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100X.VC Team
Written by various collaborators within Team 100X.VC
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Jan 24, 2023
Topic

Introduction

Candidate ghosting refersto the candidates who cease all communication with an employer throughout the recruiting process. The process of ghosting by the  job applicants can occur at any stage of the recruiting process, from the invitation to the first interview through the job offer. In the recruiting market, the problem of applicant ghosting in 2022 has lately become a concerning trend.According to a recent report, 95% of recruiters have experienced candidates who disappeared after the job interview without a whisper. The cost for such incidents is always high for an organisation because they invest time, money, and effort in pursuing a candidate who has no intention of joining the  team.

Founded by Ayushi, Vishal & Vashistha, Open Offers addresses the problem of candidates backing out from their commitments, last minute. It helps enterprise recruiters promptly identify instances of their potential hires taking-up conflicting commitments, so that recruiters can control business losses due to no-shows/ offer-drop-offs, candidate absconding, moonlighting.  OpenOffers is a Commitment Intelligence platform for recruiters to come together and share key hiring signals anonymously. It provides recruiters a timely visibility to candidates who are likely to turn down their offers. 

Open Offers anonymously connects  recruiters from across enterprises, on one single, easy to use, online private collaboration platform that enables them to know what’s happening in the world of candidates, between the date of offer acceptance, and committed date of joining. Recruiters want to drive better commitment and timely decision making from candidates, and help reduce the commoditization that is rotting the core values of hiring industry. Open offers will enable Candidates to make clearer choices subconsciously due to the presence of and establishment of Commitment Score Mechanism, transparency, authenticity and trust will prevail within hiring, recruitments and overall human capital domain.

Ayushi comes from the background of talent acquisition, and personally faced the agony of candidate ghosting. Not only while she was at IT startups but also at MNC such as VMWare she and her team faced the problem of candidate ghosting. Possessed to do something about addressing this, she came up with the idea of OpenOffers. Vishal was approached by Ayushi  through a mutual connection to explore working with her. In 2021, Ayushi and Vishal after umpteen number of deliberations on the idea, and knowing each other, Ayushi and Vishal firmed up the solution, and in August 2021, Ayushi and Vishal Incorporated Nawksoft, which is the parent company for brand name OpenOffers. They feel this is an industry transforming business venture, and it is worth their time at this point.  

Market opportunity

The Covid-19 pandemic has led to a paradigm shift in the way HR functions are performed. This is giving a push to HR technology—an area that has mostly been untapped. Disruptive technologies are fueling investment and innovation in Indian HR Tech sector.  The Indian HR technology market reached a value of US$ 850 Million in 2021. It is expected to reach US$ 1.510 Billion by 2027, exhibiting a CAGR of 9.9%. 

The problem of candidate ghosting has been prevalent in ths industry. It costs a company Rs. 60,000 every time a candidate doesn't join after accepting an offer. In India, IT sector alone incurs direct losses of whopping Rs. 11,700 cr due to candidate ghosting every year.

100X VC Thesis

OpenOffers is solving a burning problem for millions of enterprises around the world. The founders come from a deep understanding of the problem, and are the right team to be solving it. The product is the first of its kind unique solution, which creates a sort of reverse glassdoor or credit rating for candidates. 100X believes OpenOffers has a large opportunity to create a truly global business.

Conclusion

Given the team’s expertise in recruitment and technology, open offers will enable transparency and authenticity in the whole recruitment process. The private community of recruiters will foster genuine relationships among recruiters across the globe as it anonymously connects  recruiters from across enterprises, on one single online private collaboration platform that enables them to know what’s happening in the world of candidates.  OpenOffers is at the cusp of transforming this competition into a healthy collaboration for the hiring industry to avoid candidate ghosting, and be better prepared to learn candidate tendencies. This is a once in a lifetime opportunity of any industry and OpenOffers is tapping in it.

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