Zyoin is the latest entrant in online Job Referral space. This space is currently seeing dull business and if Techtribe news is taken into consideration then the market is dwindling for such services.
What’s the differentiating factor for this portal?
No limit on the payout :
This site has no limit on referral earnings. The highest payout per job referral can even touch 7500 USD and there is also no limit on amount generated by one user.
User point system:
In this system a referral would still make some money even if the candidate being referred is not selected for the job. Though the amount is not huge but still this is definitely the most striking feature for this portal.
1. Referrer sends up a Profile: 5 Points
2. Candidate is a CV reject by Zyoin: – 5 points
3. Candidate Shortlist by Zyoin System and sent to Employer: 20 Points
4. Employer Rejects the CV or its a duplicate at Employer end: -25 Points
5. Employer Shortlist Referrer’s CV: 25 Point
6. Employer calls Referrer’s candidate for an Interview: 50 Points
7. Candidate does not attend Employer the Interview: -50 Points
Each point equals 1 Rupee.
A marketplace for recruitment consultants to refer their clients:
Their main focus seems to attract more recruitment consultants so as to provide quality and worthy candidates for jobs.
For his reason they don’t even allow direct applying of jobs.
The only dampener for this site is lack of any networking services available.
We spoke to Krishan kumar, CEO, Zyoin Web Pvt Ltd to know more
How old is your startup and who are the team members?
We are 10 months old. Its founded by me and Anuj Agarwal.
Currently we are a 15 member team.
How is your business model different than Yellojobs,Techtribe or for that matter Reffster?
From business model perspective, we are not different. We are different in the way we are executing. Our aim is to build an E-bay kind of model for recruitment, where in Employers post their opening and freelance recruiters compete to close those openings.
Note the emphasis that we are giving on a new category of users called Freelance recruiters. With job market not doing that great, there are many recruitment professionals looking for opportunities like Zyoin.com to work from home and make their livelihood. We are capitalizing on this need. To ensure that freelancers get better understanding of the listed Job, we are soon launching features like Resume Ranking, Job description in Audio format etc.
Could you share some figures with us?
On an average we have 75-100 Jobs listed at Zyoin.com. As of now these Jobs are from IT sector, but we now started going to non-IT sectors as well. So we expect this no to grow in next few weeks, because of adding more non-IT verticals
On an average we receive around 100 referral per day against 75-100 listed Jobs. We have 1000+ recruiter added on our portal and 20% of them are active at any given time. Our total registered user base is more than 10,000.
Recruitment business is facing some heat in current days of turbulence.How do you foresee the future of online referral space and also your viewpoint on recruitment space.
Yes, recruitment is definitely slow. That’s being the reason; we do not have much problem attracting freelance recruiter to work on our portal. Many such recruiters are laid off and they find Zyoin.com kind of model as the only option available. This is good for Employers too to take advantage of recruiting at lower fee than regular one month salary model.
Most of the requirements you can listed on our portal are coming from smaller organizations, which is good to pilot and perfect our recruitment delivery model. Once the Job market is back to normal, we will be better prepare to scale up our operations.
What’s your viewpoint on user point system?
The amount per resume that you see is some thing that we at Zyoin.com are paying without getting any thing from end customer. The actual reward is quiet high and you can see that once you search for a Job. The reward amount is listed against each Job and one gets this amount only when successful reference happens. This typically is a 2-3 months cycle and we wanted to get the recruiter involved by paying them some thing periodically.
The per resume payment is being done to encourage referrals to send qualified resume and cover their out of pocket expenses. Recruiters should not think twice while making calls etc to get a qualified candidate apply for a Job.
How do you track the referrals?(technology and processing)
Once a recruiter logs in he can check the status of his referral in real time. The way it works is like this:
- Some one sends us a referral by uploading all the required details of the candidate.
- System automatically rejects a good no of profile, they are not matching the Job criteria.
- The short listed resumes go to Zyoin Client manager handing the customer.
- Zyoin client manager further shortlists the resume
- Employer reviews this final shortlist candidates and starts interviewing these candidates.
- As the interview progresses, Zyoin client manager keeps updating the status of the candidates, which is visible to Client, Recruiter as well to the candidate. Everything is online.
Why don’t you provide direct applying for job by a user?
Krishna: Actually we had this feature earlier, but we disabled it. This is conflicting to our business model. We want to encourage referrals and want even a good candidate to come thru referral.
We are re-introducing direct application with a twist. If a direct application comes, we will send that application to our preferred referrers, who would validate candidate application for a Job and if he finds that candidate good enough for that Job, he will refer that candidate again on the portal.
This way direct application is back and at the same time we reward our loyal referrer base as well.
Final note:
Some companies have even started their own online referral system so to collaborate with more variety of recruitment consultants and thus lowering the commission paid to middle person(referral sites),that could affect the fortune of such job referral sites.
Although the recruitment space is loosing steam but there is still demand for quality manpower by companies and this site being a marketplace could strike chord with recruitment consultants who are loosing direct business with firms.
