|250+||Finance & Tech|
This case study discusses how WazirX started with candidate verifications and went on an unexpected overdrive in hiring from the estimated 50 to 250+ in less than one year. As a result, the customer identified a need for a new feature that would help better monitor the surge in verifications and how SpringVerify addressed the requirement and implemented a solution in just a week.
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WazirX is an India-based crypto exchange platform where users can buy, sell, trade Bitcoin & other crypto-assets. Users on this platform can buy, sell & trade crypto-assets & Bitcoin. It is touted as India’s largest crypto trading exchange.
WazirX crossed $566 Million in daily trading volume in October 2021 and is estimating $1b daily trading by the end of the year.
The crucial challenges that SpringVerify helped WazirX overcome
- The involvement of the HR partner was tremendously high during candidate background checks.
- The entire verification process was being done manually with too many email exchanges.
- Hiring volumes were high, and they needed something quick, smooth and effective.
- Candidate experience was missing during background verification.
Soumya V – HR Manager at WazirX, found SpringVerify through a simple Google search and requested a demo. She loved the simplicity & ease of using the dashboard and decided to go with a package of Employee Verification with a specific focus on Court Check & Credit Check for all new hires.
The recruitment team at WazirX has been using SpringVerify for their background verification since Dec 2020. They reached out to us, and within a week, we set up their account and made it available.
The day-to-day operations are to upload the candidate details and facilitate the background verification. In addition, the senior management uses the dashboard to track & pull out reports for monitoring purposes.
Our Solution - Simplify, Automate & Customise
From our initial discussions with the WazirX team, we realised that they needed a smooth, easy and automated solution that could reduce the dependency on HR personnel and make the candidate experience much better.
- The SpringVerify dashboard cuts the number of email exchanges with the HR partner compared to a traditional background check that starts and ends on emails. Candidate details, document collection, real-time updates, insufficiency or issues, etc. are done in a more structured way on the dashboard by the customer.
- Our service ensures that the HR Partner is reached out to only if there is a pressing issue. Even during high volumes of hiring – our process is so thorough; it never goes out of hand. In case of no response, delay in response, insufficiencies, long pending issues and other such blockers, HR partners are called for intervention. Otherwise, from the time a candidate uploads the documents – verifications, follow-ups, reports, and everything else is automated and updated on the dashboard.
SpringVerify not only focuses on the customer experience, but we also ensure a positive candidate experience by making it easy, simple & straightforward to participate in the process.
The most valued feature on SpringVerify is the Quick View – it makes it easy for the user to get an instant update on the verifications. In addition, it gives a consolidated overview of everything in its simplest form – status, insufficiencies, issues, etc., in one place without having to go through each report for updates.
The number of checks, progress & insufficiency are the three updates that the users are most concerned about, and having a birds-eye view of all these details makes SpringVerify user-friendly.
Traditionally the HR would have to personally collect the documents from all the candidates, segregate & maintain them. Then they pass it on to the background verification team and manually follow up on progress until it’s complete. They also need to take care of candidate onboarding after the verification.
The SpringVerify dashboard experience distributes the effort between the HR & the candidate. First, the HR raises the verification request by entering basic details. The candidate then uploads all requested documents. We then begin verification and update the progress on the dashboard at every step. Not only that, but we also directly follow up with the candidate for any pending documents and information needed without the intervention of the customer. A real-time interim report also gets generated through which the HR can view documents and their progress at each stage instead of waiting for the final consolidated verification report.
SpringVerify teams’ approachability and proactive communication with fast turnaround timelines were among the most appreciated qualities by the customer.
The sudden surge in hiring and how SpringVerify addressed it effortlessly
From 50 to 250+ verification requests in less than a year.
During onboarding time, the estimated number of hires for the year was 30-50 candidates. However, WazirX ended up hiring 250+ candidates during the same time frame.
These verification volumes were seamlessly executed through the SpringVerify dashboard and we were able to deliver the surged demand without any hiccups smoothly.
There were times when WazirX was rolling out 10-15 offers a week. The SpringVerify dashboard & the backend team helped with staying on top of all of it by notifying the progress of the checks from time to time.
‘Categories’ filter for better monitoring
When WazirX’s hiring went on an overdrive, and there were verifications happening at an all-time high, they were unable to pay attention to insufficiencies/delays by the candidates despite the daily email reminders that we sent out. As a result some verifications/insufficiencies were as old as 4-5 months which had not been looked into.
They then analysed how to solve this issue & decided to split the candidate profiles into respective teams they were being hired for, based on their designations/profiles. SpringVerify dashboard needed a filter with a CATEGORIES view to understand which team had the maximum blockers. We were able to develop this feature for them in less than one week, including the implementation.
The new feature enabled them to channel the blockers to the teams’ respective managers to sort and address the delays with their respective candidates.
SpringVerify is built for simplicity. The dashboard and features are extremely minimal and straightforward. Nothing More, Nothing Less! Making it easy for anybody to come up to speed in no time.
Thank you for reading.