Job.com, a premier job matching platform with more than 60 million users worldwide, today announced it will be progressing to a blockchain-based platform with the mission of entirely eliminating recruiters’ roles in the permanent hiring process.
The typical 20 per cent fees charged for the recruitment process will now be reduced to only six per cent. This will be payable by the hirer for employing the candidate and 80 per cent of that fee is redistributed to the successful hire as a signing bonus. The new platform launch is set for Spring 2018.
“The last time the recruitment industry saw innovation was at the advent of the internet and it has been ripe for disruption for some time,” co-founder Paul Sloyan said. “With the current model, candidates and companies are spammed with fake listings, strung along by commission-driven recruiters, or inundated by irrelevant applications. Coupling blockchain with our existing job matching technology enables a much needed shift, allowing us to remove recruiters from the equation entirely and focus on the only two parties in the hiring process that actually matter– the hirer and the jobseeker.”
With the benefits of a blockchain-based platform, Job.com will allow candidates to have increased privacy and control over their data such as contact information, experience, skills/qualifications and the peace of mind that their resume will never be sold to third parties without their consent. Integrating blockchain will also give companies looking to hire access to Job.com’s proprietary matching technology, along with the ability to create highly curated shortlists of relevant candidates, negotiate benefits through smart contracts, and execute the hire.
“When the recruitment industry first started decades ago, the purpose of the job recruiter was to match businesses and candidates in a manner that was a fit for both parties,” co-founder Arran Stewart said. “Somewhere down the line, recruiters realized that there was more money to be made by taking the process hostage, charging commissions, and selling candidate’s data from the process. We are looking to displace these entrenched recruitment agencies because they have deviated from their intended purpose and are hurting the ability of hard working job seekers to find jobs, and for companies to find qualified talent cost-effectively. Job.com will make the hiring process more secure and rewarding for candidates, and cheaper and easier for companies to find the best talent, period.”
Once the new platform launches, companies will be able to utilize Job.com for free, which includes job advertising and jobs being matched with users with relevant resumes. Candidates are then able to apply for a company role of interest, which will appear in order of relevance according to the Job.com matching technology.
Once a candidate applies, companies will be able to create shortlists of candidates they wish to interview. During the application process, the candidate’s personal information is kept entirely private until further details are required for hirer and candidate to make contact. Following a successful interview, negotiations around the candidate’s hire are conducted and recorded on the Job.com blockchain ledger through smart contracts, and once a candidate reaches the agreed probation period, they will receive a signing bonus from the company.
The Job.com team is led by co-founders Mr. Sloyan and Mr. Stewart, who have collectively spent nearly 30 years in the recruiting industry. Miko Matsumura and Strategic Coin are advising the Job.com board.