To address the critical challenge of hiring the right kind of sales and marketing talent, this Hyderabad-based startup has launched a one-stop digital platform.
Startup: The Sales Talent
Founder: Prasad Tataverty
Year it was founded: March 2018
Where it is based: Hyderabad
Problem it solves: Jobs site for sales and marketing professionals
As the founder of Renascence Talent Solutions, Prasad Tataverty primarily focused on hiring leadership talent globally - CXOs who drew annual compensations of Rs 50 lakh and above. He started the company in 2016, and operating out of his flat in Hyderabad, the business proved to be a lucrative one as a technology-driven boutique search startup.
The 40-year-old had earlier had global experience of hiring, especially in the US and Europe when he worked with Tech Mahindra. Two years into the operations of Renascence Talent Solutions, Prasad saw there was no digital platform to exclusively address the requirement of sales and marketing professionals. “I realised that not much was being done in the sales and marketing professionals space as 90 percent of the recruiters are not able to assess them properly,” he explains.
He thus launched a digital platform - The Sales Talent - for the exclusive hiring of sales and marketing professionals, tapping into the mid and junior-level segment. This marked a transition for Prasad from a boutique search firm to a career portal for mid and junior level professionals.
Recruiter.com, in a recent report, states approximately 90 percent of hiring managers surveyed said it is becoming more challenging to recruit and hire enterprise sales professionals, with 57 percent saying it has become even more difficult over the past 18 months.
Prasad’s provides a 360-degree solution to the entire process of hiring sales and marketing professionals. The digital platform acts as a one-stop shop for jobs, career, networking, learning and mentoring. On the networking aspect, the startup provides a listing of various events that can enhance the skills of sales professionals. “We believe that sales professionals can succeed only when they participate in events, trade shows, and conferences,” says Prasad.
How does it work?
A prospective candidate coming onto the platform goes through five stages of screening, which includes the CV, sales assessment test, social profiling, and video resume. For its premium customers, the startup can also send chatbot-enabled video resumes of prospective candidates.
In effect, the portal gives a prospective employer access to pick up talent, and professionals have the opportunity to continuously upskill or network. According to Prasad, they are able to fulfill around 70 percent of the recruitment process.
The Sales Talent has been able to provide this technology-curated specific solution for its customers at reasonable prices which leads to huge savings for companies. Typically, an HR agency charges around 35 percent of a candidate’s salary as fees.
“Sales function is very critical, and companies struggle to hire good people, with the churn rate being close to 35 percent. Many of them hire on gut feel, but we are making decisions on various parameters,” Prasad says.
The Sales Talent has engaged technologies such as Artificial Intelligence, and Data Analytics to create various solutions as the entire transaction is done online. Ironically, for Prasad, finding tech talent who could build solutions on the sale and marketing domain proved to be a challenge, as there were very few who understood this subject.
What sets it apart
The Sales Talent has around 32 direct customers receiving 7,000-odd clicks with over 300 employee registrations.
Prasad claims The Sales Talent's sharp focus has given it an edge over other players in the market such as Naukri.com. “They are generic, but we are specific. We moderate each and every profile,” he adds.
Prasad cites the example of Indian IT companies that have most of their hiring functions for global roles sitting outside the country. “Their reach is limited but we will help them go global and they will have to spend money only on the licence that we offer,” he says.
The Sales Talent currently only has operations in India, but plans are on to expand into the US, the UK, and Dubai. In countries such as the Philippines, Sri Lanka, and Nepal, the startup is planning to explore a franchise model. Among The Sales Talent’s clients are Oracle, Mphasis, and Happiest Minds, while Reliance Industries has recently approached them. Prasad says the company does not charge clients when they successfully hire the candidates but would look at that possibility going forward.
What’s on the cards
As far as future plans are considered, The Sales Talent will provide predictive analytics, where employers get an early picture of the behavioural and cultural fitment of any candidate. It also plans to provide a real-time connection for prospective candidates on the job description.
Regarding the current business model, Prasad says the company has got various revenue streams, which include licensing model for employers, a fee-based package for job seekers, and advertising.
The sectors Prasad finds the highest traction for sales and marketing professionals are retail, consumer electronics, NBFCs and IT services. He, however, adds that there are changes according to geographies. For example, there is a greater focus on retail and real estate talent in Dubai, while in Singapore it is for BFSI and retail.
Prasad operates both Renascence Talent Solutions and The Sales Talent, and both these entities are looking for funding. Renascence's operations are already profitable, and it enjoys earnings before interest, tax, depreciation, and amortisation (EBITDA) of 32 percent. This has enabled Prasad to bootstrap The Sales Talent, which is a team of six currently.