R ARIVANANTHAM
CHENNAI, JULY 13
Aiming to connect all the job-seekers and job-providers – students, recruiters, and educational institutions – in Digital India, Cognavi India, a subsidiary of Tokyo stock exchange-listed Forum Engineering Inc has joined hands with Cresco Ltd from Japan and India’s SRM Global Consulting Pvt Ltd and formed a JV called Cognavi India.
Under this tripartite pact, the JV has launched a new AI (artificial intelligence)-powered employment portal here on Wednesday.
- The platform is equipped with modules designed for students, recruiters, and educational institutions and connects them with each other using AI
- Of the total investment of Rs 100 crore, SRM & CRESCO invested 10% each and the rest by Cognavi
- This platform will create a new eco-system in talent acquisition in the country: Varun Modgil, MD & CTO, Cognavi India
Forum Engineering is a provider of AI-based skill matching service provider focussed on mechanical and electrical engineers and IT job seekers under ‘Cognavi Staffing’ in Japan.
Stating that Tamil Nadu is a leading manufacturing hub and home to more than 500 higher educational institutions, Varun Modgil, MD & CTO, Cognavi India, said, “The AI-powered portal launched on June 22 in India will disrupt and redefine the entire e-recruitment process in India. We are launching this job portal in Tamil Nadu on pilot basis and will extend it to the entire country in a gradual manner.”
Varun Modgil 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 ‘Make in India,’ the platform would connect Job Seekers with Recruiters, fostering a ‘Design India’ vision, bridging the supply-demand gap for Entrepreneurs and Multinationals.”.
With several years of expertise in Education & Training 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 Companies to streamline the recruitment process, ensuring efficient, cost-effective talent acquisition and fair hiring practices, Varun Modgil added.
⇑TAGA Masayuki (3rd from right), Consul-General of Japan was also present at the MoU signing ceremony.
Currently the rate of employment of fresh Graduates is in the region of 35-40% which is low considering the huge numbers generated every year leading to a tremendous backlog in unemployed youth which could result into a socio-economic challenge for the country. The required infrastructure to connect fresh Graduates with hiring entities has not been developed yet, and hence we still depend upon the efficiency of the Recruitment Cells present in every University Campus that serves as a bridge between the Job Seekers and Employers. Campus recruitments continue to be the primary mode of hiring of fresh graduates, which could become a challenge looking at the quantum of fresh graduating every year. Focusing on this factor, Cognavi India aims to connect fresh Graduates with Employers directly by making the most of the AI Skill Matching Technology, that has been customized for the Indian job market by over 30 Indian AI technology experts at Cognavi India.
Dr P Sathyanayanan, President, SRM Global Consulting Pvt Ltd said, “With the collaboration with SRM Group, Cognavi will have access to over 40,000 students, and plans on attracting over 1.2 million (12 Lakh) students over a period of 4 years 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.”
Resume Builder
Among the other cutting-edge features of the Cognavi platform, the Resume Builder would be critical for the Job Applicant, that not only helps in standardizing Resume formats but would also present matching skills for their dream jobs and missing skills that they need to recognize for future career growth. In addition, the Platform’s Job Position Matching capability defines the skills required from a database of over 100 million jobs and incorporates them into a matching logic where Employers can easily obtain well-reasoned results using State-of-the-Art Technology 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 platform. This assessment transcends the traditional academic achievement norms and evaluates basic personality aspects such as BIG5 and OCEAN in a simple 20 question evaluation process. Human AI thus is able to additionally reflect on Corporate Culture and Job Specificity to enable the best matching of both Companies and fresh Graduates, fostering better compatibility and fit for both parties, a statement from Cognavi said.
