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SOURCE Frost & Sullivan
HireIQ's solution aids the recruitment and retention of personnel, speeds up the hiring process, and delivers solid ROI
MOUNTAIN VIEW, Calif., July 9, 2014 /PRNewswire/ -- Based on its recent analysis of the customer contact predictive hiring and performance analytics market, Frost & Sullivan recognizes HireIQ Solutions, Inc. with the 2014 North American Frost & Sullivan Award for Customer Value Leadership. Straddling both workforce optimization in the traditional contact center market and business optimization in the back office, HireIQ's automated solution addresses organizational pain points in recruitment and hiring.
HireIQ developed its solution by leveraging several years' worth of performance and customer satisfaction statistics from numerous clients and matching them back to candidates to uncover relevant patterns. However, predictive analytics is just one component demonstrating the innovative nature of the HireIQ solution.
Its other tools include InterviewIQ, a cloud-based virtual interviewing product that enables job candidates to interview from anywhere, at any time of the day, by capturing both written and audio responses from candidates. The LanguageIQ application module assesses specific language fluency, proficiency, and critical-thinking skills in the candidate pool, while the Audiolytics, a proprietary, patent-pending audio analytics application, analyzes recorded voice files for emotional cues to the potential success of a candidate. For instance, if a firm is placing candidates for sales, the application will look for attributes such as energy and enthusiasm. This application then provides the data to the company's Candidate Optimizer.
The Candidate Optimizer is a predictive analytics application that uses outcomes-based modeling and machine learning to identify applicants who are most likely to succeed. Lastly, the Performance Feedback process provides all recruiting stakeholders with relevant feedback through measurements of key performance metrics such as quality- and cost-of-hire, and time-to-hire, as well as retention statistics.
"HireIQ's solutions enable contact centers to achieve the twin goals of reducing costs and improving customer experience by streamlining the early stage candidate screening process, cutting recruitment labor costs and time-to-hire, and expanding the pool of qualified candidates," said Frost & Sullivan Principal Analyst Nancy Jamison. "Furthermore, they enhance the consistency of the screening process, quality-of-hire, agent performance, and retention."
The "always-on, always-available" nature of the software enables clients to attract passive candidates and those who are typically working during normal business hours. By hiring the best fits, HireIQ's tools enable companies to improve on measurements such as sales conversion, first-call resolution, and 90-day survival rate across all customer-facing operations, including call center, retail and branch. This, in turn, allows companies to lower costs as well as increase profits and customer satisfaction.
HireIQ's solution also influences business operations considerably. Often, the agent hiring process is outsourced and during in-house training, there is a disconnect between recruiters and supervisors. HireIQ allows companies to aim for more quality, long-term hires by bringing hiring in-house and automating most of it. Moreover, its ability to share metrics with other groups dovetails nicely with the goal of increasing cross-organizational support so necessary in running a multi-channel customer contact practice.
Additionally, by speeding up the hiring process and giving direct and immediate feedback to candidates, HireIQ improves the hiring company's brand value among both agents and clients. A thorough assessment of the fit of applicants allows companies to place and train them in the right position, reducing new hire anxiety and increasing the expertise of the entire group.
"Frost & Sullivan believes that HireIQ's products complement and enhance contact center operations by bringing the tedious, costly, and time-consuming hiring process more in line with existing agent development processes," noted Jamison. "The end result is not only better operational efficiencies and reduced costs, but better trained and happier agents, which result in a better overall customer service experience."
Each year, Frost & Sullivan presents this award to the company that demonstrates excellence in implementing strategies that proactively create value for its customers with a focus on improving the return on investment (ROI) that customers make in its services or products. This award recognizes the company's leadership in enhancing the value that its customers receive, beyond simply good customer service, leading to improved customer retention and, ultimately, customer base expansion.
Frost & Sullivan's Best Practices Awards recognize companies in a variety of regional and global markets for outstanding achievement in areas such as leadership, technological innovation, customer service, and product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research.
About HireIQ Solutions, Inc.
HireIQ revolutionizes talent acquisition for front-line customer service positions such as those in contact centers, retail stores, branch banking, quick-service restaurants, and hospitality by automating the early stage screening process, automatically assessing for critical communication skills, and using outcomes-based data to facilitate continuous performance validation. HireIQ's solutions enable companies to improve their hiring decisions, reduce time-to-fill, reduce recruiting costs, and increase talent performance and retention through its on-line virtual interviewing software, novel predictive analytics solutions, and structured feedback between recruiting and its stakeholders. HireIQ is a privately held company based in Atlanta, Ga. For further information, please visit www.hireiqinc.com. Follow us on Twitter @HireIQInc.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
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