This concept as explained as Rohit(of TechTribe) needs more manual effort than it may look like initially.
However, the way in which these guys are looking at their business and their aspirations may be a bit different from the way Rohit looked at his business.
If we observe clearly, not even a single resume may reach company’s HR directly. It is the job of the recruiter employed by ZYOIN to qualify a resume and send it to company’s HR. So, its no different from a normal recruitment consultancy.
The only difference is — the normal sources of getting resumes to a recruitment consultancy are job portals, direct head hunting of their in-house recruiters(Cold calling, e-mails, SSN spamming) and their websites. With this model, ZYOIN has got another added source of getting resumes — all individual consultants who do not have access to bigger/smaller companies that are listed on ZYOIN.
So, its a small intelligent addition that these people will have to their normal recruitment business(if they have any) as long as they wanna qualify each and every resume manually before passing it onto the company’s HR. So, please don’t call it an online recruitment model which techtribe and yellojobs tried/trying to achieve.
A slightly different website is v3jobs.com. This is from people of HireCraft which is a leading HR automation software. Their model seems to be close to what is called a “recruitment market place”. These guys have a very profitable venture with them and also did lot of successful installations of HireCraft. So, have a loyal base of recruitment companies(not individual consultants). Hence, may be, they have better chances of success.
Another company called toostep.com is also trying its hand on the lines of techtribe. I heard that they have been funded in recent times and are trying very aggressively with their marketing efforts.
I am sure there is lot of money to be made in this recruitment market. We just need to find some smart a** like Sanjeev(of naukri) or Alok(of jobsahead) to get something up and going in the near future.
I believe, techtribe example should not be taken when considering referral recruitment portal. They shifted their focus from time-to-time. Correct me if I am wrong!
Having said that, I always believed that there is a scope for innovation in jobs portal. We need to make it more engaging with the users. Could there be some features on a job portal where users go to engage himself intellectually rather than just looking for job. Well, something on the lines of DIGG or points system etc etc. At the same time, the focus should remain intact of being a referral recruitment portal.
cheers. Good going guys!
No idea is stale enough to try and make it big! Its the execution and packaging that wins at times. And, greater value addition and simplicity that wins at other times.
@ srini I completely agree that zyoin focus to lure recruitment consultants would be very beneficial in future…but still consultants can make money from other sites too by sending their clients as friends on other sites……would definitely look at other startups mentioned by you…..thanx 4 observation
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@ajitesh I also think on the same lines that no business is too small it just need to be exploited and innovated to make it a billion dollar thing
as far as failure of many startups in this domain is concerned (also pointed out by srini) I would say that is because they are trying to lure individual users and if I am not wrong individual users can’t get many suitable candidates for these sites….and if these sites want to win big with recruitment agencies then they have to launch some dedicated software app in the market which directly allow those agencies to view openings and see if their candidate fit in the job….
cos in my view agency —–> job referral works better than individual——>job referral
and recruitment agencies would be more than happy to join the bandwagon cos they get commision even from the applicant…..and they would be covering wide reach thru these portals rather than just local reach….
and as pointed out recruitment market is too big its still looking for innovation and there is space for many more players..
If Jobs are available, such startups are useful. If not, it’s just a time pass.
About 10-12 players in the market and offering the same and zyoin is no exception. other than this the referal amount with zyoin is too low for normal positions and there are not many positions as well.
Techtribe was a failure as they don’t had full trust on this concept and worked on their RPO business to support this. If zyoin also does the same then soon we’ll find the same result.
Zyoin interface and search function is pathetic.
@Raghav,
Looks like the point system is just a number game. In a nutshell, it says:
(1) If employer shortlists a CV, calls candidate for interview and if candidate doesn’t attend — 50 points (50 INR)
(2) if candidate attends — another 50 points (total 100 INR)
Am i rite?
@srini yes u are right and the negative marking is their to negate the payment being handed out…cos without negative marking every1 would keep sending fake profiles……and I also believe this small commission is being paid by the site from its own pocket rather than the employer…thus they are so strict…..but anyways good concept a litlle bit of certain and high payout through user point could attract many…it could become the de facto model for this space.
@ Raghav,
Yes. They will be paying money from their pockets only. But, the meaning of fake(the term u used) resume is not generic here. Even if a valid resume (sent even after contacting the candidate) will not be taken into account, if that resume already exists with the company.
That means, all rseumes that exist with any job portal(naukri,MI,TJ,Shine,CJ,….) can’t be taken by individual consultants. So, getting a unique resume that matches with company’s requirement and non-portal is definitely not an easy job. May be 50 INR is just a minuscule amount.
However, I don’t think consultants will be too keen on this amount either. They will normally try their best to close the opening.
Hi, Just wanted to add that Zyoin doesnot look for duplicacy of resume on Job portal. As long as client is ready for interviewing the candidates, they pay as per their point System. I think its quiet good for individual recruiters like us that it alteast takes care of our out of pocket expenses in contacting a candidate. I am quiet happy and satisfied with their service.