Our original vision for Elevate; to connect Contractors with Jobs directly, cutting out the middleman is beginning to become a reality. Up to now, the majority of our customers have been small agile companies, with very little barrier to entry for us. They’d happily come along, sign up, and more often than not, have success, make a hire or two, in some cases a lot more, and generally quickly get to grips with the system. These smaller companies typically could afford to invest that little bit more time and effort into the selection and recruiting process. Through a lengthy feedback loop exercise we’ve begun to understand just what functionality we’d need to appeal to larger firms.
One of our main projects this past year has been applying a Machine Learning approach to all the Data we have. We worked out we could quickly build organisational level hiring patterns to give us a Cultural fit score, showing us definitively where companies tended to hire Contingent workers from, what skills they tend to have, and thus what “good” looks like for that organisation. Large brands are attractive to Contingent workers; they tend to offer stability, lengthy contract’s, the work tends to be interesting and they look good on the CV, plus crucially they tend to pay good market rates. We understood therefore that when a large branded advert went out to attract job-seekers it attracts a LOT of response. You might think this is great for those brands that want to Direct Source, but it actually creates a big issue – thousands of direct applicants that need to be filtered, reviewed and either engaged or rejected – All the while keeping an eye on Brand engagement.
So, we built a ranking engine.
This system understands and reads the CV’s. It understands where people worked and what they did, what skills they’ve been using and for how long. It allows us then to rank applicants as they come in on scale based on previous hiring patterns. So, those thousands of direct applicants all of a sudden become ranked by suggested best fit, cultural match, skills and more.
Corporate customers of IQNavigator can now take advantage of using their own brand to attract and filter candidates on scale, bypassing the need for Vendor suppliers to source and filter. This means we can cut out the majority of the vendor spend % which all comes from sourcing activities. Firms using an onsite MSP can retain their services for administration and payroll of activities, or take advantage of the Elevate eco-system, which include Pre-Employment Screening, Vetting, Payroll and more.
It’s still early days for the emerging FMS (Freelancer Management Systems) technology companies, but at Elevate we firmly believe the technology is now here to allow this type of complex transaction to be made easier and give larger enterprises control back of their brand and drive direct applicants, thereby reducing spend on vendors and gaining far more insight, through intelligent data into their contingent workforces.
Dan Collier, CEO & Co-Founder, Elevate
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