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- Green Growth
|Recruitment methods adjusted to reduce disruption, source internet|
Kevin Tung Nguyen, CEO of JobHopin said, “The human resource (HR) and recruitment sector holds an important role during the crisis period. By applying AI, big data, blockchain technology, or machine learning, employers have witnessed a significant improvement in their recruitment process. Businesses are using AI technology to create a bias-free recruitment process where they find well-fitted candidates without the time-consuming, labour-intensive manual screening stage.”
JobHopin is applying AI technology to analyse and evaluate CVs in variable formats in Vietnamese and English while adapting the users’ search and connection preferences. One HR professional can manually scan around 300-400 CVs per day, but with AI, that number could increase tenfold, with constantly improving accuracy.
“Our AI can gather and analyse real-time market insights of talent supply and hiring demand in the three key urban markets of Hanoi, Ho Chi Minh City, and Danang,” he said. “From this, it calculates a match score to let recruiters know how much a candidate fits in their open position. With JobHopin, recruiters can automate the processes of sourcing, filtering, and connecting with the most suitable candidates, instead of traditional job postings.”
Moreover, as the demand soars for Vietnamese talents from foreign firms, having a solution to connect candidates with multinational companies is crucial. Taking JobAI-lysis from SAP SuccessFactors and JobHopin as an example, with its ability to accurately parse both English and Vietnamese CVs, Vietnamese candidates are now open to large numbers of job opportunities at global corporations.
Meanwhile, Vietnamese-based fintech startup GIMO has provided on-demand pay for nearly 30,000 employees, mainly in the manufacturing and retail sectors, growing monthly at 130 per cent since its inception in early 2021. The startup has the vision to build a digital financial platform that empowers blue-collar workers to better organise their money, from paychecks to spending, savings, and investments.
Nguyen Anh Quan, co-founder and CEO of GIMO, said that low and middle-income workers have lacked the financial cushion to overcome struggles such as the ongoing pandemic. In Vietnam, most of the country’s population have limited access to banking services, exposing them to predatory loan sharks when urgent payments arise.
“A financially stressed workforce could drain business productivity. That’s where earned wage access (EWA) comes in handy,” Quan says. “It allows workers to access their earned wage before the scheduled payday, offering them greater flexibility and control. EWA is already a proven model in many developed countries like the US, Canada, and the UK.”
By providing workers with instant, safe, and affordable access to their earned wage, GIMO’s on-demand pay solution helps employers nurture a positive workforce that is financially resilient against unexpected situations and work with peace of mind, Quan explained. “Also, our solutions can be a supplementary financial resource for business to reduce payroll risks,” Quan noted.
In November, GIMO secured $1.9 million in a Seed+ round. With the fresh funding, it plans to allocate more resources for hiring senior engineers, strengthening risk management competencies, and integrating advanced technologies.
Another homegrown startup, Nano, also provides an on-demand payroll product that pays workers daily instead of monthly in retail, services, and manufacturing. Employers compete with the gig economy for workers, which comes with a flexible work schedule and pays daily. With Nano, employees can get paid anytime they choose with a tap on their phone.
Meanwhile, the Cho Tot online classified site has rolled out a job-posting platform to connect blue-collar workers with employers in Vietnam. The platform features 24 blue-collar occupations including sales, shipping, security guards, kitchen assistants, and drivers. Job seekers can apply for a job by directly contacting the recruiter via phone call, text message, or creating a brief application within five steps.
To keep their operations going, many companies have shifted their business to virtual or hybrid models, including in HR management and recruitment. This opens up opportunities for homegrown Vietnamese startups to address gaps in the market.
Nguyen from JobHopin added, “We plan to change the way people hire and apply for jobs. With the tremendous potential of AI and machine learning, we want to transform the standard for the recruitment industry in other Asian markets after our Vietnam success.”