Peer-to-peer recruitment website Job Bounties offers cash bonuses to head-hunters
Recruitment entrepreneur James Uffindell has announced the launch of a social recruitment marketplace Job Bounties, where each job listed offers the opportunity for a cash ‘bounty’.
Set to go live on Wednesday 14 November, when firms post a job on the site they set a bounty for the amount they are willing to pay for the right candidate, and only pay the bounty if and when a candidate is made a job offer through the website; either through a recommendation (a friend/contract) or direct application. The ‘bounty hunter’ then receives a reward – 50 per cent of the agreed fee – when the candidate begins work.
As an introductory offer the site has agreed to double all offers – to 100 per cent of the market value – until the end of January 2013.
The site utilises the concept of social recruitment, made popular by the likes of LinkedIn, and creates a ‘marketplace’ model. Recent statics have shown that in the US social media accounts for 16 per cent of all hires, with one in six people claiming to have gotten a job through sites such as Facebook.
Founder and CEO of Job Bounties, James Uffindell, commented: “Recruitment is inherently social, but the recruitment industry is the last established sector to have been truly affected by the web. Everyone is talking about social recruitment but no one has linked up the economics of job referrals or promoted the transparency of the marketplace.”
Job Bounties is set to focus on the London market during the initial launch phase, with an aim to roll out nationwide in due course. Financial services, consulting, FMCG and retail, digital and marketing, IT and software industries will be the core focus for the site during the launch.