Entreave, an Austin-based startup that utilizes an online marketplace to connect candidates with companies and recruiters, said today it has launched a rewards program specifically for social networks.
Registered users will have the opportunity to generate “generous” income through their social connections by referring friends for job openings listed on Entreave, the company said in a news release.
The fee amount was not named, but on its website, Entreave says that 20% of its service fee charged to employers will be given to the referring party after the candidate is hired.
The social networks included in the program are Facebook, Twitter, and LinkedIn.
“Entreave’s primary goal with the Rewards Program is to facilitate the wide distribution of jobs through social networks and mobile devices. We believe this is an essential component for the right candidate to connect with the right job, as this helps cast a net over a wider distribution of individuals across many social and personal networks” says Vamsi Mohun, CEO & Founder, Entreave.
To convince others about the product’s capabilities, Entreave cites research from 2010 on ERE that posits 27.5% of all hires happened through referrals.
While many companies are still using manual referrals or their own internal referral system, Entreave believes these companies are missing out by not taking advantage of social media’s breadth and utility.