Have you ever imagined that you can become a recruiter yourself? How about earning commissions above $100,000? A few years back it seemed impossible, but it’s a reality today paved by the digitalization of services and the technological advancement that the blockchain brought to so many industries. Blockchain technology is set to make the hiring process simpler for both employers and job seekers and, at the same time, give the referrer an essential role in an overcrowded place where people are losing trust in each other.
Recruitment market today
Businesses have platforms built exclusively for finding the best candidate to fill job adverts. Platforms such as Canlead, LinkedIn, Indeed, and Monster are expanding their reach and removing barriers. Candidates shouldn’t have to fill out the job application form anymore or click on the “Apply” button on job boards - they take weeks to close a deal. In the new era of digital recruiting, lucrative opportunities circulate fast on a global “per-fessional” (personal & professional) network where the most well-suited employees and employers are matched organically with a single tap on the smartphone. This system isn’t just based on 1s and 0s; humans decide, AI supports.
Job opportunities are circulating fast
You can search for a job on dedicated job boards such as Monster, LinkedIn, Indeed, on marketplaces such as Craigslist, or even do a simple Google search. Any of these can get you thousands of jobs that suit both your interests and competencies. It really depends on the size of the keyboard you’re using or how much time you spent to tweak the filters so you can narrow down the results. But maybe in the best scenario, you can end up with a few dozen “opportunities”. That’s a lot!
According to a survey, more than half of U.S. adults (54%) searched for jobs online, and only 45% of them applied for suitable jobs. What happened to the rest? They couldn’t find a single job matching their interests in the dozens of available options? That’s hard to believe. It’s more likely that they couldn’t make a decision, so they gave up in the process.
You get paid for referrals
Based on the same survey, 80% of job seekers made use of professional contacts, close friends and family members, or even more distant personal connections in their most recent search for employment. Moving to the employers' side, over a third of all workers came through the employee referral program for their current job. Can you spot a pattern?
Even if we’re witnessing the complete digitalization of the recruitment process, both employers and job seekers alike prefer to have a referral from someone they know per-fessionally.
Employers are adapting
Companies are already leveraging the power of referrals. According to the Society of Human Resource Management (SHRM), 50% of employers offer an employee referral program. The value of incentives ranges from $250 to more than $25,000 for one successful hire, with the most common range being $1,000 and $2,500. Imagine getting a $2,000 bonus to your salary just because you referred the right person!
Which companies are making opportunity sharing and referrals a reality?
While job boards and job search sites are still the main online source for finding top-notch candidates, you might wonder how are opportunities shared online.
The professional network LinkedIn has a job filter called “In Your Network” that allows you to choose between the jobs where you already know someone through LinkedIn's network. Once you found one that sparks your interest you have the option to “Ask For A Referral”. That’s basically sending a direct message to someone in your network that is currently working there and asking for a referral for that particular job. In the end, it never hurts to ask, but the referrer still needs to rely on his employer to get his referral bonus (if that company is part of the 50% of companies running an employee referral program).
On the other side, Monster.com, a highly popular job board, tries to stack the odds in its favour. The company provides a partner program where referrers (or partners) can earn commissions by referring job seekers and employers. But (of course, there’s a “but”) only if they have purchased a product on the platform. For a “Job Advert” you can earn as much as 17%, which can be pretty nice. However, a simple registration for a Monster account, which is the most popular product, brings the referrer only 50 cents. That’s far removed from making any real income. Definitely not a worthwhile end-of-the-month bonus.
The platform that has proven to be the one that rules them all and the most generous with its referrers is Canlead, a blockchain-based online job opportunity sharing and referral marketplace. Canlead is not a simple job board or referral website, it acts as an ecosystem that connects opportunities with exceptional prospects and compensates successful outcomes via a carefully-balanced system of incentives. Think of it as an online, on-chain platform that is disrupting and enhancing other online job boards, such as LinkedIn, Upwork, Monster, Indeed, Rightmove, and the traditional brick-and-mortar recruitment businesses. Canlead has created a unique business model; its business opportunity-sharing is similar to what the big players have done during their early days - ride-sharing (Uber), accommodation-sharing (Airbnb), music-sharing (Spotify), office space sharing (WeWork), and so on. These are all part of the “sharing economy” of a two-sided market model, whereas Canlead has a three-sided market model that balances the supply and demand for jobs and business opportunities.
This is the “opportunity sharing economy” model innovated by Michael Quan, Founder and CEO of Canlead, who is building the “Job Opportunity Sharing and Referral” platform to utilize Libra and Fnality, the Internet of money. The platform aims to create simple-to-share jobs, easy-to-pay referrers, and a fast-to-hire experience.
How are the new methods of payment better for everyone?
The job market is global. With the number of remote jobs increasing and the opportunity sharing economy growing rapidly, candidates, referrers, and employers can be matched regardless of their physical location. Does this present a new issue?
If a company is not incorporated in the referrer’s country, that person could be considered a contractor. The cheapest option is usually to use a third-party payment service, such as Transferwise. Of course, this one comes with its own fees that vary depending on which country you are sending payments to and the fiat currency to be received. Let’s look at a few examples:
- USD to CAD: 0.6% fee + $1.00 USD
- USD to HKD: 0.8% fee + $2.00 USD
- USD to AUD: 0.6% fee + $1.25 USD
With a large volume of referral bonus payments paid to referrers (which is expected), the money spent on payment providers fees is significant.
Airbnb already faced this issue when they had to scale to 191 countries and support over 70 currencies. They built a network of over two dozen payment routes by using five international payment gateways, and they ended up with a complex and expensive in-house payment operation, Airbnb Payments. Angela Zhu and Karen Kim from the Airbnb Payments Engineering team even recognize that without this solution they “wouldn’t be able to add the trust, belonging and legitimacy that is expected by millions of users using the Airbnb marketplace.”
Is it really necessary to build an expensive payment operation today when the blockchain already showed its potential to completely change the financial transaction processing cost model? The use of a digital token as the value of exchange can replace the need for costly systems, infrastructure, and operations.
That’s exactly why Canlead opted for the CAND token. A token used inside the marketplace for people to get access to the opportunity they want from their “opportunity and referral” board. The problem of paying referral fees (based on a schedule or instantly if agreed upon) to referrers who could be anywhere in the world is now solved.
When the payment operation is simplified and transactions are guaranteed, the hiring experience increases ten-fold because there is a certainty that the employer-candidate contract will be signed and that employer-referrer referral fees can be paid immediately within a matter of hours - all of which are included on the Canlead platform; simple-to-share, easy-to-pay.
Cryptocurrency is set to change the way the payroll system works and how people will be paid in the future. Even Facebook is joining the technological revolution by developing its digital currency, Libra. This could be the protocol of “the Internet of money” of the future, and Canlead can be the protocol of “the Internet of opportunities” in the recruitment industry.
By taking a look at the modern recruitment process, where the older, less effective methods are being abandoned, we can only become more optimistic of a future where employers can find talented candidates with less marketing and more networking. Employers are adapting to the changing job market and so are the newly developed platforms. We can’t tell exactly how the hiring and recruiting process might look in a few years, but Canlead and the blockchain certainly give us a good glimpse into the future.