Seeing the need for innovation in the online job listing space, startup Careeref is trying to get the best of both worlds by integrating two complementary approaches, employee referral and online job listing board.
There exists a significant communication mismatch between employers and job seekers in the recruitment space that's wasting resources and hindering economic growth. Employers have job vacancies to fill but cannot find enough qualified candidates; job seekers need jobs to do but cannot effectively reach the hiring managers for an interview. Currently two major approaches are in wide spread use in the recruitment world, online job listing and employee referral.
Online job boards are the starting point and primary tool for most job seekers because of their ease of access. They are also popular with employers because of their vast reach to a huge candidate pool. But they are not efficient primarily due to their lack of access to direct hiring managers. According to recruitment market research by careerXroads and other surveys, in the United States, online job boards as a source of hire has stayed around 20% of external hires over the years and has been trending down, leading to some anticipation of death of the industry. This discourages job seekers, wastes their time, burdens employer HR, drives up employers' recruitment costs and alienates employers.
As recruiting agencies are expensive to use, employee referral is becoming trendy. It is the favorite of both employers and job seekers due to its efficiency and cost-effectiveness. While it takes more than 70 regular applications for employer to make a hire, it only takes about 10 referrals to accomplish the same. Referred employees are more loyal to the firm and collaborate better with existing team members as they get a sense of personal connection. Referring employees also enjoy referral bonuses and opportunities to exert more influence on their teams. Employee referral as a source of hire accounts for about 20% of external hires over the years. It's getting even more popular with the spread of online social networks. Problem with it, even with the help of online social networks that greatly extend employees' social networks, is still its passive nature and limited reach of employees' social networks which leads to low employee participation, hugely compromised hire quantity, hire quality and hire diversity, as well as unfairness to the majority of highly qualified active job seekers. Employee referral today is simply not utilized to its full capacity.
So each approach has its merits and problems. A natural solution is not to discard one for the other, but to integrate both in a straightforward way. This is exactly the approach taken by Careeref.
Careeref tries to close the communication gap by integrating the two complementary approaches with patent pending technology. Careeref.com allows both HR and individual employees to post jobs on the board then multiple employees can claim referral rights to the posts by attaching their referral qualification information. Job seekers searching for jobs may choose to review attached referral qualification information together with referrers' referral history and feedback info to engage in further contact with selected referrers to start their referral processes independently. Pushing this even further, for jobs posts that have no referral information attached, job seekers can even request that job referrerals be added for the job posts so they can apply directly with the referrers. This opens up the door of employee referral to the public job seekers, putting them on the same footing as internal movers and referrers' network candidates. Careeref.com combines the strength of both approaches, i.e., ease of access and vast reach of job board and high efficiency as well as access to hiring managers of employee referral, and cancels out their respective shortcomings. It drives up employee participation, reduces burden on HR and shortens hiring cycle for employers and job seekers. The end result is a more streamlined recruiting platform with low cost, high efficiency and vast reach, that greatly benefits all parties involved - employers, referrers and job seekers, and contributes significantly to job growth and economic growth.
A beta release was launched earlier this year at www.careeref.com.
Careeref integrates employee referral with online job listing to provide employee referred job listing service with patent pending technology at www.careeref.com, which combines the strength of both, i.e., high efficiency as well as access to direct hiring managers of employee referral, and ease of access as well as vast reach of a job board, and cancels out their respective shortcomings to create a more streamlined recruitment platform with low cost, high efficiency and vast reach that greatly benefits all parties involved - employers, referrers and job seekers, and contributes to job and economic growth.