Hiring Bounty wants you to earn bounties as you refer someone or apply for a job!
TechMoran caught up with the founder and this is what he told us;
What is Hiring Bounty?
Hiring Bounty is a platform that looks to formalize referral recruitment through crowdsourcing the sourcing of candidates. By rewarding both the referrer and candidate Hiring Bounty is able to buy the referrers time to think about who they might know who is best suited for a position.
As someone who has a personal relationship with the candidate I have better insight into the person’s skills and desire to move, I’m also able to more effectively contact them. Finally given that I may work in the industry I also better understand the requirements of the job. The above advantages ensures Hiring Bounty is able to source better candidates, faster and because we are crowdsourcing the process we can significantly reduce the cost.
How does it work?
Companies list jobs on Hiring Bounty and offer a total amount they would be willing to pay for hiring the successful candidate. We divide this amount into three even portions. We keep one third and share the other two thirds evenly between the referrer and the candidate. Companies are only liable for the payment if they hire someone. If they don’t find a suitable candidate then there is no cost for listing on the site.
Who are the founders?
Hiring Bounty was founded by Greg Schneider with the support of 42 Engines a local incubator.
How Many Placed So Far?
We have numerous candidates in various stages of the interview process including a number reviewing offers. To date we’ve placed 3 candidates including a Senior Front End Developer at Woolworths.
Traditional recruiters rely on a spray and pray approach. Often they don’t properly understand the job they are recruiting for and this means they are forced to cold call people who they think might be suitable. This often comes across as spammy and increasingly candidates are filtering out their contact. Traditional recruitment also carries and exorbitant price tag.
By contrast Hiring Bounty turns to peoples personal connections to place candidates. Not only do people better understand the job requirements from working in the industry, but they also have better insight into the candidates skills and desire to move. Finally the are able to contact them in a way that doesn’t come across as being spammy and therefore is far more likely to get their attention.
Also by crowdsourcing the process we can charge far lower fees, since this isn’t the crowd’s primary source of income they are willing to do the job for far less.
How Do You Merit Candidates?
The referral process is our first step in the filtering process, candidates then go through the company’s regular screening process. As a referral recruitment platform Hiring Bounty has set up the market place for well connected individuals to referrer their friends, family and former colleagues for their dream job.
What Is Your Business Model?
We work on a contingent recruitment fee, where we only get paid if a candidate is hired. The amount paid is decided up front by the company themselves and doesn’t fluctuate based on the final contract penned.
Any Partners/Clients so Far?
What Inspired You?
The idea for Hiringbounty.com was inspired by my frustration with recruitment agents and how I was continuously targeted for positions I was ill suited for. When one job offer, that sounded very much like it could be at my current employer, was offered to me through a recruitment agent I figured the market could do with some alternatives.
Companies are increasingly turning to referral recruitment, but to date no one has formalized referral recruitment in the way we have by incentivizing both the candidate and the referrer.
Expand Hiring Bounty to multiple industries, beyond just IT and Marketing and into a number of international markets. Including Australasia, Europe and the Middle East.