Nowadays centralized applications (websites) are still viral and widespread even though they can be very complicated to use and at the same time they are not very fast for flourishing millennial workforce.
HireMatch.io is a DApp which intends to “reduce the cost to find, interview and acquire new employees by removing unnecessary friction and creating a more efficient marketplace by incentivizing ‘Agents’ with” their ERC20 token which they call HIRE. This token will bring their idea of the decentralization of the job market one step closer to success. These tokens will be given to the agents as a reward.
In the case of HireMatch.io, smart contracts will be used to avoid the services of recruiters.
Job boards were created in 1992, and nowadays they are very close to being implemented even on social media. One specific difference from the time they were created is that they have slowly begun to use matching to find the best suitors for employees. HireMatch.io sparked the interest of the investors because it “offers a lower cost, higher speed to acquisition, a better overall quality of applicants.”
The problem with the current three players dominating the employment market: Indeed.com, monster.com and, Careerbuilder.com, is that they are not interested in finding qualified applicants. The Hirematch team has identified three majors issues that current employment marketplace has to deal with:
- Attracting possible applicants attention;
- Discover enough qualified candidates;
- Immense Cost of Employee Acquisition.
HireMatch.io hopes to resolve all of this by creating a decentralized mobile application/platform. Social media will play an essential role in all of this.
“HireMatch.io will solve the noise issue by using the fundamental principle of networking: the know, like and trust factor. HireMatch.io will attack the ‘finding enough qualified candidates’ issue by using our incentivized network to find, validate and recruit talent. By decentralizing the recruitment process, HireMatch.io shall effectively lower the resource acquisition cost and create a more democratic and free job market in the process.”
For example, Agents will use their Facebook/Linkedln associates and friends to recommend job offers. Agents can be either a human agent or a smart software agent via API.
“HireMatch is a platform that will be engineered to leverage both Ethereum blockchain technologies and it’s Smart Contracts to increase efficiencies and decrease the cost to employee acquisition that many companies face. HireMatch is a closed loop payment system, meaning no new tokens will be created or destroyed and HireMatch will only accept (HIRE) to fuel its network of agents”.
The amount of (HIRE) tokens which are placed into smart contracts is called a bounty. Later on, it is “distributed upon successful execution of the contract”.
For example, one model of bounty share that could work is:
• 35% – placed applicant;
• 25% – interviewed applicant;
• 15% – recommended candidate;
• and the last 25% used to be given back to the company.
The last step of a transaction is when a company finally selects an applicant and then the contract is closed. But not until the final bounty is distributed to all the agents who took part in hiring the employee.
HIRE can be acquired either through HireMatch’s website or the mobile app using crypto-currencies. (HIRE) is an ERC20 token. It is used to “incentivize user agents to find, recommend and verify applicants for job listings.” Currently, only (HIRE) is used in the HireMatch employment marketplace.
HireMatch.io has an interesting approach when it comes to making a profit. Their plan is that once a year, they buy (HIRE) and later “sell those (HIRE) tokens back to the companies and recruiters who wish to acquire (HIRE) via credit card or other traditional payment types within” their interface.
This method has a two-pronged effect – Firstly, the cryptocurrency onboarding problem is solved. And, secondly, as a result of the “Buy Back” program there will be a decreasing of the global (HIRE) supply and, in return, there will be an increased demand and market price.
The HireMatch roadmap can be summarized as follows:
- Implementation & Expansion;
- Marketing – the general public and also the recruitment industry needs to know about the platform benefits;
- The Future – building up both HireMatch infrastructure and API and then repeat the phase 2, 3 and 4 infinitely.
Even though there is always a risk of failure, HireMatch will take advantage of the current trends, such as the blockchain technology and mobile applications, and create a reliable job platform for employees to find quality applicants.