One of the hottest technology innovations for recruiting and staffing is the use of online recruiting exchanges. A recruiting exchange is an online web site where recruiting firms, staffing agencies and employers share information about jobs and candidates for the purpose of filling jobs. As well, a recruiting exchange is a place where recruiting and staffing professionals can earn money by successfully identifying qualified candidates who are hired by employers who use the exchange to hire such candidates.
Traditionally, recruiting exchanges where useful only to direct-hire recruiting firms who wanted to engage in split-placements with other recruiting firms. Today, however, the entire landscape has changed to include providers of temporary staffing services and hiring companies as well. Companies now have the ability to post their open jobs along with the available placement fees they are willing to pay the recruiting firm who finds the candidate that gets hired for the job.
Here's how it works: A company posts an open job on a recruiting exchange. The posting displays the jobs responsibilities, requirements and related, and also shows the placement fee they're willing to pay the recruiter who fills the job. When a recruiter submits a candidate for the open job through the exchange, and that candidate gets hired, the recruiter is compensated with the placement fee amount that was shown in the posting. It's that simple.
Companies like BountyJobs.com, Hireability.com and TalentMaze.com represent just a fraction of the recruiting exchanges that are popping up online.
One of the nice things about recruiting exchanges is that they are making it easier for home based recruiters and independent staffing providers to submit candidates directly to companies who post their open jobs on exchanges. For those providers who struggle to get on a company's preferred vendor list, a recruiting exchange opens up access where they may have previously been denied.
Recruiting exchanges also enable recruiters who prefer to focus on finding candidates rather than performing business development (cold calling). The exchange is a direct pathway to job orders where they can make placements and spend more time doing the type of recruitment they enjoy.
Companies too are enjoying some new benefits offered by exchanges. For example, since the company decides in advance the amount of the placement fee they are willing to pay, they remove them self from the arduous process of negotiating fee percentages with individual recruiting firms. As well, they can post their job descriptions just one time online rather than discuss job orders over the telephone. (and use one binding fee agreement provided through the exchange which applies to all vendors to provide service via the exchange.)
To learn more about recruiting exchanges and how to make money using them, our company offers a 90 minute training DVD exclusively about maximizing the value of online recruitment. This training DVD is part of a complete training package which can be purchased by calling us or sending an email.
