In the intricate dance between job seekers and employers, the humble CV has long served as the initial connection point. Yet, in an era where information flows with the click of a button and technology reshapes industries, the trust that employers once placed in CVs has begun to waver.
In a survey published by HireRight, it was found 85% of employers uncovered lies on a resume. While these documents once promised to showcase a candidate’s aptitude and potential, they often raise questions about authenticity, relevance, and the elusive ‘perfect fit’. From exaggerations of skills to the misrepresentation of roles, the disconnect between a CV and a candidate’s actual capabilities can lead to a host of issues for both employers and employees.
Employers’ lack of trust in CVs can stem from various factors:
Skills Mismatch: Many CVs may exaggerate or misrepresent a candidate’s skills and qualifications. This disconnect between what’s on the CV and the actual skills can erode trust.
Educational Background: Fake degrees and diplomas are a concern. Some job seekers might fabricate their educational qualifications to appear more qualified for a position than they actually are.
Job History Inconsistencies: Gaps in employment history or frequent job changes without clear explanations can raise doubts about a candidate’s reliability and commitment.
Reference Checks: Not all candidates provide accurate references. Some may provide fake references or manipulate contacts to provide positive feedback.
Technological Advances: With technology making it easier to create fraudulent documents and profiles, employers have become more cautious about accepting CVs at face value.
High Volume of Applications: In some cases, employers receive a large volume of applications for a single job posting. This can lead to scepticism about the authenticity of the claims made in CVs and can make it challenging to thoroughly vet each candidate.
To address these trust issues, many employers are turning to various verification methods. But these methods are expensive and time-consuming. The end-to-end hiring process takes 42 days for the average candidate, with an HR professional spending 33% of their time each week hiring for a single position. What if a candidate could be immediately trusted without previously knowing them?
This is the vision that one UK tech startup, Calyptus, is creating for the future of recruitment. Through utilising the power of AI & blockchain technology, the team believe they cannot only reduce the time to hiring by 50%, they can also reduce employers’ costs of hiring by up to 90% compared to traditional recruitment firms.
Their V2 platform, launching in Q1 2024, will be a game-changing SaaS platform that promises to redefine how employers approach candidate verification and the overall hiring journey. The co-founders, Callum Crombie, Dan Jones & Ross Kolodyazhnyi aim to make hiring as trustworthy (and as fast) as hiring someone as if they were a referral.
Ambitious UK startup Calyptus has already raised $185,000 in a funding round led by the former head of education at NEAR Protocol, and backed by prominent investors from Moonpay, Wintermute, and TuesDAO. And now Calyptus aims to become the most trusted hiring platform. But how can it help employers?
Blockchain and AI: A Powerful Fusion
Employers are well aware of the time-consuming nature of the verification process. Hours spent verifying details on resumes could be better utilised for strategic tasks.
The utilisation of blockchain assures tamper-proof verification, addressing concerns related to data integrity and security. This is music to the ears of employers who value accuracy and transparency in every aspect of their operations. Additionally, the incorporation of AI accelerates the verification process, making it efficient and reliable.
Verifiable Credentials: A Breakthrough for Employers
Calyptus makes employers the assurance of 100% verifiable job applicant credentials. Imagine a world where the tiresome task of sifting through certificates, cross-referencing experiences, and conducting exhaustive background checks becomes a thing of the past. With Calyptus V2, employers can confidently embrace verifiable skills, experience, and qualifications, eliminating the need for candidates to repeatedly “prove themselves” during the application process.
Swift Placement: A Win-Win for Employers
In the fast-paced realm of business, time is often of the essence. Calyptus recognises the urgency employers face in filling vacant positions promptly. By simplifying and expediting the verification process, the platform acts as a catalyst, driving down the time to placement. This not only boosts operational efficiency but also ensures that the right talent is secured when it matters most.
Embracing Trust and Efficiency
Trust and efficiency are two pillars that form the foundation of successful recruitment. By elevating the level of credibility in candidate verification, the platform empowers employers to make informed decisions with unwavering confidence.
In a world where hiring is both an art and a science, Calyptus offers a harmonious blend of technological innovation and strategic advantage. As employers strive to build dynamic teams that drive success, this platform emerges as a vital tool in their arsenal, promising to reshape the way they perceive and engage with the hiring process.
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