Co-founders of Shomvob (from left) Naqib Faiyaz, Hasibur Rahman, and Rifad Hosain FE Youth Desk
In the bustling South Asian country of Bangladesh, Shomvob is spearheading a quiet revolution in the labour market. Founded in May 2022 by Rifad Hossain, Naqib Muhammad Faiyaz, and Hasibur Rahman, this innovative platform addresses critical hiring issues faced by corporations and SMEs, while empowering millions of job seekers with a fair and efficient employment process.
Addressing critical employment gaps: Bangladesh's employment market is full of inefficiencies. Over 650,000 companies struggle with paper-based hiring processes, resulting in significant talent mismatches and a 30 per cent productivity loss. Simultaneously, about 70 million job seekers face a daunting search for suitable employment, often falling victim to unscrupulous middlemen known as 'dalals'. Shomvob emerges as a beacon of hope in this challenging scenario.
Shomvob's platform offers a professional digital identity for job seekers, streamlining the application process and ensuring candidates are matched with appropriate positions. The platform's sophisticated algorithm and Application Tracking System (ATS) provide transparent, real-time updates on application statuses, making the hiring process more efficient and equitable for both job seekers and employers.
Significant milestones and impact: Since its inception, Shomvob has achieved remarkable milestones. The platform boasts registrations of over 600,000 job seekers and more than 1,300 companies. It has successfully facilitated over 12,000 job placements in crucial sectors such as logistics, retail, and healthcare. These numbers underscore Shomvob's substantial impact on the employment landscape, demonstrating its potential to transform how jobs are sourced and filled in Bangladesh.
A vision for inclusive growth: The recent US$1.0 million pre-seed financing round, led by Singapore-based Cocoon Capital, marks a significant step in Shomvob's journey. This funding, alongside a grant from the Bill & Melinda Gates Foundation, aimed at supporting low-income women, will enable Shomvob to further develop its Human Resources Information System (HRIS). This system aims to streamline HR processes from recruitment to payroll management, ensuring better access to job opportunities, especially for historically underserved groups.
Shomvob's long-term vision includes integrating embedded financial services for its clients and expanding into the global mobility market. By facilitating the movement of human resources, Shomvob aims to bridge employment gaps not just within Bangladesh but in other emerging markets facing similar challenges.
Strategic partnerships for greater impact: Partnerships play a crucial role in Shomvob's strategy. The collaboration with UNICEF's Generation Unlimited P2E (Passport to Earning) initiative exemplifies this approach. This partnership focuses on enhancing the employability of youth, particularly from underprivileged and marginalised communities, by providing access to quality education, skills training, and employment opportunities. This initiative aligns seamlessly with Shomvob's mission to create equitable job opportunities and foster inclusive growth.
Leadership and vison: At the helm of Shomvob is CEO Rifad Hossain, whose vision and leadership drive the company's mission forward. "We are immensely grateful for the support from Cocoon Capital and the Bill & Melinda Gates Foundation. Their backing is crucial as we strive to transform the employment landscape in Bangladesh into one that is fairer and more efficient. We are also proud to be aligned with the United Nations Sustainable Development Goals, particularly those aimed at eradicating poverty and promoting decent work and economic growth," Hossain remarked.
Investment Director at Cocoon Capital, Zong Xi Sia, who recently joined Shomvob's board of directors, shared Hossain's sentiments. "We are thrilled to make our first investment in Bangladesh with Shomvob, a company whose mission and exceptional team have deeply impressed us. Shomvob is not just addressing critical employment challenges; it is championing equitable job opportunities and inclusive growth. We believe this partnership marks a significant step towards creating lasting social impact in the region."
With the recruitment and staffing market in Bangladesh valued at US $17 billion and the broader Asian market at US$ 250 billion, growing annually at 8.0 per cent, Shomvob is uniquely positioned to capitalise on these opportunities. The platform's potential for expansion into other developing countries with similar employment challenges highlights its robust business model and scalability.
Shomvob stands as a testament to the transformative power of technology and strategic partnerships in addressing systemic employment issues. By simplifying hiring processes, enhancing transparency, and ensuring equitable job opportunities, Shomvob is not only reshaping the labour market in Bangladesh but also setting a precedent for other emerging economies. As it continues to grow and innovate, Shomvob promises to create a more efficient, fair, and inclusive employment landscape for all.
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