The process will work by users will receiving 5 percent of their agreed annual salary, upon landing a new position, in JOB Tokens (Job.com’s utility token). Job.com also plans to reward users during other steps of the recruitment process, such as applying to jobs and going on interviews.
This arrangement with Company.com will enable Job.com and its token to scale and grow much faster while giving Company.com’s roster of over 140,000 small businesses access to high-quality recruitment at a fraction of the cost of a traditional recruitment company.
To discover more, Digital Journal spoke with Arran Stewart, who is the co-owner and CVO of blockchain powered recruitment platform Job.com.
Digital Journal: What is the current state of the recruitment market?
Arran Stewart: The recruitment industry has been growing fast for the past three years, during this period the market grew by a total of almost $200 billion globally. We have seen acquisition of major companies such as LinkedIn by Microsoft for $26 billion or Glassdoor for $1.2 billion by Recruit.com. It’s definitely an exciting market to be a part of.
DJ: How has new technology altered the recruitment process?
Stewart: There has been less and less of a human touch during the hiring process, with technology bringing jobs and jobseekers together more effectively than ever. The industry has been deeply fragmented over the years with thousands of tech providers, but now consolidation and acquisition is taking place aggressively as companies look to automate the hiring process.
DJ: Are millennials seeking different things from the recruitment process?
Stewart: Millennials react differently during the hiring process and sites are recognizing that. Most famously, ZipRecruiter works as if its built on a messaging facility going back and forth with the candidate. This was built in mind to work with millennials. Staff turnover is far higher now with companies such as Amazon and Google – both experience a one-year average staff turnover in their technical staff. Millennials are moving more and searching for greater opportunity, they realize skills are a rare commodity and they are willing to trade off it.
DJ: How widely is digital technology used for the recruitment process?
Stewart: Digital technology dominates the hiring process, from job boards, to aggregators, resume databases, rechtech, matching, semantics and many other platforms that are all responsible for onboarding.
DJ: How can blockchain assist with the recruitment process?
Stewart: Blockchain allows companies of all sizes to scale by further automatizing recruitment process. Gone are the days where you need a recruiter to help hire a member of staff. Technology finds the candidate, presents them to the hirer, the two decide whether they wish to take the opportunity and blockchain records the entire event making it a trusted, legal and safe process.
DJ: What advantages does this hold for employing companies?
Stewart: Better quality candidates, quicker and more cost effective. This technology provides the holy grail of the three pillars that every HR department in the world aspires for. They want better people, for much less money and they need them yesterday. Blockchain is another big step towards that.
DJ: How about job seekers?
Stewart: Jobseekers are now able to deal directly with hiring companies more than ever, why deal with a middleman who won’t tell you the name of the company or the location of the job until the last minute in the fear you will go there directly and cut them out of their pay? How backwards is that? Well a $638 billion industry has been built on that notion and Job.com is here to change that so the candidate is in the driver’s seat.
DJ: How was Job.com developed?
Stewart: We have been around for 20 years as a business and were acquired by industry entrepreneurs Arran Stewart and Paul Sloyan in 2017. The companies team and track record has always been in recruitment and it is something they know better than any other. Using their knowledge in conjunction with blockchain technology, the Job.com team believes that they have the system to finally remove the traditional recruitment agency out of the supply chain.
DJ: What has Company.com brought to the development?
Stewart: A large go-to-market and adopt strategy for our service. Company.com provides a fantastic aggregation of best of breed business provider services to their 350,000 clients. Naturally, the recruitment tile offered by them was perfectly suited to the Job.com service and we are delighted to be able to serve their client base.
DJ: How important is the use of a token?
Stewart: Our jobseekers take the lion share of our recruitment fee, 83 percent in fact. This equates to a 5 percent salary signing bonus for the jobseeker, but in order to make this legitimate and to track it through to completion, this must be done on a smart contract. A smart contract is a token, therefore the need for the token.
DJ: What can the token be used for?
Stewart: The token is used for paying the recruitment fee to hire a candidate through Job.com. A company can use Job.com completely free until they find a candidate they wish to hire. They can then hire the candidate for 90 days, at which point the fee of 6% of the candidate’s base salary is due. This is a 70 percent saving over the industry average fee of 20%. When the company pays, their fee is converted into tokens to crystalize the deal and the signing bonus is paid to the candidate in token.
DJ: How is the new service working?
Stewart: We launched the platform on 31st August 2018 and we are delighted that we have 2000 companies pre-registered to use our service on launch.