RecruitLoop

How did you monetise the site?

We have a transparent business model that benefits everyone involved.

Employers only pay for the recruitment support they need, which can include a recruiter’s time, job advertisements, recorded video interviews and candidate testing.

Pricing is itemised and completely on-demand. RecruitLoop takes a commission from the hourly payment and shares the revenue from other services with recruiters.

The total cost for an average recruitment project is well under $2,000. This is an 80% saving compared to traditional recruitment methods.

The model is equally attractive for recruiters, where an hour worked is an hour they’re paid.

What are your revenue projections for 2011/12?

As a true start-up with a new business model, it’s not easy to make forward projections. We aim for rapid growth in all regions, across multiple industry verticals.

How many staff do you have?

We have three founders and are close to announcing the involvement of a fourth team member with nearly 20 years’ experience in the recruitment industry.

The recruiters in our network are not “staff” but they are the ones who work directly with clients. There are currently 20 recruiters across the east coast, with an average of 10 years’ professional experience each.

We’re actively working to grow that network further.

There are so many recruitment sites nowadays – what makes yours different?

Recruitment is a competitive space but we bring something unique.

There’s no site (or service) where an employer can “select” from a range of independent recruiters, based on their industry experience and feedback from previous clients.

Our recruiters offer flexible recruitment support charged at an hourly rate. This is dramatically different from the traditional recruitment model.

And our technology is the first of its kind in Australia, allowing employers to screen candidates via recorded video interviews.

This is a massive benefit to everyone involved. Employers don’t waste working hours meeting the wrong candidates.

And candidates don’t need to sneak away from their current job to take an interview. They can complete the recording at home whenever it suits them.

Is there anything you would have done differently?

With the benefit of 20/20 hindsight, we would have moved faster and made fewer mistakes at lower cost. But that’s part of the fun of a start-up.

There’s nothing we’d do to significantly change the model or where we’ve ended up today. But we’re constantly learning, iterating and improving.

I have no doubt that in three months’ time, there’ll be a number of new, improved or different elements to how it looks today.