Matt Mosher, Founder and CEO of hiredMYway.com, said he saw a problem with traditional job hunting websites becoming a "black hole" for resumes. Too many people apply to too many jobs, leaving the companies with piles of applicants, some serious and some not.
Chicago job seekers who have ever felt as though they would do anything to get a pair of human eyes on their resume might be in luck.
For $5, a startup that has moved into the Chicago area in the last month guarantees it. It's also offering those who pony up a chance at extra cash.
Matt Mosher, CEO and co-founder of hiredmyway.com, said he saw a problem with traditional job-hunting websites becoming a "black hole" for resumes. Too many people apply to too many jobs, leaving the companies with piles of applicants, some serious and some not.
"Now employers are getting inundated with resumes," he said. "In today's market you have to do something to stand out. It used to be having the best resume. That doesn't mean anything anymore if you're in a pile."
So, Mosher founded hiredmyway.com in Detroit a year ago. For $5, job seekers can buy a "token" from the site, a virtual currency that guarantees their resume will be read by a company within 15 days. They get an email alerting them to when it's been seen by the company. If it's overlooked, the token is returned.
"What we do is put a barrier of entry, just like when you do to college when you have to pay a few bucks to apply," he said. The fee is twofold. One, he said, job seekers need to be serious and feel qualified to pony up $5 for their resume to get a look. Two, it lets the companies on the site—Aflac, DraftFCB and Chicago startup Belly among them—know that only candidates that think they're truly qualified are applying. Though anyone can apply—even without the $5 token fee—those who pay are assured their resumes will be reviewed.
"You're not going to pull your credit card out if you don't think you're going to have a chance," he said, adding that jobs available on the site are only from companies that choose to list their openings.
Mosher also said applicants stand to receive a signing bonus if they're hired. The site's model works like this: Companies don't pay to list jobs on the site. Instead, they offer a dollar figure they will pay if the right candidate comes through. If that happens, the dollar figure is split, one third is given to the hire as a "signing bonus" from hiredmyway, and the other two thirds goes to the site. Hiredmyway.com also works with a pool of human resource professionals and recruiters, who receive referral bonuses if they direct an applicant to the site. The employees stand to receive up to $4,000, based on the total a company chooses to pay to find a candidate. In cases where there is a referral, the fee upon a hire is split into thirds between hiredmyway, the hiring company and the new employee. The site also offers companies a 90-day employment guarantee: If the new hire doesn't work out, their fee is returned.
Over the next few months, Mosher said the company is moving its offices from Detroit to Chicago, where he sees a more "dynamic" job market and demand from employers to find the most talented people. He said the company is on track to be profitable and secured $3.5 million in its first round of funding from a venture capital company and angel investors. Currently, the company employs about 24 people.
"We're on track to double in size, in revenue and employees, by the end of the year," he said, adding that in that time, the company hopes to expand to five more markets on the east and west coasts.