictive validity. Efficient in recruiting in graduate trainee and entry‐level positions with no prior work experience
We create a SaaS company with 2 business models:
1.Subscription based –focus on the value provided: HRM tools and relationship mediator
2.Ad-hoc interview based. –For people who just want to match and communicate with a right candidate fast.
- The matching algorithm gives out the number of candidates available for interview that meet the requirements
- Employer decides what plan will be better for his company (If he is expanding business)
- If he wants ad-hoc hiring, he can choose how many interviews he wants to make
Automatic appointment of interviews
After the purchase, the employer chooses the type of carousel: now, or deferred (distributed interviews in the calendar)
It is possible to reject a candidate before the interview if the reviews do not meet the requirements
Synchronization with Google Calendar / Microsoft Outlook
Interview Carousel
When the screening process has been done and have eliminated 50%-80% of the candidates, the applicants’ pool can be narrowed down further video-based interview
- Each interview goes through an integrated video calling system.
- Notes function for later display in the shortlist
- Structure of interview (questions) are also displayed and customised
- The candidate information is displayed next to the screen:
- Work experience
- Education
- Skills
- Feedback
A Feedback Mechanism To Build Trust Online
A core element of the IRP system is mandatory feedback that candidates and recruiters must leave after the interview.
If he gave a good marks, the option to shortlist appears
NOTE:
There are many situations where candidates do not get a job due to special requirements. However, a recruiter can highlight his strengths to help other recruiters find him faster, which will create a more effective recruiting environment overall.
SHORTLIST
Before hiring, employer shortlisting candidates to choose the most appropriate.
Employer can
- Chat with them
- Negotiate salary
- Invite them to the next interview cycles
- Hire
MANAGE YOUR HUMAN RESOURCE
After hiring employer can use the full functionality of HR management tools
- Create tasks
- Create working milestones
- Demand results
- Work tracking
- Project management tools
- Pay rewards
- Assess skills
This activity also contributes to AI learning mechanisms, improving or decreasing the candidate rank
MARKETING
MARKET VALIDATION
TOTAL ADDRESSABLE MARKET
TARGET MARKET
In order to acquire the initial user base we concentrate our marketing resources to attract those customer groups, which will be benefit the most from using our platform.
These groups are characterised by the desire to get first interaction experience between each other fast and efficient without reasonable need to meet in person.
Target Industry:
1.Early Development stage (MVP): Business Services, Marketing
- Launching product: +Logistics and supply chain, Transportation
- Life: + Information and Communication Technology, Wholesale & Retail Trade, Accommodation & food services
Target group of candidates are: Fresh grads, Junior-Mid level professionals, remote workers and freelancers.
Target group of employers:
Startups, MSMEs (Micro, Small and Medium Enterprises).
PRODUCT ADOPTION
COMPETITION
MAIN COMPETITOR -HireView
COMPETITIVE ADVANTAGE
GROWTH STRATEGY/ PROMOTION
From staffing service to industrial match-making platform
CHALLENGES/RISKS
BUSINESS MODEL
We create a SaaS company with 2 business models: Subscription based Interview based.
INTERVIEW BASED
Short-term clients. Fast revenue.
We make money on every video interview ($50)*
VALUE PROPOSITION
We allow you to interview candidates that perfectly match your requirements using our video interviewing tools. After interview you can hire candidate using your own communication tools and recruitment procedures.
We only match and give you a space to talk.
*THE LOGIC: The current cost of hiring one employee using a traditional approach is $4000. We help to do 50% of hiring process (SAFE=$2000). We assume that out of 10 shortlisted candidates 1 will be hired. Thus, each interview supposed to cost $200. To gain a competitive advantage by saving 80% of hiring costs we sell 1 interview by $50.
SUBCRIPTION PLAN
Long term clients. Long but high potential revenue.
We make money on creating an efficient environment for managing HR
VALUE PROPOSITION
We consider specific needs of your company and stage of development. We allow you to use our talent management tools, work conflict resolving mechanisms to achieve the most efficient HR model for your company.
Every month you are can to hire a reasonable amount of employees, while our system will constantly looking the best one to satisfy your needs
DEVELOPMENT
MVP
Our goal is to get to market quickly, observe how people use our product and then navigate to the most profitable business
Purpose of MVP
1.To design effective business model
2.Focus on value proposition (Test Assumptions)
3.Build relationship with customer
4.Get fast response from market
5.Figure out if the product is viable
6.Acquire first data from users for training AI
7.Acquire first users
8.Define critical drawbacks and implement changes from tests fast
9.Spend time efficiently
10.Safe money (Full costs of product could be up x10 times bigger)
Features we build for MVP
1.Registration
2.Authorisation
3.Personal account
4.Interview mechanics
5.Chatbot –Qualifications
6.AI Matching
7.Calendar
8.Local scheduling /appointments
9.Feedback mechanism
10.Video calls
11.Admin area
COST OF DEVELOPMENT MVP
The quotation does not contain any support and maintenance costs as it is to be defined once the project is settled up.
FINANCE
FINANCE STATEMENT
TEAM & SALARIES
