Have you heard of the latest blockchain project yet that seeks to revolutionize the job recruitment space? If not, you should definitely read into HireMatch. Their ICO is currently ongoing, but will end soon at the end of October: https://hirematch.io
When I look for interesting ICO’s, I always look at what the company is, what problems in the real world it wants to solve, how it tries to achieve it, the competency of the team, and the roadmap ahead. Let’s take a look at why this ICO is so interesting.
What is HireMatch?
HireMatch is a decentralized job employee recruitment platform that has the ambitious goal to disrupt the recruitment industry. It promises to
- improve the job market quality worldwide,
- reduce the costs of recruitment,
- higher speed to acquisition,
- and to increase employee quality.
What problems in the recruitment market will HireMatch solve?
Did you know that the global staffing market is $404 billion large?
Did you know that the average recruitment commission is $37,500 per installment of highly paid staff (above 100k)?
Did you know that the first places companies go to when they look for new hires are still such job boards as Indeed.com, Monster.com, or Careerbuilder.com?
The problem with these legacy recruitment sites is that they are centralized and don’t harness the power of social networks and other information sources. They are time consuming and are not future proof to provide the services millennials are looking for.
In short, companies that want new hires have difficulties attracting potential applicants’ attention, finding enough qualified candidates, and having high cost of employee acquisition.
HireMatch will offer agents to use their friends and associates connected by social media websites and personal contacts to recommend job offers. It will decentralize the recruitment process, and will effectively lower the acquisition cost and create a more democratic job market place.
How will HireMatch solve inefficiencies of the recruitment market
To explain how the HireMatch recruitment process works, we can best look at the following recruitment example:
- Acme Software is growing fast and needs to find a new software engineer.
- The HR Manager puts the job requirements together and selects a bounty of 1,000 (HIRE) Tokens to acquire this employee.
- The HR Manager acquires (HIRE) tokens to post the job to the HireMatch.io Network.
- The job gets published via a Smart Contract on the Ethereum blockchain.
- Agents that fit the specific requirements will then get a notification that a smart contract has been issued and are able to refer LinkedIn contacts, Facebook contacts and phone contacts to find suitable applicants to the posted job. Agents can be humans or applications connected via HireMatch’s open API.
- When the applicant is selected by the company, the final bounty is distributed via the smart contract to every agent who had a part in hiring the new employee (including referrals and interviews that were accepted by the company) and the contract is closed.
The benefits of HireMatch over traditional hiring systems
Following the above system, powered by smart contracts and an open API, HireMatch brings great benefits to the job recruitment market.
Transparency
The use of smart contracts on the Ethereum blockchain gives great transparency about the issued rewards to agents.
Reduces the cost of acquisition
By harnessing the power of social networks, acquisition costs will be reduced.
Makes it easy for anyone to become an agent
Everyone can become an agent and make referrals. It will hence increase the pool of agents.
Incentivizes agents
The reward system incentivizes agents to participate and to make referrals. Agents are paid in HIRE tokens when recommending and validating applicants and/or when a referred applicant is hired.
Higher speed of acquisition
It will overall lead to higher speed of acquisition.
The competencies of the team
If a company wants to become successful, it must have a great mix of team members with the right experience and competencies. Let’s see why I have great confidence in the team members of HireMatch to deliver what they promise.
The team consists of:
- Armando Pantoja, who previously worked as a security expert and software designer at ComptIA and is now HireMatch’s chief software architect
- Chad Kettering, who has more than 8 years experience as CEO of Raven Consulting Corp. and who currently oversees HireMatch’s partnerships and marketing strategy
- Arash Emami, who has years of experience at LinkedIn as Sr. Partner and Technical Product Engineer
- Mario Pantoja, who used to be HR manager for years at Nestlé Waters and Kroger
- Baer Noldus, who has worked at several job agencies like Randstad, Tempo-Team, and Yacht as process manager. Interestingly, Baer originally comes from my hometown and we used to be in the same high school – Stedelijk Gymnasium Breda
- Matthew Loughran, who has experience as director of Marketing & Sales and Consultant. He works as strategy advisor for HireMatch
- Adam Tracy, who has experience as cryptocurrency attorney and who is a fintech entrepreneur, is also the legal advisor of HireMatch
Looking at the team we see a delicate mix of fintech entrepreneurship, software architects, legal expertise, and job recruitment industry veterans. This is exactly what you would want in a team of HireMatch.
Roadmap
HireMatch moves fast. It already has a minimum viable product starting in January 2017 with a mobile user interface. In addition, it will launch its review platform this quarter with a full public beta launch in Q3 2018. By next year it will already begin onboarding companies.
ICO
As previously said, the ICO is currently ongoing. You can find more details regarding the ICO here: https://hirematch.io/tokensale.html
You can invest in the ICO with your ETH tokens. At the moment, you will receive 2100 HIRE tokens for 1 ETH. After the ICO has received 20,000 ETH, you will only receive 900 HIRE tokens per ETH.
The big plus of HireMatch is that they have a fixed quantity of HIRE tokens of 100,000,000. No more HIRE tokens will be created nor burned so you can rest assure that there’s no inflationary pressure of the token.
There’s a cap of 78% of all tokens (78,000,000 HIREs) for the ICO, with a funding goal of approximately 80,000 ETH (approx. $24 million).
Conclusion
Looking at HireMatch, the problems in the real world it wants to solve, how it tries to achieve it, the competency of the team, and the roadmap ahead, and the crowdsale details, I believe that HireMatch is a worthwhile company to invest in.
HireMatch is the first in its kind, offering a decentralized solution to the expensive and slow acquisition process of legacy job sites. Considering the large global staffing market of $404 billion, HireMatch would already be hugely successful if it could capture just 1% of the total market share. Why could it not with its innovative business model?
References
https://hirematch.io/tokensale.html