Pandemic changed how companies hire — it moved from looking for specific skills rather than proven competencies in a particular industry as companies saw the gap in their skill pool. The pandemic also saw people actively reskilling and upskilling themselves as they realised the need for more tech knowledge and digital know-how, as remote work became a norm.

Consider this, PWC’s The Future of Work report highlights that two out of five people around the world believe that traditional employment won’t be around in the future. Instead, people will have their own ‘brands’ and sell their skills to those who need them. In fact, people are more likely to see themselves as members of a particular skill or professional network than as an employee of a particular company.

Skill-based hiring versus industry-based hiring

Skill-based hiring looks at a candidate’s holistic skill set, which transcends across verticals and industries. Industry-based hiring, as the name suggests, depends on a particular industry experience, last job title, and educational or vocational degree of a candidate.

Ideally, a hire should demonstrate a healthy mix of skills and industry-based learning, but the need also depends on which role you are hiring. For a tech-based job, skills matter more than educational qualifications and past experience, but for a creative job, past experience and mettle matter more.

Also Read: Why HR tech will make Asia’s next unicorns

Employers, increasingly, are leaning towards hiring on the basis of skills and competencies rather than focusing on advanced degree completion as a prerequisite. This has resulted in cross-industry hiring and filling in-demand roles more effectively. However, this has also led to people being unemployed because their experience doesn’t account for much anymore if they don’t have the prerequisite skills.

Before an employer starts the hiring process, it is imperative to note the pros and cons of both, skill-based hiring and industry-based hiring, to proceed.

Do you want a diverse talent pool?

The companies, with or without tech at its core, now seek talent that is resourceful, adaptable and resilient. Tech skills are in demand, and easily transferable across sectors and industries, whereas experience in the same industry needs upskilling in most cases.

For HR to evaluate people on their skill sets instead of work experience helps create a diverse pool of talent within an organisation, which leads to better problem-solving in a crisis, bringing and implementing fresh ideas.

Considering people with the same industry experience remains important when seeking top candidates in a company, for they know the pitfalls and how to avoid roadblocks, how to motivate the team members and bring soft skills to the table such as communicating efficiently and quickly, ability to work with various teams, and prioritise.

Do you have the bandwidth to train?

According to an HBR article, JPMorgan Chase added US$350 million to their US$250 million plan to upskill their workforce. Amazon is investing more than US$700 million to provide upskilling training to their employees. PwC is spending US$3 billion to upskill all of its 275,000 employees over the next three to four years.

Digital transformation, tighter budgets, and rising inflation have led companies to cut down drastically on budgets that were previously kept for training their existing workforce. With the demand to ‘hit the ground running’, HR is looking for people who come with the required skills when joining a company.

Also Read: Are you a human resource?

However, many organisations are still making an effort to train their existing workforce, for they have the industry know-how and are equipped to translate a crisis into a win-win when equipped with better skills. This also ensures a good career progression for the employees as well, apart from them being loyal to your organisation.

Which skills are important for your organisation?

On LinkedIn, one can see an increase of 21 per cent in job postings that now advertise skills and responsibilities rather than just listing out qualifications and industry-specific requirements. However, the Future of Work Trends 2022 report says that 69 per cent of companies value a person’s curiosity and willingness to learn more than their degree and experience. Though technical know-how is valued more now, it is important to gauge whether an organisation wants to hire on the basis of foundational and transferable skills as well.

While evaluating applicants, companies are now increasingly focusing on degree and industry-based experience as hygiene instead of hiring on the basis of skills and competencies.

With people increasingly switching from their core industry to an unchartered territory, it has become imperative to assess candidates on the basis of skill sets more than ever. While experience trumps for the top and middle order, companies are relying on people with required skills especially at the junior level.

Going forward, it is a given that skill-based hiring will overtake industry-based hiring, but it will also lead to more upskilling of the resident talent within a company.

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As a Mobile Marketing Director with over a decade of experience in both startups and large companies, I am well-versed in mobile marketing but lack knowledge in coding and no-code tools. However, I decided to take on the challenge of creating a kids’ meditation app for several reasons.

