Ad land’s young guns: Ajay Goyal, Co-Founder and CEO, Erekrut

Ajay Goyal is the Co-Founder and CEO of Erekrut, a leading recruitment solutions company. With extensive experience in the HR and recruitment industry, Goyal has been instrumental in driving Erekrut’s growth and success. His innovative approach to talent acquisition and commitment to excellence has positioned Erekrut as a trusted partner for organizations seeking top-tier recruitment services.

In conversation with Adgully, Ajay Goyal, Co-Founder and CEO, Erekrut, speaks about the importance of innovation and adaptability in the recruitment industry. He highlights how leveraging cutting-edge technology and understanding market trends are crucial for attracting and retaining top talent. Goyal believes that a dynamic recruitment strategy not only helps companies stay competitive but also ensures they build a workforce that drives long-term success and growth.

Could you provide an overview of Erekrut and its core services?

Erekrut is a cutting-edge recruitment platform offering a comprehensive range of services tailored to streamline the hiring process for employers and job seekers alike. Our platform revolutionizes traditional recruitment methods by providing seamless job posting, candidate sourcing, and pre-hiring assessments. We also offer advanced communication tools and data analytics capabilities to empower employers to make informed hiring decisions.

Additionally, Erekrut has a dedicated focus on campus recruitment, connecting employers with top talent from over 700 campuses across India. As a milestone in our journey to become a key player in the hiring domain, Erekrut is planning to come up with a solution called OneDayHire, a groundbreaking feature aimed at expediting the recruitment process and facilitating same-day hiring decisions. With our commitment to innovation and user-centric design, Erekrut is poised to redefine the recruitment landscape by leveraging technology and data-driven solutions to create meaningful connections between employers, job seekers and institutions across.

What inspired you to start Erekrut, and what is the company’s mission?

The inspiration behind starting Erekrut stemmed from my firsthand experience during my graduation years. As a member of my university’s placement team, I gained valuable insights into the complexities of recruitment and placement processes. Additionally, my active involvement in the Entrepreneurship Club and the selection of several of my ideas by the university's incubation centerfueled my entrepreneurial spirit.

It was during my third year of graduation that the idea for Erekrut took shape. I envisioned a platform that would streamline the connection between recruiters, campuses, and candidates, simplifying the hiring process for all stakeholders involved. With the guidance and collaboration of my father, I embarked on the journey to turn this vision into reality.

Within a year, we launched the beta version of Erekrut, marking the beginning of our mission to revolutionize the recruitment landscape. Our goal is to create a platform that empowers organizations to make smarter hiring decisions while providing equal access to career opportunities for individuals based on merit and potential. At Erekrut, we are committed to bridging the gap between talent and opportunity, driving innovation, and fostering excellence in the recruitment industry.

What are the biggest challenges that you have faced since its inception, and how did you overcome them?

The biggest challenges we faced since Erekrut’s inception were multifaceted, each requiring a unique approach to overcome:

• Securing Funding: While funding is often a significant challenge for startups, my father’s extensive 30-year entrepreneurship journey in skill training and placement alleviated this concern. His experience provided us with invaluable insights and connections, making the funding process relatively seamless.
• Navigating the Impact of COVID-19: The outbreak of COVID-19 in March 2020 presented unexpected challenges, but it also provided a unique opportunity. With my father's tech-savvy background and experience in developing online platforms, we capitalized on the situation. He leveraged the downtime to develop the pilot website, which we successfully launched in July 2020.
• Overcoming Technical Hurdles: Initially, we encountered challenges with technology, leading us to collaborate with external companies. However, these partnerships proved unsuccessful, resulting in delays and setbacks. Learning from this experience, we made the strategic decision to build our in-house tech team in October 2022. Despite the setback, we launched our commercial site in March 2023, marking a significant milestone in our journey.
• Achieving Sustainable Revenue: While our subscription model, pre-hiring assessments, and campus connect initiatives generated revenue, it wasn't meeting our expectations. We recognized the need for experimentation and innovation to achieve sustainability. Drawing on our business background and the support of my father, we navigated this challenge, continually refining our approach to meet market demands.
• Introducing OneDayHire: As our mission evolved to become a key player in the hiring domain, we identified the need for a product that aligned with our vision. OneDayHire emerged as the solution—a solution that streamlined the hiring process, providing the rapid, efficient service we envisioned. With the introduction of OneDayHire, Erekrut will take a significant step forward in fulfilling its mission and solidifying its position in the market.

