|Cash Rewards Empower Employee and Social Networks|
H3.com, the cash referral reward sourcing tool designed to find viable candidates, today announced the company achieved significant corporate milestones during its first year of operation, highlighted by widespread customer adoption, granting of a key technology patent, as well as increased awareness and momentum in the marketplace. H3.com works as an extension of company employee referral programs.
"We pioneered the model of offering cash rewards for non-employees, and a year after our launch, the market has validated the cash rewards concept," said Hans Gieskes, president and CEO of H3.com. "Our single focus remains: harness the power of referrals and provide our customers with a sourcing tool that reaches quality candidates."
H3.com made significant strides establishing a customer base during its first year of business by adding 250 new customers. With the hiring market for quality candidates becoming more and more intense, companies are looking beyond conventional recruiting methods to stay ahead. Companies such as Microsoft, Cisco, Citrix, BEA Systems and Nokia have used H3.com's unique sourcing service to identify the right talent. Most notably, Microsoft made seven hires for a 30 job pilot for positions ranging from entry- to senior-level.
"The key differentiator of H3.com is that it allows recruiters to put their money where their mouth is and offer a reward to anyone who produces a referral resulting in a hire," said Shally Steckerl, Research Manager for Microsoft's Global Central Souring Team. "With H3.com, recruiters offer a cash incentive, making the request significantly more impactful and elevating the request for referrals from a unilateral 'favor' to a bilateral business opportunity."
With referrals comprising 40 percent of all external hires, H3.com is building on the traditional and most reliable practice of using personal referrals as part of the hiring process. In December 2005, H3.com was granted a patent to track and manage referrals made via electronic networks. H3.com's approach enables organizations to motivate and reward referrers inside and outside the company.
"What we have done is modernize the oldest form of recruiting," said Gieskes. "Based on our success during our inaugural year, we are certain that our approach is unique and most importantly it generates results for our customers."
To date, customer data shows:
-- Forty percent of job postings yield on target short-lists of candidates resulting in job offers
-- Eighty percent of hires come via two referrers and, in most cases, one employee and one outside referrer share the reward
-- Rewards range from $750-$15,000; the average reward is $2,500
-- C-level searches with rewards of $6,000 to $15,000 have saved customers $50,000 or more in executive search fees
Lastly, H3.com has proven to be highly viral. Customers who posted jobs on H3.com generated thousands of clicks and referrals resulting in credible candidates. "Most of our customers were introduced to H3.com via a referral email they received from someone they know inviting them to participate in a candidate search. After seeing how easy it was to participate, our customers decided to look beyond conventional recruiting methods and give H3.com a try," stated Gieskes.
H3.com is a cash reward based referral hiring tool that unleashes the power in your trusted network to identify relevant candidates. Unlike current ad-hoc approaches to referrals, H3.com maximizes efficiencies and minimizes administration associated with engaging your network and tracking referral candidates. Headquartered in Cambridge, MA and backed by Draper Atlantic, The Grosvenor Funds, and the CI Fund, H3.com was officially launched in 2005 and has its sights set on transforming how dynamic companies find and hire top talent. For more information or to download the recently published white paper "Building Talent Scout Networks" visit www.h3.com.