Strategic Coin, "Job.com Expects Blockchain to Slash the Cost of Hiring by 70%"
Apr 16, 2018Apr 16, 2018
By Josiah Wilmoth
Next-generation job-matching company Job.com has a plan to remove middlemen recruiters from the hiring process, and it involves blockchain technology.
Traditionally, the hiring process included several layers of middlemen between employers and job candidates, and these extra market participants siphoned earnings away from job seekers and made recruitment an expensive endeavor for companies.
Having spent decades in the recruitment industry, Job.com’s founders believe it is primed for disruption, and they have identified blockchain technology as the catalyst.
The Singapore-based company’s new blockchain-based job-matching platform — slated to launch this summer — will use digital smart contracts to automate the real-world hiring process and secure personal data, enabling employers and job seekers to connect on a peer-to-peer level rather than through multiple layers of recruiters and job boards.
By using Job.com rather than a recruitment agency, companies may save 70 percent off the standard cost of finding qualified job candidates, and 83 percent of the small fee that employers do pay to use the system will be awarded to the new hires as signing bonuses after they successfully complete a probationary period in their new positions.
Job.com co-founder Paul Sloyan told Strategic Coin that blockchain has the potential to “completely automate” the hiring process:
“Blockchain will shape recruitment into what it always should have been, honest, effective, and work only for the benefit of the two parties involved, the candidate and the hirer. Typically whenever there is intervention by a human in any process, its because the process and the technology around it has a shortcoming, yet with Blockchain we are on the dawn of a completely automated hiring process, backed with all of the security and verification that this technology has to offer.”
Earlier this week, Job.com announced that it had inked a strategic partnership with legendary consulting firm McCann, the agency responsible for creating some of the most iconic advertising campaigns from the past century. McCann will lead Job.com’s creative efforts as the company moves toward the unveiling of its new blockchain platform.
“Job.com is a disruptor — they’re rethinking an industry tens of years old that hasn’t really changed for a very long time. Savvy businesses will have to follow suit — greater privacy and social equality should become the norm, and Job.com has every chance of being the market leader,” said McCann CEO Dean Lovett and Managing Director Rob Mustoe in a recent interview.
Notably, the partnership is McCann’s first foray into the blockchain space, marking yet another bridge built between the burgeoning blockchain space and traditional, longstanding industries.
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