Last quarter saw an incredible performance not only in terms of the revenues (realized or promised) but also the kind of customer support that we've provided. We - who we? Uhho... by now you should have learnt about my employer - Transversal e Networks (TeN) - a software product company operating into eLearning, Knowledge Management, LMS et al. A truly fabulous team to work with.
The recent success have given us confidence not only in our products but also in ourselves that - yes, we have the capability to operate globally. A thought came to me recently and it is concerned with the product TeN™ iLMS - integrated Learning Management System - complete suite for all your needs around LMS with a big bonus of Competency Managemeny System and Resource Management System -- that we have found critical for conducting Corporate Training, making Career Path and doing Competency match for the openings.
I have been looking for contacts in recruitment companies - like Naukri.com, Monster.com, TimesJobs.com, HotJobs.com and several players operating locally with a substantial client list - for making the process of recruitment much more efficient and cost effective.
I have been reading that success rate against an offer made is around 30%-35%. That means, out of every 100 offers made, only 30-35 people join. For rest 65 openings, you need to conduct, on an average, around 200 full rounds of tests and interviews.
A small calculation on the total cost of interviewing an individual at the center (using averages):
1. Telephonic Interviews1: Rs. 100
2. Flying individual to test center: Rs. 20,000
3. Two day stay in city1: Rs. 2,000
4. Tests: Unknown
5. Interview: Unknown
1: Assuming there are only two rounds.
2: Inclusive of conveyance, fooding and lodging.
I fail to quantify the costs involved in testing and interviewing him at the center. It involves times. Mostly, this takes a full day. As such we can take one-day pay accounting for this, approximately Rs. 2000.
The total cost of interviewing one person, on an average, turns out to be around Rs. 25,000. Taking a 35% success-rate (best case), to recruit 10 people, the average cost incurred exceeds Rs. 7,00,000 - Yes, Seven Lakh!, and this is when I take the best rate for the turnup.
Wouldn't it be great if we can reduce it, say, only Rs. 2500 per interview? That translates to 90% savings! And you got it right... that's what TeN™ iLMS is all about.
If your firm is looking for into cutting costs without losing on other ground, this is the way to go about it. Mail me at gvaish @transversal or gaurav.vaish @gmail for more details.
