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.
Chennai, 12th July 2023 : Cognavi India, a subsidiary of Forum Engineering, a pioneer in new human resource se rvices in Japan, uses AI to match the skills of engineers with job types., joins hands with India’s leading Educati on and Consulting Group, SRM, to disrupt the e-recruitment process, with the launch of the Artificial Intelligen ce 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 sol utions to the 90 Lakh freshers every year in the country. With several years of experience in Education & Traini ng 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 Co mpanies to streamline the recruitment process, ensuring efficient, cost-effective talent acquisition and fair hi ring practices. The collaboration was formally announced today in Chennai in a glittering function where the A greement 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 emphasiz ing 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 ‘Ma ke in India,’ the platform would connect Job Seekers with Recruiters, fostering a ‘Design India’ vision, bridging the sup ply-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 hu ge numbers generated every year leading to a tremendous backlog in unemployed youth which could result i nto a socio-economic challenge for the country. The required infrastructure to connect fresh Graduates with h iring entities has not been developed yet, and hence we still depend upon the efficiency of the Recruitment Celspres ent in every University Campus that serves as a bridge between the Job Seekers and Employers. Campus recruit ments continue to be the primary mode of hiring of fresh graduates, which could become a challenge loo king at the quantum of freshers graduating every year. Focusing on this factor, Cognavi India aims to connect fr esh Gra duates with Employers directly by making the most of the AI Skill Matching Technology, that has been customi zed 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 w ith 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 pop ulati on of around 8 crores and more than 500 Institutions. “With the collaboration with SRM Group, Cognavi will have ac cess to over 40,000 students, and plans on attracting over 1.2 million (12 Lakh) students over a period of 4 yea rs 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 Co nsulting Pvt Ltd.
Among the other cutting-edge features of the Cognavi platform, the Resume Builder would be critical for the Jo b Applicant, that not only helps in standardizing Resume formats but would also present matching skills for the ir dream jobs and missing skills that they need to recognize for future career growth. In addition, the Platform’s Jo b Position Matching capability defines the skills required from a database of over 100 million jobs and incorpo rat es them into a matching logic where Employers can easily obtain well-reasoned results using State-of-the-Art Te chnology 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 p latform. This assessment transcends the traditional academic achievement norms and evaluate basic persona li ty aspects such as BIG5 and OCEAN in a simple 20 question evaluation process. Human AI thus is able to addit i onally reflect on Corporate Culture and Job Specificity to enable the best matching of both Companies and fre sh Graduates, fostering better compatibility and fit for both parties.
About Cognavi:
Cognavi is a groundbreaking job search platform that leverages AI and machine learning to revolutionize the recruitment industry. With its unique features such as AI skill matching, personality diagnosis, and automatic creation of job descriptions, Cognavi offers a comprehensive and efficient solution for both job seekers and c ompanies. By connecting students with the right opportunities and empowering recruiters with advanced to ols, Cognavi aims to transform the job search landscape in India and drive positive changes in employment ra tes.
About SRM Global Consulting Pvt. Ltd.
SRM Global Consulting Pvt. Ltd. is a Research oriented entity of SRM Group focused on industrial research and development collaborations. SRM Global Consulting plays a vital role in supporting the SRM Group’s internati onal endeavors such as research and consulting projects, facilitate exchange programs with foreign universitie s, and assist students for job opportunities in Japan, all with the aim of promoting international relationship an d providing value additions for the group’s institutions and students.
