The platform uses a neural network in scanning CVs.
Hiring staff in a city where the turnover rate is 12.7% is a difficult task, made all the more so by hiring managers who aren’t sure of the skills they really need and candidates struggling to match their abilities to the job. HR startup Neufast has created a platform that scans a candidate’s CV, matches their abilities to the job requirements, and benchmarks against the skills the candidate should have. It then puts the candidate through an array of online psychometric tests before finally moving to a 30-minute video interview with the hiring manager.
All these steps should increase the quality of staff hired and reduce turnover rates, argued Neufast’s CEO Agnes Wun, who secured a US$150,000 funding from SOSV China.
Neufast says it offers a quicker and more standardised way of choosing candidates. It uses a neural network to do their algorithm and establishes a benchmarking assessment based on the employee profile and extracts information from their CVs, such as skills and knowledge.
It also does a psychometric assessment based on the five-factor model of personality, which tests their workplace behaviour, and the final step is the 30-minute video interview.
Neufast then submits the overall performance score to the HR manager, which is said to predict their success in the workplace. The manager will then decide whether the candidate should be invited for a face-to-face interview.
“Very often, people ditch out, who don’t have like the holistic view of the market of the workplace. And when they go and fill up those roles, they spend lots of time and energy trying to understand what the hiring manager is trying to look for and a pain point for a manager is that the HR does not necessarily understand the requirement of these roles. So we come into assist the HR manager to do quicker, more accurate and scientific way of selection,” said Wun.
The Neufast CEO said they are also currently doing a fundraising targeting $3.9m (US$500,000) to $7.8m (US$1m) to bolster their expansion in Mainland China and Southeast Asia.
“APAC’s economic growth will be around 5% to 6%. So we do expect our growth to be above this. I see that a lot of overseas companies, like German companies, are very active in opening up new factories and new chemical plants to capture the China market. So they would hire very aggressively. And so that’s why we need to consider this as our growth engine,” Wun concluded.
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