Firstly, my children’s favourite meditation app vanished. This app was unique as it prioritised addressing feelings before diving into meditations. I wanted to recreate this valuable resource, mostly for selfish reasons, so my children could have a tool to help them manage their emotions.

Additionally, the ease of creating apps, as advertised by various platforms, intrigued me. The world of AI also fascinates me, and this project seemed like a perfect opportunity to explore its capabilities.

After a few weeks, I successfully created the first draft of Mini Meditators. Contrary to the advertisements, the process wasn’t as straightforward as the no-code app builders suggested and definitely took longer than five minutes to create.

Here’s how my journey unfolded:

Initial attempts

•  I started by building a mockup on Canva, hoping to find a tool that could transform it into an actual app. Unfortunately, there wasn’t one.
• Next, I tried using templates from Figma to create the app, but this approach failed to yield any tangible results.
• I then explored Bubble, utilising a free meditation template I found online, but progress remained elusive.

Breakthrough with Bubble

Purchasing the InnerSpace Bubble template marked a turning point. Customising the template was relatively straightforward, and my Canva designs provided a solid starting point. This phase is where AI became instrumental.

Leveraging AI for design and content

ChatGPT helped me create a fun logo and various headers for each meditation. By establishing brand guidelines, ChatGPT generated cohesive images that perfectly matched my vision.

Also Read: Artificial intelligence and the art of building presentations

For the meditations themselves, I provided ChatGPT with a template based on my kids’ favourite meditations and ideas they gave me for new meditations to try out. AI expanded this into full scripts, and after experimenting with several tools, I found Play.ht to be ideal for voice generation.

Integration and monetisation

 To convert my Bubble project into a native app, I chose Natively for its native capabilities and integration with RevenueCat, to ensure I can monetise my app. Natively, it also includes basic analytics and OneSignal for notifications.

While setting up, I encountered some challenges and hired an Upwork developer for US$50 to add a feelings page and resolve a few bugs.

This project has been an exciting opportunity to learn new skills and delve into a new domain. My next steps involve converting the app to iOS, integrating RevenueCat and paywalls, and then promoting it before adding more features for future versions. 

I’ve already shown the app to my main target audience, my children, and they love it. Seeing their excitement and approval of something I built from scratch specifically for them has been incredibly rewarding and was my main KPI for this project. The cost wasn’t US$0, but it was low enough that I would encourage anyone with an idea to experiment with the new AI tools available and see what cool app they can create.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

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Packworks, a B2B marketplace for fast-moving consumer goods (FMCG) targetting sari-sari stores (neighbourhood mom-and-pop stores) in the Philippines, has received US$60,000 in research funding from the Department of Science and Technology (DOST).

The funding was channelled through the DOST-Philippine Council for Industry, Energy and Emerging Technology Research and Development (PCIEERD) Startup Grant Fund (SGF) Program.

Also Read: How soonicorn GrowSari plans to expand its reach to 300K sari-sari stores in Philippines

The money will help Packworks develop a machine-learning-powered precision marketing model. This model will offer sari-sari stores customised recommendations on sellable items and promotions from its FMCG partners. The feature will be launched as an in-app service on the startup’s Sari.PH Pro app and is expected to benefit its network of over 270,000 stores nationwide.

The aim is to equip over 1.3 million micro-retail stores in the country with data-driven inventory management tools to enhance business growth. “Through this AI-powered model we will develop in partnership with DOST, we aim to equip small entrepreneurs with data-driven insights and targeted strategies for enhanced business success and expansion,” said Packworks Chief Data Officer Andoy Montiel.

Sari-sari stores are part of micro, small, and medium-sized enterprises (MSMEs) in the Philippines, which account for an overwhelming 99.5 per cent of all business establishments. Around 500,000 are in the wholesale and retail industry.

Despite serving as the primary source of daily essentials for around 94 per cent of Filipinos, Sari-sari stores often face challenges such as inadequate financial management, lack of actionable customer insights, and ineffective promotional campaigns.

Furthermore, the lack of a streamlined approach to receiving high-quality promotions, such as discounts or personalised item packages from FMCG manufacturers, restricts store owners from effectively enticing and retaining customers.

