Job.com has a bounty element to it, which consists of allowing candidates to generate revenue from their own network on the Job.com platform. If a candidate invites a friend/colleague and they register with Job.com, the candidate earns $10 worth of Jobtoken and if that invited user they goes on to get a job, the person who invited them earns a further $100 worth of Jobtoken – says Arran Stewart, co-founder at Job.com, in Bithub.pl’s #SundayInterview.
You’ve been on the recruitment market for 20 years. How has it changed during this time with more and more jobs going online?
Arran Stewart: The recruitment industry has enhanced over the last two decades drastically, and with the mass adoption of online recruitment technology, recruitment has become a far more efficient engine that has scaled globally. Whereas once before traditional print and classifieds were the only way to truly attract talent, as well as high street agency branches enticing passers by off the street, today everything is done, tracked and completed in real time online. It has been a catalyst to a global boom in the recruitment industry and has resulted in the total spend on these services to grow by almost $200 billion globally in the last 4 years.
Job.com 'eliminates’ the agencies from the recruitment chain but many platforms do that. They publish offers and don’t really interfere with the recruitment process so what’s new about Job.com in this regard?
AS: Most technology platforms either enhance the recruiter’s ability to source candidates or they allow hirers to attempt to take their hiring process into their own hands. The risk is that these platforms will require financial commitment upfront in the form of paid media, subscription, or both. Job.com provides the end-to-end recruitment service. We attract the talent, shortlist them, allow questions and interaction, arrange interviews, and this is recorded on the blockchain through smart contracts and it only requires the hirer to pay a fee once the candidate they hire has passed a 90 day probation. Our fees are 70% less than a traditional recruitment agency. What makes Job.com very special is form of the fee we do charge: we give up to 83% of it to the successful candidate in the form of a signing bonus. This calculates to a 5% salary-signing bonus for any candidate that gets placed through Job.com platform.
Why transfer the money from employer to employee even before their cooperation starts?
AS: This is not the case, a candidate only receives their signing bonus from Job.com, if they pass their probation work period, which is 90 days at a their new employer. What is a further incentive to the candidate, is that Job.com has a bounty element to it, which consists of allowing candidates to generate revenue from their own network on the Job.com platform. If a candidate invites a friend/colleague and they register with Job.com, the candidate earns $10 worth of Jobtoken and if that invited user they goes on to get a job, the person who invited them earns a further $100 worth of Jobtoken.
How does blockchain change the recruitment market? For example how does it influence reputation building which plays a key role in both landing a better job and recruiting a better worker?
AS: Blockchain is leading the way to having a life long record of performance, trust and privacy within the recruitment industry. Think of blockchain acting as a true record of achievement and will be something users will not be able to lie about (Which is one of the biggest problems in recruitment, candidates lying). We will be able to track a user throughout their career journey, more accurately bringing together the right candidate, with the right company. One of the biggest influences blockchain will have will be referencing, and this key part of the recruitment process will now have a much greater level of accuracy and trust through the blockchain.
Blockchain enables instant micropayments and seems to influence microjobs market. Do you think blockchain solutions will impact the type of jobs on the market?
AS: The gig economy is ripe for blockchain, it will create more entrepreneurs that have a more seamless way to be paid, manage a business and generate multiple sources of income all managed through the blockchain. This will put an increased world of services at the fingers tips of the consumers, with trust, privacy and security built in to further compliment the growth of this market.
Interview by Przemyslaw Cwik
e-mail: p.cwik@bithub.pl