Secrets of the Job Hunt


Wednesday, September 21, 2005 Promises to Share the Wealth is an online contingency referral system. By combining the best of contingency recruiting and referral systems, H3 is reinventing and disintermediating the industry in true internet fashion. The combination of a contingency payment model, referral beyond the internal employee network and performance tracking separates H3 from what is a growing pack. It's a new model built from small pieces of the existing process.

Now any employee can earn xtra cash by referrring their friends and colleagues. I've been waiting for a service like this to appear. I think recruiting firms will be the losers if this service takes off. New services like this and jobster are slowly eating away at their profits. I'm not crazy about their name, although its short and easy to remember I think they could have been a little more creative when it came to naming the service.

FOLLOW-UP: I should also say that recruiters who DON'T take advantage of online services like & Jobster will be at a disadvantage. I see a lot of employment agencies that have failed to completely grasp what technology can do for them and they are struggling to find the right candidates. The longer they struggle, the sooner they will go out of business.

1 comment:

Jim Durbin said...

On the contrary - profits are up everywhere in the industry - with permanent search leading the way.

These services only work as a complement to a recruiting department or third party firm 9the best users). Replacing those services is highly unlikely, as human resources departments already have huge databases of candidates they can't sift through.

TPR's offer more than just resumes- and the market is getting bigger, not smaller.