Launched in 2018 as a solution for multinational companies with only a handful of sari-sari store partners, Packworks has expanded as a B2B platform that enables growth and success throughout all stakeholders in the supply chain ecosystem, from small sari-sari store owners to wholesalers, distributors, and renowned FMCG companies and brands. Through the Sari.PH Pro app, sari-sari store owners can access pricing tools, inventory management, sales and revenue tracking, and working capital loans.

Also Read: Packworks bags US$2M to launch m-ERP platform for Filipino sari-sari stores

In July 2022, Packworks raised US$2 million in seed investment led by Fast Group and global PE firm CVC Capital Partners, with participation from ADB Ventures, Arise, Techstars, and IdeaSpace Foundation.

In 2022, the startup launched Sari IQ, a business intelligence tool offering real-time and historical consumer expenditure data to help retailers and brands gain visibility into sari-sari stores and expand their reach to more customers. Analysis through the platform also helps them make data-driven decisions to boost the sales of sari-sari store owners by understanding and predicting consumer demand within their area.

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Image Credit: Packworks.

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In the rapidly evolving landscape of insurtech and healthtech, Rey Indonesia stands out with its innovative approach to health insurance. By transforming traditional health insurance into an all-encompassing, subscription-based service, the startup offers an experience akin to a Netflix subscription, but for healthcare. It claims to have over 10,000 active members and works with 100 organisations.

In 2022, the startup secured US$4.2 million in a seed round led by Trans-Pacific Technology Fund, Genesia Ventures, and RDS.

Rey was one of the ten finalists who pitched at the annual global Elevator Pitch Competition (EPiC) organised by the Hong Kong Science and Technology Parks Corporation (HKSTP) in April.

On the sidelines of the event, we spoke with Rey’s co-founder and CEO Evan Tanotogono, who discussed the company’s unique value proposition, regulatory navigation, and expansion plans within Southeast Asia.

Edited excerpts:

Rey Indonesia is at the intersection of insurtech and healthtech. How do you redefine health insurance or health protection? How does Rey work from a consumer’s point of view?

At Rey, we redefine health insurance by offering an end-to-end membership that combines prevention and protection in one seamless experience. Imagine it like a Netflix subscription for healthcare.

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

This integrated approach makes our system highly efficient, resulting in a claim ratio that is at least twice as favourable as other health insurance providers in the country.

From a consumer perspective, Rey functions like a healthcare subscription service. You pay a monthly or yearly subscription fee. In return, you gain access to a range of services, including consultations with nutritionists, wearable devices to track your health metrics and rewards for maintaining a healthy lifestyle.

When you’re unwell, you can speak with a doctor and get medicines, all included in your subscription. We don’t charge anything beyond the fixed subscription fee, as everything is integrated and compliant with insurance regulations.

Do you work with all kinds of insurance companies?

We don’t work with many insurance companies because we are neither a broker nor are we a marketplace. We design our own product and collaborate with a single insurance company to register our product with the regulator. Essentially, we operate like an insurance company ourselves.

What opportunities do you see for Rey in Indonesia and elsewhere in Southeast Asia?

Over 280 million people live in Indonesia alone, but private health insurance penetration is only around 3 per cent. This is not just because people are reluctant to buy insurance, but also because insurance companies struggle to supply it sustainably due to high claim losses. We simplify the process by offering a subscription model, making it appealing to both consumers and insurance companies.

We currently have over 10,000 active members and work with 100 organisations in the archipelago. Last year, we grew sevenfold. This growth shows that we are delivering a health solution that resonates with both consumers and the insurance industry.

Looking ahead, we see potential in other emerging markets like the Philippines, Vietnam, and Cambodia, where similar challenges exist. In Hong Kong, a strategic market for insurance, we aim to leverage our technology to help local insurance companies.

How do you deal with the regulations in the highly regulated insurance and fintech industries?

We are the only platform registered with both financial and healthcare regulators. We bridge the gap between these two industries by telling a compelling story to each regulator. To the financial regulator, we emphasize the need to address healthcare challenges within the insurance framework.

To the healthcare regulator, we highlight our financial perspective on digital health. This dual registration demonstrates our commitment to operating at the intersection of both industries.

