HireVibes, an open-source, decentralized jobs app, is set to launch on the EOS.io blockchain in early 2019. It’s designed to give job-seekers and employers a community-based alternative to centralized recruitment agencies.
Co-founder Daniel Dunne explains why his company decided on EOS.
“We felt EOS was the one blockchain platform that could handle the weight of the HireVibes DAPP (decentralized app) in the case of mass adoption. The speed, the reliability and the free transactions, along with the ability to arbitrate, which EOS can offer, positioned it as the best option for our needs.”
The market is wide open for disruption. According to a study by CV Library, organizations cited “sourcing candidates directly” as a top priority for 2018.
Top Recruitment Priorities in 2018
- Sourcing candidates directly – 68.1%
- Building talent pools for the future – 65.7%
- Investing tools to speed up the hiring process – 42%
- Establishing a strong employer brand – 40.2%
- Succession planning – 33.9%
HireVibes incentivizes the crowd to source suitable candidates for job openings by charging a 7.5% fee to employers and sharing part of that fee with the hired employees. The successful job seeker receives the equivalent of 4% of the job’s annual rate in HireVibes tokens (HVT). If the successful applicant was referred to the job, the 4% is automatically split between both the job seeker and the referrer.
Successful applicants will also receive a fixed donation reward in HVT that’s equivalent to 1% of their annual rate or salary. They can then donate the crypto to a humanitarian cause or charity of their choice.
Dunne, who worked at a global talent agency, co-founded HireVibes with Daniel Beere who shared his vision of wanting to run a more efficient job search program that could add a deeper purpose to the process.
“Very early on I became aware of the high fees agencies charge to employers, and I always felt a portion of this fee could, and probably should, go back to the worker putting in the shift. I later began exploring ways humanity could divert a portion of its collective energy and channel it to people and environmental projects that need it. With HireVibes, the two ideas merged,” says Dunne.
Employers will advertise for free and only pay if a candidate is hired, with each job listing clearly identifying the employer in order to reduce the risk of spam ads. According to HireVibes, the fees charged by traditional centralized recruitment agencies will be slashed in half.
The company will airdrop 80% of the HVT supply to the EOS community. HireVibes participants can then use the tokens to govern the platform by voting on proposals and implementing changes.
Every quarter, 50% of all surplus tokens generated by the community will be automatically redistributed to HVT holders. The other 50% will be put to a community vote.