, (PressExposure) June 25, 2008 -- Online recruiting technologies hit a new milestone today as FaceContact.com, the innovative site that rewards individuals for successful job referrals, announced it has more than one million dollars in available rewards and referral bonuses.
Companies that are recruiting for open positions or contractor opportunities can choose among many websites when posting their job descriptions. However, only FaceContact.com allows them to establish a referral bonus that will be shared by the individuals in the referral chain that ultimately leads to a successful placement.
Companies can set their own reward levels, which range from $100 to $20000. Recently the total pool of available referral bonuses reached one million dollars.
"We're thrilled with this new milestone," said Chris Brown, VP of FaceContact.com. "Our site is the only one that helps companies find the job candidates they're looking for by harnessing the power of referral bonuses."
Mr. Abolmasov attributes the company's success to prominent trends in human resources. According to the CXR 2007 Annual Source of Hire Study, referrals from employees, alumni, vendors, and other parties lead to 29% of all external hires. Industry experts often state that "every third referral turns into a hire, but referrals are not leveraged as well as they could be", despite their importance in U.S. hiring practices.
FaceContact.com is pioneering the phenomena of crowdsourcing and contingent recruitment. This is a 360Â° approach that is designed to help companies use existing networks to obtain valuable referrals when recruiting. The expansion of social networks like Linkedin and Facebook makes it easy to manage large numbers of contacts. FaceContact.com adds the lure of a referral bonus to these and other powerful networking tools, helping companies find their ideal job candidates more quickly.
FaceContact.com has received wide recognition on a global level for its innovative approach to recruitment and referral tracking. In March of 2008, it was recognized as one of the Top20 European start-ups by YEurope, Metalab Innovation Center, Big Bang Ventures, RISC Partners, i5invest, TechCrunch, GIMV ICT, Atlas Venture, and Alven Capital Partners. It was also chosen as a finalist in the 2007 Seedcamp competition by Index Ventures, Benchmark Capital, Atomico, DFJ Esprit, 3i, The Accelerator Group, Atlas Ventures, Partech International, Accel Partners, Highland Capital Partners, Wellington Partners, and Advent Ventures.
Companies pay only for successful referrals after they have hired a candidate found through FaceContact.com. Unlike many other sites that make companies pay for leads that may or may not lead to successful hires, FaceContact.com is results oriented, paying referral bonuses only after the recruiting company has made a successful match.