How do you educate people about your product given the low penetration of insurance in Indonesia?

Educating the market is crucial, but it’s equally important to make the product easy to sell. We focus on providing a healthcare solution that people can relate to, simplifying the concept of insurance into a subscription model.

Also Read: AI’s transformative role: Making insurance accessible and affordable globally

This approach has been effective, as evidenced by our membership base, which includes many from lower-tier areas who have never purchased insurance before. By making the product relatable and accessible, we’ve managed to penetrate almost 100 per cent of Indonesian provinces.

What are the major challenges you face as you grow?

One of the challenges is that our business model doesn’t fit the traditional broker or insurance marketplace models. We are redefining health insurance, which can be seen as both a competition and an opportunity by existing insurance companies. We are open to collaboration, offering to help improve their claim ratios and reach more people with our innovative approach.

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Image Credit: Rey Indonesia.

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When Anchanto CEO and founder Vaibhav Dabhade gets on a call with e27, he speaks about how attending Echelon in 2011 inspired him to start the e-commerce and logistics tech company.

Today, Anchanto is present in 11 countries worldwide, including Singapore, Malaysia, Indonesia, the Philippines, Thailand, Vietnam, South Korea, UAE, the UK, and France. Despite market volatility, it has also achieved a 42 per cent growth by 2023.

“This shows that we are on the right track … and that our business model is working,” he says.

According to the CEO, significant milestones that Anchanto has made include the hiring of senior roles that it has been expecting to do for a long time and the acquisition of customers from specific segments such as the B2B and Muslim commerce segments.

But this does not mean that running a growth stage startup is not without challenges. With a team of 140 people across 11 countries, Dabhade names different levels of challenges, starting with communications. “A lot of time is spent to ensure that we don’t miscommunicate, under-communicate or over-communicate with.”

Also Read: Gobi-backed Pakistani social e-commerce startup DealCart raises US$3M afresh

The next challenge is ensuring that the Anchanto software is always integrated into the local e-commerce and supply chain ecosystem so that customers can use it properly. This includes making sure that the Anchanto platform is in line with new e-commerce and logistics regulations in 11 countries, a workload that could put a strain on any team.

To tackle this, Anchanto tries to be present in every market it operates in.

“In every market we are active in, we always have a local small team. We spend time and more effort in partnerships with platforms and supply chain companies for integration. That is definitely a different scale of problem compared to when we were small,” he elaborates.

Every time Anchanto enters a new market, it sends a launch team that brings its expertise to set up the company’s presence before it hires a local team.

“Over a period of time, the local management team will be hired, and the launch team will stay until it is time for them to exit to go to the next market. That systematic playbook approach has worked very well for us.”

Dabhade also shares that human resources account for around 80 per cent of the company’s costs as a software company.

Also Read: Succeeding in e-commerce in China: Building AI-powered chatbots that know how to close a sale

“We are a software company, so it is very simple for us. We do not own offices, infrastructure, warehouses, inventory, or anything. We only own laptops, and our people work remotely from the offices that we rent,” he explains, stressing that in business, people make all the difference.

“If you support their career path, give them things to do, and share the benefits with them, they will make all the difference. You cannot grow a company where the people do not grow.”

Final thoughts on running a growth-stage startup

Anchanto raised a US$12 million Series C funding round in 2020 from the likes of MDI Ventures and Ascendia. Back then, the company had already claimed profitability.

When asked about the other things growth-stage startups should always keep in mind, Dabhade stresses the importance of ensuring that the company never runs out of cash.

“Make use of your money very, very carefully. That comes to the first thing in my mind when we talk because, when you are growing, it is very easy to end up burning money. So, be extremely frugal in our approach.”

He laments the cash-burning culture that many startups swear by, calling it a potential damage in the long run, both for the companies, their customers, and the e-commerce ecosystem. “You have to take care of your fundamentals.”

Also Read: What AppsFlyer recommends to keep customers coming back to your e-commerce site

Dabhade also reveals that Anchanto never withdraws from every market with a presence.

“We prefer to walk slowly, but we do not walk back. That has been our principle everywhere we go. We stay there, we grow there. We never withdraw.”

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Image Credit: Anchanto

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