A year ago, we wrote about YorZ, a community designed to help people refer candidates for jobs and make money in the process. The American company has now been joined by a British start-up that aims to do the same thing. Zubka, which launched recently, is hoping to shake up the British and European recruiting markets by creating a platform for hirers to tap into the social networks of active referrers.
Research conducted on behalf of Zubka estimates the value of the employee referral market in the UK at GBP 7.6 billion, based on the number of successful referrals per year. The company's founders aim to help out everyone involved in recruiting: referrers get a financial bonus, job hunters gain new leads for interesting jobs, and employers are able to recruit members of staff in less time and with fewer costs than through traditional channels. All by sharing information and contacts.
A referrer's reward depends on the starting salary of the person referred, but is normally between 6 and 8 per cent, according to Zubka. Successfully placing someone in a job with a basic salary of GBP 60,000 would therefore reap the referrer a tidy sum of around GBP 4,000. Joining Zubka is free for both referrers and hirers. Organisations with vacancies to fill can advertise jobs for referrers to browse through for as little as GBP 10 for a four week posting.
Recruiters are always looking for new channels that will help them find the right person for a job, so rewarding people for rooting through their valuable networks makes complete sense. More local versions to follow? For a related referral economy concept, check out what we wrote about MutualWin.
Website: www.zubka.com
Contact: www.zubka.com/contact.php
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Very cool and different idea, I think this will spread at least from what I can see in South Eastern Europe.
Wish them good luck!
I may be being an idiot but I think you linked to the wrong site? The correct address is www.zubka.com.
Hi Rebecca,
You're absolutely right: it seems our publishing system ate the link. It has been fixed now, though!
Thanks.
I think this trend is becoming more of a revolution with the concept having also crossed the border into South Africa with the recent launch of www.employmint.co.za. This is the perfect process to allow both recruitment companies and internal HR departments to extend their reach into the passive job candidate network.
Its happening all ready in the UK, think this site here is a little easier to understand.
www.jobtonic.com
The above seems just like a conventional recruitment site but with an extra function, rewards.
But do you think this concept is spreadable enough or will it fade. I think it will fade as a trend that has no steam....
Levi | October 12, 2006 6:42 AM