Who are Erekrut’s main competitors, and how do you view their impact on your market strategy?

Erekrut’s main competitors may find it challenging to adapt to our innovative approach, particularly with the introduction of our upcoming OneDayHire solution:

• Unique Offering: While traditional platforms struggle to match our efficiency, our OneDayHire solution will stand out as a game-changer in the recruitment landscape. Generating 50-100 leads within just 30 minutes of job posting at an incredibly competitive price of INR 299, it has revolutionized the recruitment process. Over 50 recruiters who have experienced its benefits firsthand can attest to its effectiveness.
• Disruption to Traditional Competitors: Previously, our competitors included various networking platforms and job portals. However, the introduction of OneDayHire has disrupted the market, potentially leaving traditional competitors scrambling to adapt. Our ability to deliver rapid, high-quality leads within minutes has set a new standard in the industry, challenging existing players to innovate or risk falling behind.
• Impact on Market Leaders: Our unique model presents a significant opportunity for market leaders to rethink their traditional revenue streams. By offering recruiters access to the best-matching leads within 30 minutes, we are reshaping the recruitment landscape and providing a solution to their most pressing challenges. While the transition may not be immediate, some of our pilot phase clients have achieved unprecedented hiring closures on the same day of posting – an indication of the transformative potential of OneDayHire.

In essence, Erekrut’s innovative approach may present a shift in the recruitment industry, challenging competitors to adapt to new standards of efficiency and effectiveness. As we continue to lead the way in revolutionizing recruitment, our focus remains on delivering unparalleled value to recruiters and candidates alike, ensuring Erekrut remains the preferred choice for streamlined, efficient hiring solutions.

What are some significant milestones or achievements that you have accomplished recently?

Some significant milestones and achievements that we have accomplished recently include:

• Expanding Job Seeker Database: We are proud to announce that our job seeker database has grown to approximately 8 million candidates. This expansive database allows us to connect recruiters with a diverse pool of talent, ensuring that they find the best-fit candidates for their roles.
• Leading Question Bank Provider: Erekrut has established itself as one of the largest question bank providers for skill assessments. With over 195,000 questions developed for over 2500 job roles, we have become a trusted resource for companies seeking to evaluate candidate skills accurately and effectively.
• Commitment to Continuous Development: Our dedication to continuous development and innovation is driving us towards even greater achievements in the future. We are constantly refining our platform and adding new features to enhance the recruitment experience for both recruiters and candidates. These ongoing advancements will undoubtedly lead to many more milestones in the times to come, solidifying Erekrut's position as a leader in the recruitment industry.

What are your plans for Erekrut, and where do you see the company in the next five years?

Our plans for Erekrut are ambitious and focused on achieving significant growth and impact in the next five years:

Becoming a Unicorn: As entrepreneurs, our ultimate dream is to propel Erekrut to Unicorn status as soon as possible. We are committed to driving growth and innovation to reach this milestone and solidify our position as a leader in the recruitment industry.

Global Leadership in Recruitment: We envision Erekrut as a global leader in the recruitment domain, serving clients and job seekers across borders. Our goal is to expand our reach and influence, establishing Erekrut as the go-to platform for recruitment solutions worldwide.

Tech Team Expansion: To support our ambitious growth plans, we are focused on further building our tech team. By investing in talent and expertise, we aim to ensure that our systems can seamlessly support the increased traffic and solutions that we envision. This will enable us to scale our operations efficiently and effectively.

Adoption of AI: We recognize the transformative potential of AI in the recruitment industry and are committed to leveraging this technology to its fullest extent. Our goal is to make AI relevant and accessible for recruiters, job seekers, and institutions alike, enhancing the efficiency, accuracy, and effectiveness of the recruitment process. By integrating AI-driven solutions into our platform, we aim to provide unparalleled value to our users and stay ahead of the curve in an ever-evolving industry.

In summary, our plans for Erekrut are centered on achieving significant growth, expanding our global presence, strengthening our technological capabilities, and harnessing the power of AI to drive innovation and success in the recruitment domain. With dedication, innovation, and strategic planning, we are confident that Erekrut will continue to thrive and make a lasting impact in the years to come.