eLitmus, which launched its operations a couple of weeks back, has processed and presented 4000 resumes of fresh graduates to these 53 companies that include Dell Computers, GE, Caritor, Virtusa, ChemBiotek, among others.
"We are targeting to serve 200 firms and 250,000 graduates in the first full year of operations," managing director, eLitmus.com, Aseem Marwaha said in Chennai.
"eLitmus.com will act as the facilitator that will remove the time and effort that companies have to go through to select fresh talents," he added.
"In our unique hiring model, candidates have the option of appearing at any of the 11 cities for a hiring potential test (pH test), which will be conducted once every month in 11 cities. The candidates have to make a one time payment of Rs 475," he said.
Candidates also select the companies they wish to be considered for and track the status online. If pH score is not up to the desired level, the candidates will have the option of taking the test again to improve the score.
"We have developed a rule-based search technology, through which about 15,000 applicants, who performed better in pH test, can be tested on a single day by the recruiters," he said adding, "Our model will help companies save about 95 per cent of their recruitment costs."
"We are planning to expand our operations to 22 cities by next year and in the next three years we are targeting to serve 1200 companies and a million graduates," said Marwaha.
Besides the pH tests, eLitmus is planning to introduce industry specific tests by December 2006.
Presently, eLitmus is not charging its clients since it feels that it may result in delaying the selection process by the recruiters. "We will not be charging our clients at least for the next two years," he said.
The software, financial services, life sciences and BPO sectors are expected to increase their workforce by over five million in the next five years. This increase can happen by way of fresh graduates only, he said.
However, there are three million students graduating from 13,000 colleges every year looking for jobs and only 10 per cent of them are recruited through campus interviews.
Most often, firms do not have the resources to screen and process the millions of resumes and therefore consider a small section of applicants, leading to a compromised hiring.
In our model, candidates, with his/her pH score can apply to participating companies across India. Candidates also get a single interface to apply to multiple organisations.
"We have a strong cross-functional team to prepare the material for pH test," he said adding, most of the management team have cleared the rigorous IIT-JEE examinations.