iRecommend.Work is the online referral recruitment service that help businesses to find top talent through referrals, and where people who refer best candidates receive bonus for successful hiring.
We started in 2019, found our working business model, made first sales. Then we doubled our revenue in pandemic 2020 and introduced payment plans for the clients. Now we have 40 clients on payment plans, including some of the big corporations, more than 250 vacancies open and a user base of 3000 people. In 2021 we started the development of our own IT platform and plan to grow the revenue this year 3 to 5 times.
Problem or Opportunity
Currently employers and talented employees cannot find each other easily. Employers get hundreds of irrelevant applications on job-sites, it takes lots of time and efforts to sort them out. And recruitment agencies are too expensive for most of companies. Moreover for candidates it's not easy to find a good job - job posting on job boards could be a fake, when the apply they don't get any response in 95% of cases, etc.
Solution (product or service)
We created service where people refer candidates to employers and get paid for successful hiring. So companies only receive 5-7 relevant candidates with referrals, people always get a feedback on their application, and they can easily help their friends and colleagues to find a good job.
Subscription + success fee. In more details: our clients pay us first for the placement of a job posting (payment plan from $150 to 1000 for 3-100 vacancies) and then the success fee after a hiring is made (25%-75% of the monthly salary). We then share part of the success fee with our referers (50%-67% from the total sum).