American job-matching site takes comeback as an Asian-based global operation. It taps blockchain technology as an effort to be a supreme power in the industry. Job.com is conquered by an English investment company co-led by the entrepreneur and recruitment expert Arran Stewart.
The team is getting ready to mold the namesake site as the firm which relocates its headquarters in Singapore.
The process of using blockchain technology
Stewart says in a recent interview with Nikkei in Newyork we’d like to do for the employment market what Uber did for taxis. It is compiling his ambitions for the $630 billion market by utilizing a comparison between Silicon Valley companies. Further, he adds “We are going to go global overnight”.
The new firm is anticipated to move out in the U.S and Asia by the end of May. It going to connect job seekers automatically to the posting and is using blockchain to offer security and faith for both the parties. It is recording the entire method from the time of interview to the signing an employment contract.
Stewart says the distributed ledger technology should slash fees. The Job.com is charging its clients for job listing companies. Around 6% of the posted position’s salary is far less than the traditional recruiting fee of 20%.
Job.com’s enhancement towards blockchain
Job.com intends to honor successful job seekers with a signing bonus that is equivalent to 5% of their total salary. The site is using JOB cryptocurrency tokens to pay the bonus as well to convert the payment to the employee’s coveted currency. The company has elevated $50 million through its token offering in January.
Stewart formed this method to contend with the conventional recruiting industry rivals. “He says that large companies such as recruit holdings (of Japan) have too much overhead to cut their revenue,” he said. The system also offers a stronger incentive for candidates to use Job.com, because “they can get paid for getting a job.”
Singapore delivers as a natural choice for the impending relocation. This is because Asia has made up 34% of the global recruitment industry and the region is an adopter and business hub for blockchain technology.
The Company’s founder says Job.com already has a “large Asian presence, with nearly 300 shareholders from everywhere from Shanghai to Kuala Lumpur,”
Job.com is planning to expand new nations through a joint venture with an established local recruiting company. He asserts that recruitment is a unique process and “We are going to give them the platform, the technology, and allow them to have a brand-new product to go to a market that they understand,”
The company is planning to launch several branches in Malaysia, India, and China then proceed with Africa and Europe. Steward says Recruit’s procurement of Job.com rival Indeed states that “having a company buys you, or buys into you, gives huge credibility. It also allows you to exercise the plan faster.”
Basically, the company is expanding its branches and desires to be at a number one position. It is also planning to launch an ICO for the same.
Share your thoughts on the U.S’s company for using blockchain for providing jobs through Twitter and Telegram.
Image Source:- Job.com