HireMatch, found online at HireMatch.io, aims to reduce the cost of acquiring new employees. Find out how it works today in our review.
What Is HireMatch?
HireMatch aims to expedite the recruitment process through the use of a blockchain-based platform and HIRE tokens. It’s being described in press releases as “the first decentralized employment recruiting platform.”
HireMatch is a decentralized application (DApp) that eliminates the friction and costs of third party intermediaries – like expensive recruiters – when firms are searching for talent. With HireMatch, HR managers can directly connect with high quality candidates using a unique bounty-based system. The blockchain acts as the middleman, while everyone enjoys a smoother and more efficient hiring process.
The HireMatch ICO started on October 1. The development team is based in California.
How Does HireMatch Work?
HireMatch is a decentralized app that will eventually support multiple blockchain platforms. The company has initially chosen Ethereum, however.
The network allows HR managers to interact directly with candidates by deploying a bounty of 10,000 HIRE tokens. Ordinary users – including users who don’t need jobs – can claim that bounty by referring the right person to the job.
In other words, you get paid to help others find a job.
This creates a powerful incentive engine: as the bounty gets bigger, more users will come into play, and the quality will increase. This in turn increases the speed and efficiency of the platform.
Ultimately, HireMatch eliminates the friction and costs of third party intermediaries like expensive recruiters.
Here are some of the core features and benefits of the HireMatch platform:
Powered by Smart Contracts: Each job that is posted onto the platform gets published as a smart contract. When the applicant is selected by the company, the final bounty is distributed to every agent who had a part in hiring the new employee.
Reducing Hiring Costs: HireMatch will reduce the cost to find, interview, and acquire new employees. The ecosystem revolves around the use of the HIRE token, an ERC20-compliant token built on Ethereum. Anyone can get paid to help others find jobs, or to help companies find employees.
Open API: HireMatch will provide open access to their API. This model is expected to increase the effectiveness and quality of the platform while raising the value of the HIRE token.
Crowd Power Value: Crowdsourcing harnesses the creative and competitive spirit of people all over the world, allowing them to solve big problems as well as small ones. HireMatch incentivizes users to find the perfect candidate for the job, lowering acquisition costs and creating a more democratic, competitive recruitment market away from the high costs of centralized recruitment agencies.
How To Use HireMatch
Here’s the process anyone can use to find a qualified candidate through HireMatch:
Step 1) An HR manager puts job requirements together and selects a bounty of 10,000 HIRE tokens to acquire a new employee for the company
Step 2) The HR manager acquires HIRE tokens to post the job to the HireMatch.io network
Step 3) The job gets published onto the network via an Ethereum smart contract
Step 4) Agents that fit the specific requirements will get a notification that a smart contract has been issued; these agents can refer LinkedIn contacts, Facebook contacts, and phone contacts to drive suitable applicants to the posted job. These agents can be humans or applications connected to the HireMatch platform via an open API.
Step 5) 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. Then, the contract is closed.
What Problems Does HireMatch Seek to Solve?
HireMatch believes there are big problems in today’s recruitment industry. The global staffing market sits at a total of $404 billion, and the average recruitment commission is $37,500 (for staff earning over $100,000 per year). Here are some of the overall problems that HireMatch seeks to solve:
- The recruitment industry is dominated by a few major players, including Indeed.com and Monster.com
- These centralized services do little to find quality applicants; they’re time-consuming and overly complicated for users and job seekers
- Meanwhile, employers struggle to find quality candidates
- High costs of employee acquisition
- Difficulty in attracting a potential applicant’s attention
With that in mind, HireMatch believes the industry is ripe for disruption.
The HireMatch Token Sale
HireMatch’s ICO is scheduled for October 1 to October 31. There’s a total supply of 100,000,000 HIRE tokens. The crowdsale has a cap of 78 million tokens (78% of the total supply). The remaining amount will be reserved for the team (10%), a house fund (11%), and bounties (1%).
1 ETH = 2100 HIRE during the pre-sale, and that rate rises to 1 ETH = 900 HIRE during the ICO. The pre-sale began on October 1, and will continue until a certain number of tokens have been sold (so it’s more like the first stage of the ICO than a locked pre-sale).
Who’s Behind HireMatch?
HireMatch is led by co-founders Armando Pantoja (Lead Software Engineer) and Chad Kettering (Chief Marketer).
The company is based in Sunnyvale, California. The first release of HireMatch occurred in January 2017 (v 0.1). By Q4 2017, after the token sale, HireMatch plans to launch its review platform, with a review app launch scheduled for Q1 2018.
HireMatch aims to disrupt the recruitment industry by helping employers connect directly with qualified job seekers. To do that, HireMatch uses a blockchain-based marketplace where HR managers can post bounties for certain positions, then watch the marketplace compete to earn that bounty by referring qualified job candidates. Agents in the marketplace could include ordinary individuals. Or, developers can create APIs that refer job seekers to the posting.
The HireMatch ICO is taking place throughout October. You can learn more about the platform today by visiting online at HireMatch.io.