Job.com unveiled the initiative this week, telling Reuters it intends to raise between $30 million to $50 million in its initial token offering this spring. The funding will be used to implement the company’s vision of a decentralised recruiting network that’s more efficient than the “slow, imprecise” current system.
The site currently has over 60 million users across the world. It charges businesses a 20 percent fee to recruit candidates using its platform. It will take a lower 6 percent cut on the blockchain network, of which up to 80 percent will be passed to the new hire as a signing bonus.
In a message on its new landing page, Job.com said the unique characteristics of the blockchain will help companies and candidates to connect with each other more effectively. The company will provide job seekers with extra controls, offering greater security and privacy for their personal information.
The transparency of the blockchain’s open ledger will allow personal details to be kept private. Contact details will be only be exchanged when a candidate and employer have both expressed interest.
READ NEXT: Facebook clamps down on cryptocurrency ads
“We ripped up the rulebook,” Job.com’s website claims. “Using the unique online capabilities of the Blockchain, we produced a system that rewards both hirer and the candidate for taking the process into their own hands. By providing both side with transparency and offering them a direct, productive platform by which to communicate, we’ve eradicated all the bad stuff from the recruitment process. All the secrecy. All the lies.”
Job.com’s blockchain network will issue JOB tokens to new hires and investors. Initially, the company will focus on connecting employers and job seekers in the tech industry. The platform could be expanded over time as Job.com assesses how people are using its network. Companies will be able to advertise new positions for free, with payment only required when a hire is successfully made.
Job.com will launch the platform on April 19. The company is currently accepting registrations of interest via a form on its website. It claims the network will offer “unique” incentives to candidates and hirers, pushing recruitment towards modernisation that’s more appropriate for the digital age.
