Receptix was founded in 2017 by a visionary who wanted to revolutionize the world of online recruitment. The goal was to empower employment across the globe through one single platform, and bridge the gap between job seekers and employers.
Here, Amitt Sharma, Founder and CEO, Receptix, tells us more. Excerpts from an interview:
DQ: Elaborate how Receptix enables programmatic job advertising.
Amitt Sharma: One of the biggest advantages of using a programmatic approach is that it can be much faster in generating applications and placing candidates in appropriate roles. According to Aptitude Research, 57% of companies that are using programmatic job advertising plan to increase their investment in 2021, while over 30% of companies are continuing the same investment.
Considered as a cost-saving alternative to traditional advertising, programmatic job advertising leverages AI for maximizing outputs and optimizing the results. Receptix is a platform that uses advanced digital technologies to provide unlimited remote job opportunities from around the world that are not limited by a single search engine.
Through programmatic job advertising, Receptix is harnessing the browsing data of the ideal job seekers and using sophisticated algorithms to display the right ad, thereby laser-targeting their ideal match. The cutting-edge technology, powered by AI and machine learning, used by Receptix allows users to find the best results with a single click. This results in providing qualified matches quickly and cost-effectively, while also offering real-time insights at each stage of the job seeker’s journey from click to hire.
The platform has compiled remote job vacancies from all over the world, including India, the United States, Canada, the United Kingdom, and Germany.
DQ: How this technology is helping in the segregation of candidates?
Amitt Sharma: In today’s complex global job market, it’s becoming increasingly difficult to find qualified candidates to fill open positions. Work-from-anywhere culture has created new challenges for recruitment teams, who must broaden their reach in order to hire from a larger pool of candidates, translating to more resumes to sift through in order to quickly select quality applicants.
Organizations that use programmatic job advertising see a significant improvement in their overall recruitment marketing and talent acquisition metrics. According to Aptitude Research, a Boston-based analyst and advisory firm, brands that use programmatic job advertising are twice as likely to reduce its time-to-fill, as those that do not. When compared to companies that use traditional advertising, these companies are nearly three times as likely (56% versus 19%) to improve the quality of hire.
Programmatic job advertising ensures that ads are placed where they are most likely to be seen by the most qualified candidates. It aids in the optimization of job ad performance through continuous – and often automatic – testing and adjustment.
Receptix’s goal through programmatic job advertising is to help employers across industries find the best talent and job seekers find the perfect jobs of their optimal preference, owing to the industry-leading digital technology and a data-driven approach.
DQ: How Receptix is involved or working out with Industry 4.0? Industry 4.0 has been defined as “a name for the current trend of automation and data exchange in manufacturing technologies, including cyber-physical systems, Internet of Things, cloud computing and cognitive computing, and creating the smart factory.
Amitt Sharma: As per the reports by Markets and Markets, the Industry 4.0 market is expected to grow from USD 64.9 billion in 2021 to USD 165.5 billion by 2026, at a CAGR of 20.6%. The objective of Industry 4.0 is to enable autonomous decision-making processes, real-time monitoring of assets and processes, and equally real-time connected value creation networks through early stakeholder involvement and vertical and horizontal integration.
In essence, the technologies that enable Industry 4.0 use existing data as well as a plethora of additional data sources, such as data from connected assets, to gain efficiencies on multiple levels, create end-to-end information streams across the value chain, and realize new services and business models.
Some of the goals of Industry 4.0 in this customer-centric sense of increasingly demanding customers include, enabling more direct models of personalized production, servicing, and customer/consumer interaction, as well as cutting the inefficiencies, irrelevance, and costs of intermediaries in a digital supply chain model, where possible.
Automating and simplifying are the core competencies of Receptix.
From the hiring process to saving time for creating to optimizing job ads swiftly and cost-effectively by leveraging the candidate’s (job seeker’s) browsing data and sophisticated algorithms to provide real-time insights at each stage of the candidate’s journey.
DQ: Also, jobs are also getting referred to, by people. Is that a problem for job sites, and how are you handling that?
Amitt Sharma: According to a study by PayScale, a Seattle-based compensation tracking company, referrals do help to speed up the hiring process, but companies that rely on them risk having “unintended consequences” such as a less diverse workforce.
According to the same survey, roughly one-third of current employees (34%) received job referrals. Referrals may create a biased environment and companies that value diversity should not solely depend on referrals. Experts agree that workplace diversity is intrinsically valuable to the organization and is more than just a politically correct goal.
The pandemic has created a unique scenario in the job market, which cannot alone rely on referrals. In context to U.S. Job Market, the situation is such that while employers are complaining for months regarding the difficulty of hiring during a labour shortage (with more than 10 million job openings for 8.4 million unemployed workers), interviews with job-seeking workers revealed a concurrent reality stating difficulty finding suitable work as they navigate the pandemic-impacted labour market. This unbridged gap between both hiring managers and job seekers needs to be addressed on an immediate basis so as to avoid economic regression. Identifying this bottleneck, we at Receptix introspected and devised a solution to empower employment across the globe with a single platform.
Organizations can leverage the power of programmatic job advertising by using complex algorithms that help in eliminating human bias. It includes diversity data points sourced from multiple jobseekers when it places your job ad on the internet, laser-targeting the ideal match, and prioritizing an unbiased hiring process.
DQ: What are your future plans?
Amitt Sharma: Our vision for Receptix is to carefully optimize user behavior and streamline the recruitment process to benefit both candidates and employers mutually. We want to revolutionize the world of online recruitment through programmatic job advertising and to provide remote vacancies to candidates all over the world. Since its inception, Receptix is expanding its horizon. In the coming year, we intend to expand our portfolio. The global recruitment market is worth USD 200 billion, and we aspire to become an industry leader. We aim to reach 100 million users and expand our geographic presence to 15 countries by the end of 2022.