This agreement with Company.com will allow Job.com and its token to scale and grow much faster, while Company.com's over 140,000 small business has access to high quality recruitment at a fraction of the cost of a company traditional recruitment.
To find out more, Digital Journal spoke with Arran Stewart, who is the co-owner and CVO of the recruitment platform powered by blockchain Job.com.
Digital Journal: what is the current state of the recruitment market?
Arran Stewart: The recruitment sector has grown rapidly in the last three years, during which time the market has grown almost $ 200 billion globally. We have seen the acquisition of big companies like LinkedIn from Microsoft for $ 26 billion or Glassdoor for $ 1.2 billion from Recruit.com. It is certainly an exciting market to be part of.
DJ: how did the new technology alter the recruitment process?
Stewart: During the recruitment process there was less and less a human touch, with technology that brings more work than job seekers more than ever. The industry has been deeply fragmented over the years with thousands of technology providers, but consolidation and acquisition are now taking place aggressively as companies try to automate the hiring process.
DJ: Millennials are looking for different things from the recruitment process?
Stewart: Millennials react differently during the recruitment process and sites recognize it. The most famous, ZipRecruiter works as if it were built on a messaging function that went back and forth with the candidate. This was designed to work with millennials. Staff turnover is much higher now with companies like Amazon and Google – both have a one-year average staff turnover in their technical staff. Millennials are moving more and looking for more opportunities, they realize that skills are a rare commodity and are willing to trade it.
DJ: How wide is the digital technology used for the recruitment process?
Stewart: Digital technology dominates the recruitment process, from job boards, to aggregators, to recovery databases, to rechtech, to matching, to semantics and to many other platforms that are all responsible for l & # 39; onboarding.
DJ: How does blockchain help in the recruitment process?
Stewart: Blockchain allows companies of all sizes to scale further by automating the recruitment process. Gone are the days when a recruiter is needed to help hire a staff member. The technology finds the candidate, presents them to the tenant, the two decide if they wish to seize the opportunity and blockchain records the entire event making it a trustworthy, legal and safe process.
DJ: What advantages does this advantage have for taking companies?
Stewart: Candidates of better quality, faster and cheaper. This technology provides the Holy Grail of the three pillars on which every department of human resources in the world aspires. They want better people, with less money and they need it yesterday. Blockchain is another big step towards this.
DJ: how about who is looking for a job?
Stewart: Job seekers are now able to deal directly with recruitment companies more than ever before, because dealing with an intermediary who will not tell you the name of the company or the position of the I work until the last minute in the fear that you will go there directly and cut them off their pay? How is it back? Well, an industry worth $ 638 billion has been built on this notion and Job.com is here to change it so the candidate is in the driver's seat.
DJ: how was developed Job.com
Stewart: We have been around for 20 years as a company and have been acquired by the entrepreneurs of the sector Arran Stewart and Paul Sloyan in 2017. The team of companies and the track record has always been in recruitment and is something that they know better than any other. Using their knowledge in combination with blockchain technology, the Job.com team believes it has the system to permanently remove the traditional recruitment agency from the supply chain.
DJ: What brought Company.com to development?
Stewart: A great go-to-market and adopts a strategy for our service. Company.com offers a fantastic aggregation of the best business services to its 350,000 customers. Of course, the recruitment form offered by them was perfectly suited to the Job.com service and we are happy to serve their customer base.
DJ: How important is the use of a token?
Stewart: Our job seekers take the lion's share of our hiring share, actually 83 percent. This is equivalent to a 5% salary signature bonus for job seekers, but in order to make it legitimate and track it to completion, this must be done on an intelligent contract. An intelligent contract is a token, hence the need for the token.
DJ: What is the token for?
Stewart: The token is used to pay the hire fee to hire a candidate through Job.com. A company can use Job.com completely for free until it finds a candidate who wishes to hire. They can then hire the candidate for 90 days, at which point the commission of 6% of the candidate's basic salary is due. This is a savings of 70% compared to the average industry rate of 20%. When the company pays, its commission is converted into tokens to crystallize the agreement and the signing bonus is paid to the token candidate.
DJ: how does the new service work?
Stewart: We launched the platform on 31st August 2018 and we are pleased that we have 2000 pre-registered companies to use our service at launch.