If you’re a small or large business owner, you’ve probably had to hire people to help you run different areas of your business. But what happens when you hire the candidates you thought were ideal and they turn out not to be? They don’t achieve the desired objectives and can affect more than one area.
That’s why it’s so important to have a Human Resources (HR) expert do the hiring. However, just like any other person, they can make mistakes and put the wrong candidate in the position they require, which means that the whole process has been in vain, “with time and money wasted, since the process also involves costs”, explained Gabriela Ceballos, CEO of Hitch.
The executive also mentioned, with data from the OCC, that it is currently believed that 62% of processes are slow and that they are the main indicator of success, that 96% of recruiters think that bias and subjectivity are a problem in the hiring process, that 70% of HR personnel do not have well-defined KPIs to improve their hiring, and 63% of candidates do not accept a vacancy because of bad experiences with HR personnel.
And this is where technology comes in as an ally, as platforms such as Hitch are arriving to change this in companies. These solutions are known as Talent Tech, which automate selection tasks through Artificial Intelligence (AI) and machine learning. In order to continue developing their technology, the company has raised $500K in a seed round from Valhalla Valley Ventures.
In fact, if you take a look at the trends in human capital and labor you will see that technology is imminent. For example, Deloitte’s Human Capital Trends report released in 2020 stated that there are three areas where organizations have opportunities to capitalize on change: AI integration, knowledge management transformation, and cultivating and investing in workforce resilience.
Hitch wants to boost technology among Mexican recruiters
In response to these trends and needs, Hitch has emerged in the country, a Mexican venture that seeks to provide a Software as a Service (SaaS) to companies, so that their recruiters have a technological tool that allows them to be more accurate with their choices.
The platform to discover talent offers information based on data, which are collected through CVs and third-party platforms such as social networks, as well as the development of neuroscience applied with AI on professionals ad hoc to the positions needed. In addition, it is ideal for use in these times, where everything is sought to be done remotely.
If you are now wondering how it can help, here is a list of its services:
- CV screening. This way they can have access to thousands of resumes that would be impossible to review manually.
- Evaluation of psychometric variables: executive functions, personality traits, intelligence, memory, creativity, among others.
- Measurement of competencies: preparation, training, knowledge tests for the type of work the candidate will perform.
- Virtual video interview, from which measurements and variables are extracted to get to know the candidate better, since its AI can detect facial expressions and non-verbal communication, just as a recruiter would do.
In this way, the CEO affirms that recruiters will be able to find the talent they need with an agile, intelligent, and human experience, since Hitch’s technology boosts data-driven insights for better decision making.
She also clarifies that the goal is not to replace HR people, but to make it easier for them to choose the perfect candidate, as well as to provide them with a more accurate and automated way, saving time (from months to hours), decreasing money losses for the company (it can cost up to 15 thousand dollars a year each process) and also staff turnover.
To monetize its services, Hitch has three plans ranging from $2,500 to $3,000: Lite, Prime and Black, which adapt to the needs of each organization, whether they want to fill one vacancy or an unlimited number of positions.
Currently, its twelve employees are working with five companies in the delivery, technology, and airline sectors for the pilot phase. In addition, Hitch has managed to raise 400 thousand dollars in pre-seed capital for this first year of operations, for which they will seek to offer their services in 100 companies in the country, although they also want to cross borders in the future so that organizations beyond Mexico also have the right candidates in the right position.