HireMatch (HIRE)–In the midst of market excitement over the climbing price of Bitcoin and other transaction-dominated cryptocurrencies, there are a handful of projects that have come to life within the past month. HireMatch, a recent ICO that officially started trading on the market April 17th, is looking to integrate the principles of cryptocurrency and blockchain with the modern revolution of online hiring and the “gig economy.”
What is HireMatch?
The goal of HIRE is to reduce friction in the process of finding and selecting employment by implementing a currency that utilizes crowdsourced labor. Taken from the coin’s website:
“The HireMatch token reduces the cost to acquire new employees..by providing crowdsourced labor an incentive to match, verify and submit candidates to job listings.”
As opposed to relying upon a single point of contact, via a Human Resources department or other limited, individual recruiting processes, HireMatch is going to utilize the power of crowdsourcing to analyze company hiring needs and supply the best available candidate. In essence, HIRE is attempting to reign in a service like Fiverr or MTurk and turn the high volume, low-cost laborers into actual head-hunters or candidates for companies posting jobs. Blockchain will be implemented in the project primarily through two portals, “Job Posters(Companies and Recruiters) and Agents (Those who match, verify and submit talent). Blockchain technology, specifically the Smart Contract ensures that agreements between job posters and agents issued on our platform are unique, secure, automatic and transparent.” Rather than relying upon a third party portal for finding and matching candidates, such as Ziprecruiter or other HR-directed resources, HIRE is a platform that will draw a direct connection between the hiring entity, the vetting middleman (referred to as agents), and the eventual new employee.
Like TRON and numerous other currencies, HIRE is another ERC-20 token, which means that the technology is built upon the underlying framework of the Ethereum network. With an emphasis on smart contracts and delivering secure partnerships between multiple parties, Ethereum provides HireMatch with the most efficient means for unifying job-posters with their best available talent.
Why HireMatch Could be a Success
As opposed to being another transaction-based currency, such as Bitcoin, Litecoin, Dash, and a litany of others, HireMatch is tackling a real-world need (improving the efficiency and effectiveness of hiring in a digital age) with the already established benefits of cryptocurrency and blockchain. Crypto, and blockchain by extension, has become a buzzword in the atmosphere of fintech and business operation. However, the direct relationship between blockchain implementation in real world use-cases related to corporations–as well as demonstrated improvement to the all important bottom-line–has yet to be clearly defined. HIRE has managed to create a product that circumvents the traditional avenue for cryptocurrencies (digital transactions) that has become bloated with the glut of new coin-offerings following the boom in valuation that occurred in 2017. As HIRE recognizes:
“Our ultimate goal isn’t to compete directly with other cryptocurrencies, such as Bitcoin, but rather to provide a solution and support for the current woes in the job board and recruitment industry. Via our (HIRE) Token, we will implement a democratization of the job market. By using and implementing this platform, agents will receive rewards in the form of (HIRE) tokens, giving power back to the people and away from large corporate job boards. The global staffing market currently sits at a total of $404 billion. The average recruitment commission is $37,500 per installment of a candidate.”
Underlying technology will play a substantial role in the ability for HIRE to supplant established industry-leaders like Ziprecruiter and Indeed.com, with the ability to scale beyond ETH’s current network load being the paramount issue. However, the primary determining factor for HIRE integration will rely upon whether the company can simplify the product enough to appeal to the mass public. Crowdsourcing, in particular for matching hiring needs, will see the greatest benefit to the market only if the user-base can scale to a level of satisfaction for job-posters and seekers alike. In addition, the traditional corporate route of Human Resources-based hiring and other job-hunter outlets is ripe for disruption, assuming that HIRE can again find a way to incorporate itself within these entrenched practices. While the new wave of digital occupations and hiring methods will be more forthcoming to HireMatch implementation, it’s going after established companies, and their immense hiring potential, that will see the greatest use for the new currency.