Singapore-based AI startup KarmaV enters India aims to establish ethical hiring practices and DEI strategies
By siliconindia | Wednesday, 24 May 2023, 16:33 IST
KarmaV an AI-based SaaS platform focussed on solving diversity, equity, and inclusion (DE&I) status has announced its entry into India’s burgeoning HR Tech scene. Identifying the need gap for HR automation that focuses beyond process efficiency, the company plans to tap into India’s growing emphasis on implementing robust talent acquisition and retention strategies by developing inclusive and diverse workplaces.
In the last few years, India, with its advanced academic infrastructure, has emerged as one of the most promising countries for talent. Corporate India has increased its focus on developing fair and inclusive workspace policies that provide equal access, opportunities, and a sense of belonging to employees from diverse regions and demographics to work together and contribute to the organization’s growth. However, despite the best efforts and millions of dollars invested into DEI initiatives, the process remained restricted to resource-intensive surveys, audits, and mentoring programs with a moderate success rate. According to a report by ADP Research Institute’s People at Work, 85 percent of young workers between the ages of 18 to 24 feel a lack of diversity and inclusion policies, and 82 percent think that a gender pay gap exists and is unfair.
KarmaV is working towards solving this challenge. It provides workforce transformation solutions enabling organizations to decrease their attrition rate by 30% by addressing salary disparities, enhancing career advancement opportunities, and facilitating skill development. In addition, the platform has also worked with corporate and academic experts to run pilot projects that resulted in a 40 percent improvement in the quality and diversity of hired candidates.
Commenting on the announcement, Ujjal De, Founder & CEO of KarmaV, said: “The gap between what employees and employers expect is becoming increasingly huge, and although there has been a rise in HR technology solutions that help streamline processes, it often comes at the expense of employees’ well-being. Furthermore, as India’s status as a talent hub continues to expand, it becomes more critical for organizations to establish inclusive workforces that prioritize the holistic wellness of their employees. Our entrance into the market aims to solve this challenge, and we are enthusiastic about embarking on this journey.”
Madhura Moulik, Co-founder and CMO of KarmaV, added: “During my tenure working for large corporations and as a women entrepreneur, I have experienced several unconscious biases that could have easily been avoided with some awareness. However, the problem with an awareness program is that it does not guarantee the correct result at the right time. Hence I am a believer in the emerging technologies that will empower us to be more respectful and inclusive of people of different genders, races, ethnicities, religions, ages, cultures, and much more.”
The new-age Indian workforce demands a digitalized and flexible workplace that is more transparent and unbiased. Given these developments, it has become imperative for companies of any size to implement policies and transform work culture to accommodate this shift in the context of changing social norms. KarmaV’s AI monitors the nuanced changes in socioeconomic trends and continuously audits various HR functions to recommend business leaders make more affirmative decisions. The proprietary technology enables organizations to instantly identify and predict action areas, course-correct, and grow rapidly but more ethically.
KarmaV is an AI-based hiring platform that helps organizations build an agile workforce and hire ethically. This AI-based SaaS platform solves HR process challenges by improving the organization’s diversity, equity, and inclusion (DEI) status. Also, it enables enterprises to build their employer brand, simplify & streamline the recruitment process, and measure and improve the effectiveness of the core recruiting metrics and workplace diversity goals. The startup’s objective is to create a solution that shields the underlying cutting-edge technology and concentrates solely on resolving hiring challenges. The brand focuses on developing a solution that simplifies recruitment and eliminates hiring obstacles while abstracting the underlying technology for ease of use.
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