Zyoin : Job Referral portal from TechUnified Consulting
The Indian job market is suddenly booming with referral sites and the latest to join them is Zyoin, a portal from techunified consulting group.
The portal lets you:
- Compare your salary with others
- Refer friends
- Ask questions (i.e. QnA module )
I am aware of few more startups (mostly in closed beta phase) who are operating in the same space. The challenge I see in this entire approach of referral is that the cunning breed of consultants are way too ahead (to fill up the junior/middle management roles) and have a strong ‘network’ with HR people in any organization. So, while referral sounds like a good fishing bait, most of the resumes sent by users will already be present in the HR database – and this is how the industry works (there are few well known stories about how HR/consultant incestuous link-ups).
A portal from an existing HR consulting company? – There are clearly open ended questions related to transparency/viability of data/referrals sent by users.
While salary comparison is a good tool (HT’s Shine.com is betting big on that), I am not sure whether these referral services stand a big chance for success.
What’s your opinion?
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About the author - Ashish Sinha is a Startup Mentor/Product Strategy Coach, and the founder/chief editor of pluGGd.in.
He has launched/managed couple of products (consumer as well as enterprise) in US and India, and now consults with startups/small businesses on their product/media strategy. He can be reached at: ashish (at) pluGGd.in [+91 98452 06443]
I completely agree that salary comparison tools will rock in India. But need better salary comparison tools then currently existing ones. While Shine’s tool is little better, Zyoin seems pathetic, they have tied up with Pay scale. In Zyoin click on Salary meter and enter Software engineer, Bangalore, Karnataka. It gives result as
Base Salary : Rs 11,777,488 to Rs 19,552,803
Wow 1.1 crores to 1.9 crores.
Anyways a new startup Inner View is coming in this space.
Keep SMS Updates about Inner View. [SMS Join InnerView to 567678]
It would be interesting to look at it from cost of unique resume acquisition standpoint.
Referrals (If done fairly!) would lead to significantly higher resume acquisition costs, making the model unsustainable.
The thing is that there is a strong nexus between HR and consulting companies – biggest bottleneck in hiring is HR+consultants and IMO, the winning model is the one that gets away with that bottleneck!
-Ashish
There are couple of problems with the recruitment model:
Spam: How does one prevent random users referring random candidates
Rewards: In recruitment industry, the fee is paid only after the candidate stays with the company for atleast 3 months, this includes additional complexity to the reward equation.
It would be interesting to see how Zyoin tackles these issues.
-Ankit
the referral model – while unique – is not the most effective recruitment method, look at yellojobs (NDTV finshed their association with them). reffster is also struggling. They were all aimed at getting the employers directly (thru referrals) in touch with the candidates and thus reducing their fees by eliminating the need for consultants. We, at thehiringtool.com are taking the approach of organizing this employer – consultant relationship through performance driven stats and our belief is that a consultant earns his bread by refering candidates and understands the market, the client and the soft skills needed. While your *friend* can refer you to a job that might be a match on a job description level but he will not know the cultural and social match at the employer.
@ Sumit:
I guess its impossible to eliminate recruiter out of the equation…much better approach would be to organize employer-recruiter relationship..
HiringTool does seem like a winner provided it can deliver on its promise.
-Ankit
“there are few well known stories about how HR/consultant incestuous link-ups”
This sounds very interesting. Ashish, can you provide links to any such stories?
cheers
nilesh
Here is one (to satisfy your curious soul!).
~
Mr.X – Director in a very big MNC.
Any employee referral in that org used to get rejected (standard response – “we already have the resume from some other sources”!).
The candidate will immediately get a call from this HR consulting org (lets call it Y!), after an employee sends his resume as a referral to the HR.
Over a period of time, employees realized that if you REALLY want to have your friend in this org, do NOT send thru’ referral – instead send friend’s resume to this HR Consulting org.
Some a**hole blew the lid – X and Y are a couple (i.e. husband/wife) – and HR worked on X’s behalf to pass resumes to Y (a co. started by X’s wife! ):D
~
This is just one story..there are few more
techtribe had launched a similar thing few months back…. not sure if it is working
Can anyone refer me a good employee referral softwrae . would appreciate help.
regards
krish
I was placed thru Yellojobs.com in an IT company here in Bangalore, which got my friend (ex-classmate) a reward money of 10k from them via courier. Their model works very well and they have direct relationship with Recruiters in companies, who prefer yellojobs.com as it helps them reduce their costs. I am expecting to get my referral cheque of 5k early Nov after my friend completes their retention period.
I always agree that few of the job referral channels are lagging because oth link consultant vs hr .i too have hired thru http://www.jobsbyluck.com where some posted the referral for one of the MNC