RelinkLabs tackles the one in ten “bad hire” rate with data
$6-7000 per position, 12 weeks, and a one in ten ‘bad hire’ rate: these are the potential pitfalls awaiting the recruiter according to RelinkLabs. Founded in 2013, the Copenhagen-based company are launching a new API to streamline the recruitment process. The first of its kind, it will generate insights based on proprietary data products to help match profiles against job openings – making a traditional resume only “one of many data points”.
RelinkLabs is part of a trend of recruitment startups, alongside companies like Praice, Startup Matcher, and Skillhunt, who are trying to update the stale employer-employee paradigm. Relinklabs approach is to drive the process automatically for the recruiter, integrating a variety of data into the traditional job application.
With information such as “average time a person stays at a job” and “predicted career trajectories”, the API gives recruitment technology software access to a more complete picture of employers and employees. This blends the personal elements of startups like Praice or Skillhunt with a more analytical focus, giving traditional HR management systems the capability to add candidate analysis and recommendation features in their applications.
Automatically assess incoming applicants
As an employee, creating profiles for employers on various platforms is time-consuming, but the algorithm driven RelinkLabs delivers a database of aggregated information on candidates and employers enabling automated use by recruitment software. Whilst human curation can be useful, ReLinkLabs believes that it is ineffective in comparison with leveraging forward-looking algorithms and AI to make sure the best person is recruited for the job.
With $1.34M in seed funding, RelinkLabs look to be the technology to help companies keep pace with swiftly evolving hiring methods in which the data available to recruiters will only continue to grow. Indeed, it seems paradoxical that any progressive-minded company would not be open to new ways to identify and recruit the right employees to fuel their future.
John Rose, an industry leader in the recruitment field, has said:
“As far as recruiting is concerned, I believe there are very clear limits to how many websites, mouse clicks and searches a human being can do in a day – while machines have no equivalent limit. For that reason, we should let technology be our researcher.”
Via “data science, machine learning, and recommendation algorithms”, RelinkLabs are certainly placing themselves on that frontier with their new service launch.
