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Can you please tell me if something is wrong?
by
Manu Ganji
bountyhiring.com/
I'd love to hear any objections/feedback.
Interesting project @manuganji
Reminds me a startup in my region: Weesper. Generally okay, looks like you need some text system improvement and pick the right icon sets.
I'm also improving my site, keen to know your advice!
thank you for telling me about them @felix12777 Good to see others trying. :)
I went through your site. I understand that you're one place to find all the funding opportunities. I can share a list from nordics region with you if you want to import it. But I didn't get your unique proposition.
Thanks for exchanging ideas. What would you do differently?
I have no suggestions to offer if there's no competition to you. :) Maybe aggregate even more so that you become the largest list of funds.
I clicked on the 'Calculate your value' button and the page that loaded after that loaded a huge image like it's 1996. That image is 2.5MB, I'd recommend making this a lot smaller ;-)
Next, I tried that calculator. I entered 0 facebook friends and 200 linkedin connections. I estimated the average monthly salary at my linkedin connections at 7k. It then told me I could make 88k by referring friends. At this point, I would definitely drop off, because this just seems ridiculous (no offense!).
Sorry, I fixed the image.
Thank you for your comment. Can you please tell me why you find the figure ridiculous?
Hi Manu,
this is what I was thinking: I heard recruiters make up to 30% of a year's worth of salary to fill a role. From companies, I have heard about a referral bonus ("refer a friend") of 1-2k. Now you are not someone that works specifically with a company to fill a role, but you offer a platform. Therefore, a company won't pay your platform 30%.
Second, these referral bonus are only for highly skilled employees. This is just a very rough guess, I but I'd say for around 50% of the people in my network, they're not working in senior positions in an industry like IT and therefore most likely don't get a referral bonus at all.
Next comes the location. Are you taking that into account? The salary level in the location is one thing (or whether it's even a tech hub where enough such people are in demand), but the bigger thing is, are there enough companies on the platform that are hiring where my network is looking for jobs?
And then I was thinking: Let's say I share a link to your platform in my linkedin page. Or even a video (or something else that makes them want to click that link even more). How many would actually click? I regularly put links to my own product in my linkedin feed. While I get quite some likes, most people don't even follow the link.
So putting all of this together: I think in the best case you'd get 10 clicks from my linkedin feed. Of those 10, 5 are probably purely curious. Let's say the other five signup and actually look for a job (and I think this number is veryyy optimistic), I think I'd be very lucky if one person found a job on your platform. And how much would I get paid for that? I honestly doubt it would even be 1k, because you're competing with all other job platforms (what are you offering to the companies that the job platforms don't?) and recruiters that are constantly trying to fill those roles as well.
I could of course be all wrong, but I'm a skeptic, you know ;-) I hope you don't let yourself be discouraged by what I wrote. I still think there is tremendous potential in the industry of placing people. Two things that come to mind:
Cheers & Good Luck!
As a side note, this is my methodology for the number
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We base this estimation off three statistical facts.
The base figure is derived from these facts. We also include a conservative estimate of the number of "Rocket Scientists" in your network.
Thank you for walking me through your thinking Reto! I appreciate it very much. :)
I'm undercutting this part. I'm working with the company directly. So your potential earnings is from that 30%. There are not many companies on my platform yes. But this number only increases with time.
It's not just sharing a link. You have to be a small time recruiter by signing up and keep checking for the jobs and refer candidates yourself. By hand. Each time. It's not a one time share thing. This is work but it's lot less work for you than a full-time recruitment job. But you have enough time to only refer candidates when you see a genuine fit.
I'm distributing talent spotting responsibility so that it can be done with care.
Most companies spend about 1 month's salary on hiring a new employee. And the number of people you can place is calculated based on statistics.
What per cent of people are actively looking for new work?
What per cent of people value recommendations from friends?
What per cent of people are suited for the recommendations they receive.
If this is the business model, these are things you'll need to know. And they should factor into your calculator model so it returns something vaguely realistic.
@manuganji
Thank you for your comment. :)
I'm trying to understand how you're thinking so I can fill the gaps between my methodology and your reaction.
I can give you my assumptions and my methodology. Why do you believe that the number you see is not realistic? Can you please explain what you're comparing against?
@manuganji Would love to know your assumptions and methodology.
Ok this is also explained in the calculator page.
-------------------------------------------------------------------
We base this estimation off three statistical facts.
The base figure is derived from these facts. We also include a conservative estimate of the number of "Rocket Scientists" in your network.
Okay but how many of my network is currently looking for work? And what per cent of interviews lead to an offer? Are these factored in?
It's actually the lower end of the estimate. This is probably surprising because that's how much recruiting agencies make merely for introducing you to a potential employer. I'm opening up access to that market.
I don't have access to your network to know what percentage of them is looking for work. I'm using only the known statistical average which is about 12.5 people in your close network per year.
What percent lead to an offer - this is totally dependent on how good a match you make between the job and the offer.
That's the "work" required to earn the bounty.
I would imagine it's 1/200 applicants get the job. Even if a good match, most well-paid roles have 100s of applicants. This is one place where I think the numbers don't add up.
Your calculator is wrong.
I clearly state that it's an estimate, not guaranteed income.
Thank you for the feedback @olly