In search of quality hires, companies mostly opt for traditional recruitment platforms such as job boards, sites, and consultants. However, most job aspirants are not active on job sites but are assuredly active on social media. Also, there are people who are not necessarily looking for a job but may join a firm that provides better opportunities. A social media platform that bridges the gap between recruiters and job aspirants will simplify a lot of things. MyParichay is here to do that.
About MyParichay and how does it work
Recruiters often face difficulties in targeting prospect hires. Though social media provides them an opportunity to connect, searching networks of each prospect turns out as cumbersome. Here’s where MyParichay comes into picture. The software uses Facebook applications to extract work-related information of prospect hires, thus simplifying the hiring process for recruiters. MyParichay was founded in 2011 by Mr. Ranjan Sinha (Co-founder and Chairman) and Vivek Sinha (Co-Founder and CTO). “30 per cent of people who’ve searched for jobs on the portal have resulted in 60 per cent of the offers made. Currently, the tool allows recruiters to target a pool of 37 million professionals and fresh hires globally.”, Says Mr. Ranjan Sinha.
Marketing, revenue, competitions, and first 1000 visits
MyParichay uses B2B marketing techniques through email marketing focusing on clients such as HR heads and VPs. Also, the startup uses Facebook as a means to attract job seekers. MyParichay’s business model is license fee based, where recruiters pay an annual subscription. Mr. Ranjan regards Dice Open web and Entelo as competitors to MyParichay. “There are people already searching for jobs on Facebook. As per the studies, 83% of people use Facebook to look for a job than 36% who look on LinkedIn. Today we have close to 5 lacs MP users and the recruiters can reach out to 37 million profiles on Facebook basis skills, industry, experience etc.”, says Mr. Ranjan.
Challenges Encountered, Investments, and Future Plans
Making the Indian companies understand the value of recruiting through social media turned out to be the biggest challenge for MyParichay. India being a untapped land in this field gave MyParichay a first mover advantage. The startup raised funds through HT media’s job portal, shine.com. As for future plans, Mr. Rajan explains, “The next task is to sign up with job boards in the US, and MyParichay is building a team to focus on that market. Our plans is to reach out to more and more companies and show them the effectiveness of the tool. Currently we have Social Retargeting, Employee referral, Facebook career tab as our products which our clients are using and happy with.”
It’s a known fact that people spend more time on social media than on job sites. MyParichay smartly grabbed the first mover advantage by tapping this opportunity. Though, it remains to be seen that how MyParichay will convince Indian firms to recruit through social media. TTP wishes MyParichay team all the very best!