Canlead: the rise in job referral rates, why candidates want to be referred to job opportunities?
Job boards have gone a long way, the idea of letting employers list jobs, candidates search and apply to relevant job openings using the one-click feature. It’s the latest innovation from the job recruitment industry and it works like clockwork, provided the candidate resume or curriculum vitae (CV) is stored in the job boards’ database in the first place and with the correct candidate profile information. There’s more behind the scene. There are hundreds and thousands of staff, agents and consultants servicing their customers (employers) and candidates, as well as complex IT systems to support the job boards’ operations.
The last decade has witnessed an exponential growth in the number of recruitment businesses registered in the UK. There were 8,488 new agencies registered in 2018 and about 5,824 the previous year. An impressive 84% of all recruitment agency company registrations in the UK took place in the last decade (2008 to 2018). Nearly 86% of the UK recruitment industry turnover is comprised of contract and temporary placements. As many as 115,000 people employed in the recruitment industry — still a total of 849,000 jobs were unfilled between September to November 2018, compared with 809,000 in 2017.
The key reasons that have enabled this exponential growth are easier access to finance, rapid smartphone adoption, social media, and SaaS growth all contributed to making the barriers of entry lower and the market more accessible for recruitment entrepreneurs.
Despite current Brexit uncertainty, the recruitment industry’s focus on the quality of service and its enthusiasm for technological innovation has seen it continue to flourish, boosting the wider UK economy. In a world where the way we work is becoming ever more flexible, the role of the recruiter in connecting people to opportunities, and employers to people has never been as important.
Changing candidate behaviour and their impact on the recruitment market
Increasingly, employers are no longer picking the talent, the talent picks the employers. According to Bullhorn, existing candidate referrals ranked as the single best source for high-quality talent in 2018, this trend is expected to continue.
Referred-hires are faster than recruiting a traditional candidate because less time is spent on recruitment processes such as crafting job posts, wading through resumes of candidates that don’t fit the bill and screening applicants. Referred candidates can often be simply interviewed.
A study into this trend by Jobvite has shown that candidates who were placed as the result of a referral begin their job positions quicker than applicants found on job boards and career sites by as much as 29 days. It has also been found that placements made as the result of a referral stay in their position longer than a traditional hire.
Candidate referrals increasingly garner the highest number of qualified hires. This is not a trend in isolation, it is closely linked to recruitment companies investing in their own brand, mobile reach, and customer experience.
How Canlead responds to the challenge
Canlead fills the gaps where traditional recruitment methods and technology are failing to meet the changing market needs.
The Job Board
Despite being one of the first digital recruitment services to come out of the digital age, the job board was created in the 1990s, has made advertising vacancies in newspapers, billboards, and posters a “thing of the past”. The job boards have not been innovating since the 1990s except the one-click job application feature. The business model such as pay-per-click, subscription and a combination of both have largely remained unaltered.
Social Media
Social media has had a vast impact on almost every facet of our daily lives and this impact extends to the world of work. Platforms such as LinkedIn have enabled for what is currently known as “social recruiting” in the recruitment industry. In 2016, the recruitment agency search engine Agency Central reported that 92% of recruiters are using social platforms (particularly LinkedIn, Facebook, Twitter) to find and attract candidates, and this rate is likely to have increased since then. Recruiters can not only advertise vacancies on their profiles, similar to job boards, but they can also engage and communicate with candidates. LinkedIn also enables recruiters to go the extra mile with regards to talent sourcing. The platform is dedicated to employers and candidates, enabling employers to search for, and perhaps find, the “perfect” candidate.
Canlead Opportunity Sharing
Opportunity-sharing is new, a step beyond “social recruiting”, the idea was borrowed from accommodation-sharing and ride-sharing, these are part of the “sharing economy”. The Canlead opportunity sharing and referral platform aim to address the speed and quality of service demanded by the present digital economy, as well as the changing candidate behaviour. Canlead embraces the referred-hires concept and builds upon it to improve the hiring and recruiting experience for employers, recruiters and candidates.
Canlead is the most promising blockchain-based job opportunity sharing and referral platform on the market today and very generous with its referrers. Canlead business and tokenonics model resembles the big players such as 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 (driver/ rider or host/ guest), whereas Canlead has a three-sided market model (customer/ referrer/ candidate) that balances the supply and demand for job and business opportunities with a tokenomics model that incentivises everyone.
Canlead Business Model
There is a 2-level fee structure. The first is the Canlead usage-based paid service model, where the Canlead Platform takes 10% service fees on each successful transaction to operate the business. This covers a number of customer types, business to business (B2B), business to consumer (B2C), consumer to consumer (C2C) and the marketplace. The second is the Canlead fee staking system where the Canlead Smart Contract collects the staking fees to provide liquidity and manage the on-chain ecosystem.
Canlead Business Benefits
A no-win, no fee and no upfront cost decentralised job and business opportunity sharing service.
Companies and developers can build their own Apps for specific sectors such as travel, healthcare, use the Canlead protocol and API for free.
As with any platform, the network effect is enhanced by the growing number of participants, and the utility of the Canlead Token (CAND) increases along with its market reach.
Conclusion
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 utilise 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.
Canlead Management Team
Founder and CEO: Michael Quan
Business Director: Siri Narasimham
Technical Director: Nito Martinez
Operations and Project Manager: Felipe Alarcon
Community Manager: Guilherme Muck
Website — https://canlead.io/ico
Whitepaper — https://drive.google.com/file/d/1GJu5O1BZN4XNvyMiwD8mUbJGfQ7LjTo_/view?usp=sharing
Telegram — https://t.me/canlead
Media Contact
Company Name: CanLead
Contact Person: Michael Quan
Email: Send Email
Phone: +442081232530
City: London
Country: United Kingdom
Website: www.canlead.io/
