The human resources realm has typically been running in one of two ways since its inception: either firm throws their openings at any third-party job board they can find or dish out extravagant costs to headhunters and agencies that do the legwork of finding suitable candidates for the position in question.
One startup out of South Korea, however, has set its sights on revolutionizing the recruitment market with a new model of recruiting that's had proven success: referrals.
Wanted has built a recruitment platform that relies on personal referrals to find a suitable candidate for new job openings. It is based on the idea that while highly qualified people may not be looking to change careers, they might know another equally qualified person who is.
“Think about it like this: If you’re making a big life decision, you seek advice from friends and family. If you’re making a big career decision, why wouldn’t you speak to people in your professional network?” Wanted’s founder and CEO Lee Bok-kee said in a recent interview with The Korea Herald.
Launched in 2015, Wanted is a referral-based recruiting platform here that allows people -- namely professionals working in a relevant industry -- to recommend potential candidates for a position.
The service model was born from the observation that Wanted’s founding team members themselves had come together via personal referrals.
In case of a successful hire, Wanted pays both the recommender and hired candidate a financial reward totaling between 100 million won ($895) to 500 million won. Client companies pay Wanted a 7 percent placement fee, only if a candidate is successfully hired through the platform.
“A big advantage of using Wanted is that companies get to interview candidates who another reputable person has ‘pre-certified’ as being a good fit for a particular position,” said the 39-year-old CEO.
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