Scotts Valley, Calif., May 29, 2012 — JobEscrow, Inc., pioneers and inventors of the new Employment Escrow industry, has launched beta versions of two patent pending services: Standard JobEscrow™ and Outplacement JobEscrow™. JobEscrow is currently looking for employer and recruiter beta testers and plans to launch officially this summer based on beta testing progress. Sign up today for beta testing and news updates at www.JobEscrow.com and come see a JobEscrow demonstration at SFBeta, May 29th, from 6:00 — 9:00 pm PST, the Bay Area’s premier startup mixer.
JobEscrow creates an online marketplace for employers and recruiters to do business in, where the recruiter fee is paid like an annuity, over time through an escrow account, contingent on the tenures of the new hires they place. JobEscrow also provides a new outplacement service where a monetary reward can be offered to those who help laid off employees get their next job.
“I’ve been recruiting for nearly 10 years, and it’s clear to me that the market and model for obtaining and paying for contingent recruiter services is broken due to misbehavior by both recruiters and employers, costing US companies millions of dollars in up-front commissions and new hire turnover,” said Ken Winters, co-founder and chief employment officer of JobEscrow. “Although recruiting will always be a human business, employers tend to seek out recruiting technology solutions to improve retention with varying success. Unfortunately startup after startup has proven that technology alone cannot fix a human problem, but an alignment of incentives through recruiter pay-for-performance will.”
JobEscrow will be first to market with innovative online marketplace applications and services and will transform the recruiting industry by introducing escrow as the standard process for most contingent recruiting and outplacement by the year 2016. The first two services, Standard JobEscrow™ and Outplacement JobEscrow™ will realign incentives to restore employer trust and utilization of recruiters.
At first impression, the employment escrow model favors employers but there are several advantages for recruiters to utilize escrow in their recruiting business. These advantages include increased client acquisition, true marketing differentiation, a return of small and medium businesses (SMBs) utilization of recruiters, fee stabilization, exclusion of unethical poaching recruiters, protection from deadbeat employers, a free resume database, and one-to-one requisition assignments.
“JobEscrow provides the safety and fiscal accountability of escrow in recruiting transactions that will allow employers to effectively utilize recruiters and improve new hire retention,” Winters said. “Also, organizations unfortunately are still laying off employees, which is why our outplacement service provides recruiters the opportunity to receive a monetary reward in exchange for helping place those laid-off employees.”
Earlier in the month of May, JobEscrow has already competed in the HRO Today Forum’s iTalent Startup Competition and the Monterey Bay Regional Business Plan Competition where they came in 2nd place. Sign up for JobEscrow beta testing today to receive special benefits for beta testers starting in June.
Pioneers and inventors of the new “Employment Escrow” industry, JobEscrow creates an online marketplace for employers and recruiters to do business in, where the recruiter fee is paid like an annuity, over time through an escrow account, contingent on the tenures of the new hires they place, as well as providing a new outplacement service where a monetary reward can be offered to those who help laid off employees get their next job. The first two patent pending services, Standard JobEscrow™ and Outplacement JobEscrow™ create trusted, social “business” networks where employers and recruiters can do business together in a fiscally responsible way and with hire expectations. For more information, go to www.JobEscrow.com.
Kevin W. Grossman
kevin (at) jobescrow (dot) com