Yahoo Puts New Spin on the Recruiting Process
Today Yahoo! released what it refers to as the first performance-based online recruitment product, Yahoo! HotJobs Pay Per Candidate. The new HotJobs feature lets recruiters pay for candidates instead of just per listing.
The idea is that this will help recruiters tie their dollars directly to their results. The recruitment community will get its first look at the product at the upcoming Society for Human Resource Management conference starting June 28 in New Orleans.
"Recruiters are being asked to find top talent using fewer resources than ever, and Yahoo!’s Pay Per Candidate model gives them the tools to increase the accountability of their listings," says Yahoo! HotJobs Vice President and General Manager Chris Merritt." With recruiters facing resume overload in today’s job market, the Pay Per Candidate solution will allow them to spend their time and budget on only the best candidates."
According to Yahoo’s site, Pay Per Candidate lets users:
– Closely manage costs for your online recruiting needs.
– Cap the number of Applies per job and re-allocate unused Applies to other jobs throughout the term of your contract.
– Save time, because when you use the HotJobs application process, you no longer have to evaluate candidates that haven’t been pre-screened by your questionnaire.
Recruiters can choose one of two application methods when using Pay Per Candidate: candidates complete the entire job application on the HotJobs site, or candidate clicks-through to their company’s hire site. With the first option, recruiters have the ability to pay only for pre-screened candidates. With the second, recruiters keep candidates on their career website for the application process.
More information about Pay Per Candidate can be found on this FAQ page (pdf). What do you think about the concept?