The Challenge
The client is a fintech startup in the NFT marketplace. They aim to revolutionize how digital artwork is sold in the future. The client needed 5 junior blockchain developers with hands-on experience in Solidity.;
The client had previously worked with TaAp Exchange when they had just started. They contacted us again with this requirement. The significant challenges were:
- Difficulty in finding skilled resources in the niche tech recruitment.
- High talent cost for blockchain resources, whereas the client had limited budgets.
The Solution
We proposed a 3-day Recruit-a-thon virtual hiring event to the client to meet their requirements within their budget.
A Recruit-a-thon is a virtual event where several candidates from the same tech stack are evaluated on the same standards to shortlist the best performers. The evaluation is in the form of a competition with cash rewards apart from the prospect of a job opportunity. This virtual job fair format attracts a high number of eligible candidates and also helps in faster evaluation.
For the blockchain recruit-a-thon, the proposed solution was to invite 100 blockchain developers and put them through a rigorous evaluation process and the competition-based coding assessment, which is the core of the recruit-a-thon.
The evaluation framework was as below:
- Initial screening and verification
- MCQ-based aptitude tests designed by industry experts to assess reasoning, critical thinking, and problem-solving abilities
- MCQ-based tests to assess technical skills and software engineering in general and the project skills in particular, designed by tech experts from MAANG companies
- Coding simulation test to assess the coding skills as required for the job profile
- Soft-skills assessment to test communication skills and cultural fit
- Technical interviews by the client’s tech team
- Final interview with the client’s HR team
The Groundwork
Since the goal was to invite around 100 junior blockchain developers for the recruit-a-thon, TaAp Exchange reached out to approximately 1000 blockchain developers through social media campaigns, job portals, developer communities and forums, freelance recruiters, and internal recruiters. A team of 2 members from TaAp Exchange dedicatedly worked on reaching out to eligible candidates, collectively spending over 80 hours on the task. .
About 200 registrations were received for the recruit-a-thon. Our HR team verified these registrations as genuine profiles by checking their experience level and qualifications. All 200 candidates were invited to the recruit-a-thon to ensure that we could have at least 100 candidates on the first day of the event.
The Event
The Recruit-a-thon was conducted over 3 days.
Day 1 Agenda
| Time | Activity |
| 9:00 – 9:30 | 9:00 – 9:30 |
| 9:30 – 10:00 | MCQ-based aptitude tests administered to all candidates simultaneously |
| 10:00 – 10:15 | Break |
| 10:15 – 12:15 | MCQ-based test for Blockchain and related skills |
| 12:15 – 13:15 | Break |
| 13:15 – 14:45 | MCQ-based assessments for soft skills |
| 14:45 – 15:30 | Client presentation to give the company brief and talk about work culture |
| 15:30 – 16:00 | Q&A and interaction with client |
All candidates took the tests simultaneously on a platform specially developed for this purpose. It saved a lot of time in conducting tests and collating results. Shortlisted candidates for Day 2 were intimated at the end of the day.
Day 2 Agenda
| Time | Activity |
| 9:00 – 9:30 | Welcome note and announcement of the top 3 performers for Day 1 |
| 9:30 – 13:30 | Simulated coding assessment |
| 13:30 – 14:30 | Break |
| 14:30 – 16:30 | Fun Quiz and announcement of Day 2 top 3 performers |
The coding test was conducted simultaneously for all candidates on Day 2. All candidates were given scores based on their performance, and candidates were shortlisted for the technical interviews with the client’s team on Day 3 of the event.
Day 3 Agenda
Day 3 was conducted 2 days after the end of Day 2, during which time interviews were scheduled with the shortlisted candidates.
| Time | Activity |
| 10:00 – 13:00 | Technical interviews with the shortlisted candidates |
| 13:00 – 14:00 | Break |
| 14:00 – 17:00 | Technical interviews with the shortlisted candidates |
Post-event support
We collated the results of the recruit-a-thon and shortlisted the candidates into 4 groups as below.
Group A: 99 to 100 percentile (Top 1%)
Group B: 95 to 99 percentile (Top 5%)
Group C: 90 to 95 percentile (Top 10%)
Group D: Above 90 percentile
SPOC from TaAp Exchange helped with scheduling interviews and provided support till the time onboarding was completed.
Highlights of the event
- Approximately 200 registrations were received
- 153 candidates attended Day 1
- 87 candidates attended Day 2
- 87 candidates attended Day 2
- 21 candidates were shortlisted for the technical interview
- 5 top candidates were selected in the interviews, with 7 others in reserve
- All 5 candidates were issued offer letters on the same day
- Total cash rewards worth $1200 were distributed
Pricing model offered to the client
The client was offered a simple pricing model where they paid a fee of $ 3,000 for the event. No fees were taken as hiring charges per candidate. The commitment from TaAp Exchange was to provide 5 junior blockchain developers. If we could not fulfill this requirement, a refund equivalent to the number of unfilled positions was agreed upon, something not guaranteed by traditional recruiting agencies.
The Results
The client could onboard developers with niche skills
The main challenge for the client was to source eligible candidates in niche tech. The recruit-a-thon helped attract many blockchain developers so that the client could get the best resources.
The client was provided with high-quality talent
Due to the multi-layer custom evaluation, the client got access to top talent who could demonstrate their skills for the client’s JD.
Post-offer support was provided by TaAp Exchange
There were 7 candidates in reserve from which a candidate would have been picked to join if any of the selected 5 had been unable to join.
Cost to hire was reduced by 50%
The average cost to hire a developer through a staffing agency is 10% of the developer’s annual salary. Considering an average salary of $12,000 for junior blockchain developers in India, the client’s cost to hire with a staffing agency would have been $1,200 per hire, i.e., approximately $6000 for a batch of 5 junior blockchain developers.
For the recruit-a-thon, the client paid a fee of $3,000, which saved them over $3,000, resulting in 50% savings.
Hiring time was reduced by 68%
The average time to hire 5 junior blockchain developers would have been about 60 days. With the recruit-a-thon, the time was reduced to just 19 days (14 days for groundwork, 5 days in total for the event). Thus, the hiring time was reduced by 68%.
Client satisfaction score of 9.4
The client was pleased with the quality of the candidates shortlisted for the interviews. They were also satisfied with the hassle-free process and the SPOC support till the point of onboarding. They rated the experience at 9.4 on a scale of 1 to 10.
Candidate satisfaction score of 8.9
The candidates enjoyed the coding competition and the fast-paced, fun format of the event. They rated the experience at 8.9 on a scale of 1 to 10.
Why Recruit-a-thon?
Taking into account the challenges in the recruitment market today, TaAp Exchange recommended a Recruit-a-thon for hiring developers in remote positions.
Through solid groundwork by our recruitment team TaAp Exchange was able to source eligible candidates to participate in the virtual hiring event, which was a huge success. Due to the format of the technology recruiting activity, which was pitched as a competition, candidates were more interested and invested in the process.
With the help of our dedicated team members and SPOCs, the entire event was conducted without any hassles.