At RippleHire, our mission is to help companies hire quality talent, faster. And recently, we achieved a big milestone — we completed 10 years on our journey of creating innovative products that help recruiters.
A decade has passed
It's been an exciting decade and we are continuing to build RippleHire into a go-to platform for recruiters everywhere. We want to take this moment to share our journey, what 10 years of innovation has brought to the recruitment industry and how it will benefit you.
A business stands on the shoulders of its people, the employees who show up every day to make sure things run smoothly. Hiring people for your company should be an exciting process.
But it turns into an expensive and lengthy affair. In India, the cost per hire is about INR 22K (though this varies by industry), which is worth one month's salary for an average package of INR 3 lakhs. And even after that, it can take about 52 days to hire for one position.
Recruiters hire talent that improves the top line or the bottom line. Without recruiters, there are not going to be quality people to work at your organization. But are they given the credit they deserve? For us, they are the salient superheroes. We empathize with them and have been on a journey to make their job easier, faster, and better.
The journey of building RippleHire and earning the trust of the HR community didn't happen on day 1. Like most companies, expectations from us keep changing as we keep growing. We jumped from one stage to the next and here we are at the start of our second decade.
From Idea to Scale: Did RippleHire clear all the stages?
In its lifecycle, every company starts from an idea and goes on to touch the lives of billions of people. Along the way, it matures through various stages and finally becomes an organization that its customers can trust fully.
Let's look at the different stages of a company and what others expect it to become. Did RippleHire clear all the stages and where are we now?
Innovation
This is the stage where growth is achieved through creativity. Companies are applauded just for coming up with an innovative idea, design, or methodology of doing things.
RippleHire was launched in 2012 when Sudarsan, the founder of the company was mulling over his days at Deloitte where they built a team of 150 people, mostly from referrals.
This sparked the idea — If each employee of a company brings in a candidate in just one year, it will change the recruiting game. Then why were companies not doing so?
Companies found it impossibly painful to achieve this. There was no framework, engagement system, or tracking system to make it possible. So, we worked with several leaders in the ecosystem to understand referral pain points and created a product for referrals.
Results
Our referral product helped companies transform their referral program from a reactive channel to a proactive sourcing channel. In the first year, we were able to gain the trust of reputed companies like Adobe, McAfee, and Capgemini who became our first customers. Over time we have now developed into the default for referrals in the hiring ecosystem.
Continued results
At this stage, a company is expected to deliver results over and over again. People don't want to believe in flukes and will stand on the sidelines until repeated results are shown.
At RippleHire, we were achieving a 100% growth rate at this point. Our products help people generate ROI so quickly, that we could leverage such results to pitch our prospects and shorten the sales cycle by 30%. We repeatedly showed results by building two products — An employee Referral System and Talent Acquisition Cloud.
Information security & compliance
After 6-7 years in business, we focused primarily on enterprises. This was the time to get serious about information security and compliance. We got our processes and tech ISO27001 certified, SOC2 Type 2 certified, and became GDPR compliant.
Where is RippleHire after 10 years of revolutionizing the recruitment industry and what's next?
We created a scalable company
Today RippleHire serves several large enterprises like Mphasis, LTI, Mindtree, Hexaware, and Indian giants like the Aditya Birla Group, Tata companies, Axis Bank, and Byjus.
We've created a scalable company with our products being used to hire employees in 30+ countries.
As we prepare for the next decade, we think about the challenges we will face and how we might solve them. For us, it's still Day 1 & a new era of recruitment is ahead of us.
Are we ready to endure what's next?
When you spend a decade building for a user community, you see several shiny objects that marketers throw at the fraternity. We have seen fads come and go. The step for us is to create a company that endures the changes happening in the world around it. The key for us is to keep focusing on things that do not change. Improvements that may not be the next shiny object on the horizon but will transform the next leg of recruiting.
Just like the last 10 years, we are ready for the next decade to take on the challenges and continue to deliver results for our customers, and the TA community.