Venn, an online recruitment and talent discovery platform for Gen Y and Millennials, has launched in Singapore with leading global brands on board. Founded by ex-banker Candice Aw in 2016, the Singapore-based startup aims to complement the traditional recruitment process by leveraging its AI-powered matching algorithm that connects job seekers with businesses. Venn takes into account factors including the candidate’s personality, interests, and cultural fit.
Venn is already being used by the likes of Spotify, Uber, DropBox, Carousell, Zalora, Paktor, Chope, Honestbee, iFlix, and Sephora. Available at launch online as a mobile-optimised web app, the company is in the process of raising S$500,000 in seed funding to drive recruitment, build out new product features, and expand to new markets across Southeast Asia including Indonesia and Vietnam.
Candice Aw, Founder and CEO of Venn, said, “Pain points I felt when I was looking for jobs is what sparked the idea for Venn. Traditional recruitment isn’t necessarily broken, but there are many ways it can be improved. The challenge of finding talent is real. Businesses are looking for more efficient, smarter, and innovative ways of sourcing and securing talent that matches their evolving needs. You hear of companies and recruiters increasingly turning to social media platforms like LinkedIn, Facebook, Twitter, and even Tinder — all in a bid to find the perfect candidate.”
Venn For Job Seekers
Apart from submitting criteria such as skills and qualifications, job seekers are also invited to answer questions around interests, personality, and career aspirations to super-charge their profile. They are then matched to suitable openings from a curated list of companies through Venn’s AI-powered algorithm. This helps Gen Y and Millennials find higly-personalised career opportunities that they may otherwise have missed.
Venn For Businesses
Singapore’s unemployment rate in Q1 2016 stood at 1.9 per cent, according to the Ministry of Manpower. With skilled labour in short supply, firms are finding it harder and harder to identify and attract talent. Businesses also need to cope with the problem of job-hopping. Global recruiter Randstad found that 79 per cent of Singaporean millennials (those born between 1980 – 2000) are looking for new opportunities to switch careers, placing extra pressure on HR to keep the age group motivated, according to a survey from Q3 2015. Correspondingly, a global study by PwC found that 25 per cent of millennials expect to have six employers or more during their career.
Venn’s AI-powered proprietary matching algorithm helps firms uncover the best candidates, opening up a new pool of young talent for Singaporean businesses. The focus on “soft skills” like desired work culture and personal career goals complement “hard skills” like education and work experience, which in turn increase employee retention and job satisfaction among new recruits. Industries with the highest proportion of employers looking to increase headcount include technology, media, and advertising – three of Venn’s primary focuses.
“We provide a way for businesses to fully showcase their employer brand and to establish themselves as an ‘employer of choice’. Our vision is to be a key partner for HR teams all across Singapore,” Candice said.