Cognavi a Japanese Pioneer in HR Services in collaboration with SRM Group transforms talent acquisition with AI Technology
- Launch of the State-of-the-Art AI powered Job e-Platform
- Addressing the recruitments needs of over 90 Lakh fresh Graduates, which includes 15 Lakh fresh Engineers.
- SRM and CRESCO have invested around 10% each, and balance by Cognavi, out of the total investment of over 100 crores.
Cognavi India, a subsidiary of Forum Engineering, a pioneer in new human resource services in Japan, uses AI to match the skills of engineers with job types., joins hands with India’s leading Education and Consulting Group, SRM, to disrupt the e-recruitment process, with the launch of the Artificial Intelligence powered Job Portal in India. In an event in Chennai, Cognavi announced the launch of the Job Portal in India on the 22ndJune 2023 that aims to redefine the recruitment process by offering a unique AI based solution that connects Job Seekers directly with Companies, based on their skills and characteristics.
Cognavi India is a tripartite investment collaboration between Forum Engineering Inc., CRESCO Ltd., both from Japan and SRM Global Consulting Private Ltd from India, which would provide cutting-edge AI Recruitment solutions to the 90 Lakh freshers every year in the country. With several years of experience in Education & Training Services, Academia, Student Placement, and Industry Recruitment practices across multiple campuses, the SRM Group of Institutions could provide an excellent platform for a strategic partnership among the three Companies to streamline the recruitment process, ensuring efficient, cost-effective talent acquisition and fair hiring practices. The collaboration was formally announced today in Chennai in a glittering function where the Agreement was signed by the key leadership of the partner Companies.
Speaking on the occasion, Mr. Varun Modgill, MD & CTO of Cognavi India Ltd of Cognavi India, while emphasizing on the Platform’s significance, said, “The Cognavi Job Portal would provide the user with the unique opportunity to address the challenges of the Indian market, where approximately 9,000,000 are minted annually but have limited job opportunities. Anticipating a burgeoning Job Market with Government programs like ‘Atmanirbhar Bharat’ and ‘Make in India,’ the platform would connect Job Seekers with Recruiters, fostering a ‘Design India’ vision, bridging the supply-demand gap for Entrepreneurs and Multinationals.”.
Currently the rate of employment of fresh Graduates is in the region of 35-40% which is low considering the huge numbers generated every year leading to a tremendous backlog in unemployed youth which could result into a socio-economic challenge for the country. The required infrastructure to connect fresh Graduates with hiring entities has not been developed yet, and hence we still depend upon the efficiency of the Recruitment Cells present in every University Campus that serves as a bridge between the Job Seekers and Employers. Campus recruitments continue to be the primary mode of hiring of fresh graduates, which could become a challenge looking at the quantum of freshers graduating every year. Focusing on this factor, Cognavi India aims to connect fresh Graduates with Employers directly by making the most of the AI Skill Matching Technology, that has been customized for the Indian job market by over 30 Indian AI technology experts at Cognavi India.
Cognavi is equipped with modules designed for Companies, Students and Universities and plans to collaborate with various Institutions, recruiters, and AI enthusiasts to build the necessary infrastructure for transforming the recruitment industry. Cognavi plans on kicking off operations from the State of Tamil Nadu which has a population of around 8 crores and more than 500 Institutions. “With the collaboration with SRM Group, Cognavi will have access to over 40,000 students, and plans on attracting over 1.2 million (12 Lakh) students over a period of 4 years which is almost half of the State’s fresh Graduates. Cognavi will operate this fully localized website in India and will gradually expand and offer its services to the rest of India.”, said Mr. P. Sathyanarayanan, President, SRM Global Consulting Pvt Ltd.
Among the other cutting-edge features of the Cognavi platform, the Resume Builder would be critical for the Job Applicant, that not only helps in standardizing Resume formats but would also present matching skills for their dream jobs and missing skills that they need to recognize for future career growth. In addition, the Platform’s Job Position Matching capability defines the skills required from a database of over 100 million jobs and incorporates them into a matching logic where Employers can easily obtain well-reasoned results using State-of-the-Art Technology without the need to screen Applications based on subjectivity and intuition of the Employers. Students in turn can also use this technology to select jobs which match their pedagogy and skill.
A definitive game-changer would be the ‘Human AI’ Personality Assessment tool which is unique to the Cognavi platform. This assessment transcends the traditional academic achievement norms and evaluate basic personality aspects such as BIG5 and OCEAN in a simple 20 question evaluation process. Human AI thus is able to additionally reflect on Corporate Culture and Job Specificity to enable the best matching of both Companies and fresh Graduates, fostering better compatibility and fit for both parties