PRZOOM - /newswire/ -
Noida, Uttar Pradesh, India, 2007/07/05 - NDTV, in association with Singapore/Bangkok based Yellojobs.com Ltd has re-launched NDTVjobs.com, introducing a completely new model in the Indian recruitment market.
NDTV, in association with Singapore/Bangkok based Yellojobs.com Ltd. has re-launched NDTVjobs.com, introducing a completely new model in the Indian recruitment market. The unique feature of this job network is that employer can offer sizeable cash rewards to those who refer their friends to the posted jobs.
“YelloRewards” is the reward amount that an employer pledges to pay to the person who successfully refers a candidate to his firm through NDTVjobs.com. Already, up to 1 lakh rupees are on the offer as reward for a high paying job. This amount is passed on to the “Amateur headhunter” who referred his friend as the candidate. A whooping cash amount exceeding Rs. 1 crore worth of rewards is already up for grabs for these “Nethunters” (a combination of networkers and headhunters, as this new breed of internet users is called).
Sanjay Trehan, CEO, NDTV Convergence, said “NDTVjobs.com is already a very credible name in the online job market. NDTVjobs.com brings immense value to our portfolio under NDTV Convergence and it complements our growth strategy.”
NDTVjobs.com anticipates to place over 50,000 candidates annually by this innovative model and crores of reward money will go to ordinary internet users who refer their friends to new jobs.
Addressing the media, Dr. Andreas Koestler, CEO, Yello Ltd. said “When we had the idea of combining recruitment referral systems with the power of social networking, we thought that the dynamic internet market of India would be the ideal place to launch it – especially, as our whole technical development and production is being done in Noida. Yello has significant presence in the Asian online and jobs classifieds space – in India, Thailand, Singapore, Malaysia, Indonesia, Vietnam and the Philippines. We are very excited about being in India - NDTV is exactly the right forward-oriented partner we need to take job advertising to a new level. Yellojobs.com brings its internet knowledge and management expertise to the Indian public through NDTVJobs.com.”
Vikramjit Singh Sahaye, who heads the network in India said that “Everyone can become a headhunter now! Ordinary people can simply help their relatives and friends by referring them to good jobs and making good money. Most companies already believe in success of referral systems – NDTVjobs.com and Yellojobs.com have opened these gates to the entire country. Social referencing for recruitments is the future of Indian recruitment industry which is hungry for qualified professionals.” NDTVjobs already has the support of numerous employers like HCL, Britannia, Nestle, Aricent, Schneider Electric, CSC and more who are keen to hire staff under YelloRewards.
The conventional model of current job portals is that jobseekers post their CVs online and companies pay these portals for advertising, job listing and searching databases. This is quite suitable for entry & junior level jobs. At middle and top management level, most recruitment happens through placement agencies, individual references or personal networking.
The placement agencies (also called ‘Headhunters’), facilitate recruitments for companies and charge even up to 25% of annual salaries of successfully placed candidates. The database of headhunters is filled either from online portals or those who contact them actively for changing jobs.
Companies are even willing to spend a premium for good candidates. Overall recruitment costs are rising because of increased competition and attrition. NDTVjobs.com today introduces a new way to bring the cost down while not compromising on quality. NDTVjobs.com will let more people participate in the process of filling jobs and thereby earning rewards.
How will NDTVjobs.com achieve this? As most of the recruitment industry online is focusing on so called “Active” jobseekers, the new system of NDTVjobs.com will help to activate those employees that are not active in the jobs market but can be motivated by their friends. Usually, only referral systems manage to do this – which is exactly what the new YelloRewards system does. By involving friends and their social & professional networks, exactly these “Passive” candidates will be referred to new job opportunities. They are the high quality talent pool the recruitment industry aspires to tap all the time.
While other portals charge a subscription fee from companies without any accountability on success, NDTVjobs.com will allow them to place ads for free, provided they pledge a reward for referrers - and companies actually pay only when they hire a candidate. Depending on the seniority & urgency, companies are free to choose the reward amount from a minimum of Rs. 5000 to any upper limit.
NDTVjobs.com creates a win-win-win situation - for the companies & placement agencies that get better candidates at lower cost, for the referrers who can earn some extra money, and for the “Passive” candidates who get exciting new job offers.