A new Web site, moneybackjobs is calling out the job boards:
“The industry as a whole has become too rigid, too slow to change, and unwilling to think outside the box.”
While we are in agreement with this statement, and dig the fact that the site is opening up a revenue stream for job seekers, we’re not 100% sold on the concept.
If a job seekers lands a job through moneybackjobs, they are rewarded 5 – 7.5% of their starting salary after 30 days at the new job. Employers are charged 10 – 12% of the candidate’s starting salary when they make a hire. Employers can currently purchase a block of 10 job posting for $450.
So what’s the catch, you ask?
Well, since the Web site just launched on August 5, 2008, there’s no track record. Plus, the number of jobs currently being offered are quite limited.
Here is how it works:
*Sign up to upload your resume, as well as the option to include a link to your YouTube video profile.
*Search for jobs; the Web site will simultaneously looks to match you up with prospective employers.
*Choose what level of bonus you would like. To attain a higher bonus, you must attest that you are only looking exclusively on this Web site.
Premier Client: Save 1% of each candidate’s starting salary that you hire. This means you – or anyone else form your company – will steer clear of all the major job boards (Monster, HotJobs, CareerBuilder, Craigslist, etc.)
Exclusive Client: Save 2% of each candidate’s starting salary that you hire. You may not utilize any of the major job boards AND you cannot work with any other recruiting agency.
This might be a good deal, but as a rookie in the industry, moneybackjobs is certainly asking companies to take a leap of faith to save a few bucks. Also, we’re not sure what the penalty is for breaking this agreement and how it will be enforced.
Job seekers can show their allegiance to the dot com as well. If you are willing to have an exclusive relationship with their job board (obviously a benefit to the employer and their site), you can bump your bonus off your starting salary to a higher level than 5%.
There’s no question that the idea is innovative. And in this sluggish economy, it has the potential to succeed. As self-proclaimed career contrarians, we certainly hope they do. But first, they need to attract more job postings.
What do you think?
This is a guest post by Lauren Kleinman.