Akshata Sharma
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7,000+ crore valued Thyrocare founder, Arokiaswamy Velumani, revealed on the podcast Figuring Out with YouTuber Raj Shamani that he never hires experienced professionals.
Velumani prefers recruiting freshers, training them, and promoting them from the inside.
Velumani has hired 25,000 freshers and reduced employee costs to 10%, compared to his competitors' 25%.
He believed a 100-day trained employee could outperform a competitor's thousand-day trained staff.
He calls it the "assembly line" training method. In this method, freshers are gradually given responsibilities until they master their roles.
This approach allowed for seamless transition and management of "underpaid assets and overpaid liabilities."
He then assessed employees on stamina, discipline, intelligence, and focus, retaining only the best 2,500 out of 25,000 hires.
"In 1978, when my age was 19, I had made a decision. If I ever run a company myself, I will only hire freshers and not anyone with experience. Trust me, I have never recruited an experienced man into my organization. 25,000 freshers I have employed. I don't think anybody else would have dared to do it and I have done it," Velumini shared.
This policy fostered motivation, as employees knew that promotion opportunities were reserved for them.
Velumani is inspired by his struggle to find a job after college due to lack of experience.
"I thought there were many enterprises and factories in Coimbatore. I should get a job. But I failed in about 50 interviews. The reason was everyone was asking: 'Do you have experience?' Exam finished in May, I am attending the interview in June, where will I bring experience from?": Velumini told Shamani.
Velumani sold his majority stake in Thyrocare Technologies to PharmEasy in June 2021. The decision to sell was influenced by his wife's death in 2016.
During the COVID-19 pandemic, Thyrocare gained significant market attention, doubling its daily turnover and tripling its share price, allowing Velumani to sell at a billion-dollar market cap.
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