By: E&P Staff Yahoo HotJobs, the recruitment partner for hundreds of dailies in the Newspaper Consortium, on Thursday said it is launching a performance-based online product that gives recruiters the option to pay for candidates instead of just for job listings.
"Pay Per Candidate," as the initiative is called, will "help recruiters tie their dollars directly to results, allocating their budgets to only the most relevant candidates while speeding up the recruitment cycle," Yahoo said in a statement.
Yahoo HotJobs Vice President and General Manager Chris Merritt said the program is designed to help recruiters deal with the "resume overload" that has come with the recession and rising unemployment.
"Recruiters are being asked to find top talent using fewer resources than ever, and Yahoo's Pay Per Candidate model gives them the tools to increase the accountability of their listings," he said, adding it "will allow them to spend their time and budget on only the best candidates."
Here's how it works: Recruiters purchase credits for each job posted, but their account is charged only when a candidate applies for the job listing or clicks through to the recruiter's hiring site.
Recruiters can cap the number of pre-screened candidates they receive per job posting, and unused credits can be shifted to other open positions if a job is filled or priorities change, Yahoo said.
Pay Per Candidate also has a filtering option with a customized questionnaire to automatically exclude candidates based on their responses. Or recruiters can choose to have job-seekers click through a link directly to the recruiter's Web site.
The product will be formally introduced at the Society for Human Resource Management Annual Conference in New Orleans, set for June 28-July 1.
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