Ureferjobs calls on bounty hunters
Ureferjobs is set to flip the recruitment industry upside down. The online platform allows individuals to refer jobs to their peers and win significant cash rewards if the referral leads to a placement. Businesses looking to employ also enjoy the benefits of a faster, cheaper and more reliable recruitment process.
So how does it work? A company posts a job on www.ureferjobs.com, and allocates a cash bounty of $2,000 or more. The job post is then sent to individuals within relevant networks – for instance, banking jobs will be sent to banking networks, and technology jobs will be sent to technology networks. Individuals can refer jobs to peers, and if their application proves to be successful, the referrer wins the cash bounty.
A points system has also been integrated into Ureferjobs. Points are calculated on the basis of performance – so if you refer a job and your referral leads to a placement you receive points, and if you refer peers who don’t fit the criteria for a job you lose points.
“It’s a win for companies and a win for all of us. Referrers can reap cash rewards by referring jobs to peers; and employers can find the right talent faster and at significantly reduced costs!” says MaheshMuralidhar, Founder and CEO of Ureferjobs.
Muralidhar has held senior positions in the recruitment industry, and felt that the industry could generate more value for its customers – and by customers – than the traditional recruitment channels. He says that while an internal referral program can yield great results, it isn’t well run.
“It doesn’t engage referrers and has limited reach – that is, employees within a company. Ureferjobs changes the game. It takes what we do everyday – help our peers, share information – and rewards us for it,” says Muralidhar.
Ureferjobs’ referral program has been structured to motivate people to get involved in the recruitment process.
“We firmly believe Ureferjobs is a better, cheaper, smarter method for companies to identify and hire talent,” says Muralidhar.
According to IBIS, the Australian recruitment market is worth $3 billion. Yet, very little effort has been made to bring innovation into the market – particularly in the past decade.
“Our research projects that the referral recruitment model will capture between 20 to 30 percent of the market in future, but we wouldn’t be surprised if this slice grows larger, given how attractive and accessible our business model is,” says Muralidhar.
Building the product
Muralidhar spent three months developing the business model, with the assistance of mentors. He says that one his key milestones was identifying the right Co-Founder. Three months following the initial conception of the idea, Muralidhar brought Matti Alakangas on board as his Co-Founder.
“Matti and I met at the University of New South Wales, and we were both pursuing our MBA at the Australian Graduate School of Management. He is the perfect foil and business partner – we balance each other’s skill sets, and have excellent personal and working relationships,” says Muralidhar.
“Matti, Shan Sharma (our CTO) and I spent many weekends tirelessly working out the architecture of the system. My deep recruitment background formed the basis of the business framework. Once that was done, we moved on to product development. False Behaving Animals, our tech partner, have been a god-send in this aspect.”
Thus far, the team has spent $20,000 building the business by employing a lean startup model. And the business earns a 50 percent share of the referral bounties for facilitating the program and ensuring quality.
Muralidhar says networking with startup founders and business leaders has been an instrumental part of their startup journey.
“Our MBA network and being part of the broader UNSW family through NewSouth Innovations have been invaluable in helping us, as has the support from the Australian startup community,” he says.
“We continue to seek inspiration from business and marketing leaders. Seth Godin’s thought leadership around entrepreneurship have been a particular source of inspiration for me.”
He adds that the AGSM MBA alumni network has helped the team identify and meet with potential customers.
“We’ve had countless coffees with future clients, are finalists in a number of seed fund pitch competitions, and are looking to continue building our brand awareness through media exposure, both online and on radio,” says Muralidhar.
Successes and challenges
Getting their first customers was a huge rush for the Ureferjobs team.
“We’ve recently advertised jobs and have had a number of applicants via referrals, who are now being reviewed by the company for interviews. Our client has been very happy with the results!” says Muralidhar.
“It’s been exciting to see the platform up and running, and seeing the model work in practice.”
Muralidhar says the biggest challenges have been choosing the right team, and juggling two full-time jobs.
“It’s been an exhilarating but exhausting ride – juggling startup life with a 9 to 5 job,” he adds.
Key lessons learned throughout the journey have been not trying to cut costs on things that are important and trusting gut instincts when recruiting people.
Ureferjobs’ six-month plan is to build a strong customer base, employ full-time staff, and expand their digital and geographic footprint in line with their growth strategy.
For more information, visit www.ureferjobs.com.