Home Smart 100 2012 RecruitLoop Online Recruitment Marketplace (SMART 100)

RecruitLoop Online Recruitment Marketplace (SMART 100)

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The following SMART 100 profile and the information it contains is a duplication of content submitted by the applicant during the entry process. As a function of entry, applicants were required to declare that all details are factually correct, do not infringe on another’s intellectual property and are not unlawful, threatening, defamatory, invasive of privacy, obscene, or otherwise objectionable. Some profiles have been edited for reasons of space and clarity. More about the SMART 100.

RecruitLoop Online Recruitment Marketplace and Automated Video Interviews (NSW)

This innovation initially came to life when…

Our co-founder swore off using expensive recruitment agencies in his (50-person) business forever. He began a mission to slash the cost and time it took him to recruit new employees.

He initially found a contract recruiter who would charge him an hourly rate. He could outsource the process, but save 90% compared to an agency.

Then his friends started asking for her details. There was demand for this model!

But how to scale? Take this solution, and apply a freelancer.com business model. An online marketplace that connects employers with expert recruiters (plus a video interview platform).

WHAT & HOW

The purpose of this innovation is to…

Make recruitment faster and lower-cost for every business.

Or…to disrupt the traditional recruitment industry with a model that saves employers 80-90% cost, and provides a better service.

It does this by…

  1. Connecting an employer with an expert recruiter online. The recruiter only charges an hourly rate for time, and runs the recruitment project through our platform.
  2. Using automated video interviews to cut hours from the candidates screening process. These are one-way interviews, recorded via a candidate’s webcam.

PURPOSE & BENEFITS

This innovation improves on what came before because…

Traditional recruitment options for employers require a painful tradeoff between money and time.

  • Recruitment agencies are overpriced and often provide poor quality of service.
  • Job boards (e.g. Seek) take hours of time to even find a candidate. The recruitment process from there is still very time-consuming, and often frustrating for employers.

Its various benefits to the customer/end-user include…

  1. Saving thousands of dollars (80%) compared to traditional recruitment agencies.
  2. Saving hours of time in recruitment, by outsourcing to a verified professional, and screening candidates with online video interviews.

COMPETITIVE LANDSCAPE

In the past, this problem was solved by…

  1. “Post and pray.” Employers would post a job ad on Seek, and pray for a good response. Then pray harder they have the time and experience to select the right candidate.
  2. “Pay then pray.” Employers could pay a recruitment agency 15-25% of the candidate’s salary. Then pray the candidate sticks around long enough to make it worthwhile.

Its predecessors/competitors include…

Online job boards (for DIY recruitment): Seek, CareerOne, MyCareer.

Recruitment agencies (for “outsourced” recruitment): Hays, Michael Page, Chandler McLeod…and thousands others.

TARGET MARKET

It is made for…

Busy owners of small-to-medium-sized businesses (10-200 employees) who are desperately frustrated with the recruitment process, and the time and money it takes from them personally.

Also, HR Managers in mid-sized companies (200-1,000 employees) who are stretched across multiple functions. They hate paying large fees to recruitment agencies, and are under pressure from the business to cut costs of recruitment.

DISTRIBUTION STRATEGY

It is available for sale through…

Online @ www.recruitloop.com.au.

Employers can simply register online, then post a recruitment project to our network of 40 experienced recruiters nationally. Recruiters will respond with proposals, and the employer selects one to proceed with.

Our marketing strategy is to…

Acquire clients online; encourage recruiters in our network to do their own business development; and build a network of referral partners.

Next month we will be launching the next version of our product: a self-service video interview platform, entirely free for employers to use. This will help us scale and market our recruitment model.

SUPPORTING IMAGES

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  1. Tweet it: Top left of each page
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  3. Leave a Comment: Anonymous comments excluded.

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