Recently launched Chicago-based recruiting platform, Celectiv, combines talent-seeking tools including analytical technology such as organizational psychology assessments.
Celectiv's founding chairman, Greg Carrott, started to conceptualize and plan the platform back in 2014. The goal was to make the sourcing and hiring process simpler, more sustainable, and more fulfilling for both the candidate and the company.
What Celectiv became is, a unique talent acquisition technology, whose aim is to match the best people in ideal situations, where more productive and engaged employees can feel like they belong.
By Carrott's account, Celectiv is the first company on the market to combine organizational psychology assessments and tools that help translate corporate strategy into the hiring process. Not even LinkedIn offers anything like it.
Celectiv plans to target two markets: the owners and CEOs of companies with revenues of $50 million to $100 million, and smaller fast-growing companies that are tech savvy, with 10 to 30 employees, that are typically backed by venture capital and are lacking in hiring experience.
The platform is meant to roll out in four stages. One will be focused on hiring managers, who control each step in the hiring process. This particular stage will offer a tool to gather resumes, predictive algorithms to rank applicants by personality, and competency measurements that calculate the probability of a candidate’s success.
Another piece, intended for roll-out in October, compares candidate behaviors to corporate culture.
In the beginning of 2018, Colectiv plans to add a candidate portal, followed by the addition of A.I. and machine learning in March. “It allows you to do analysis as if you’re sitting down with a strategy consultant,” Carrott told the Chicago Tribune. There will be a similar self-diagnostic, career-planning tool for candidates.
He said the biggest benefits of the platform are that it will improve diversity and cut hiring costs, promising to cap any search fee at $60,000 or less, which is significantly less than what a traditional search firm might charge — roughly one-third of the first-year salary for a C-suite job, or as much as $300,000.
The company has already beta-tested aspects of the platform with schools and billion-dollar companies. One was the search committee for a new principal at a local school.
What the experience revealed was that the process helped neutralize the group dynamic; meaning that everyone was allowed to have a voice, and in the end an amazing principal was hired for the school.
A private-equity firm took part in the test, and recruited a CFO for a billion-dollar company it had acquired in New York. In the end though, the operating partner of the private equity firm decided to hire its own candidate, which revealed that larger firms accustomed to legacy search processes may be unwilling to lay its trust fully onto the platform.
As of date Celectiv has raised over $1 million through two seed rounds. The company has also pulled in $2 million from revenue from the clients it worked with while developing its technology.