Relationship Science founder Neal Goldman has built what he likes to call "the Death Star of business development."Maybe you know Neal Goldman. Or maybe you know someone who does. A minor celebrity in both Davos and Big Data circles, Goldman sold his first company for $225 million, back when less than a billion dollars was actually worth something. Tonight, I am meeting him for the first time, sharing a train ride to Philadelphia, where I'll get to hear him pitch his latest company, Relationship Science.While waiting in the maelstrom of NYC's Penn Station, I run through what I've learned about him: where he went to school, where his sister-in-law works, and how much cash he donated to Rudy Giuliani's presidential campaign ($6,900).
In today’s hiring landscape, it pays to be proactive when sourcing talent. To help recruiters take control of their hiring efforts, we launched Indeed Resume, a database searchable by industry, education, title and location in 2011.
Since then, Indeed Resume—which is completely free for job seekers to create or upload their resume—has grown enormously: up from one million searchable resumes at the end of 2011 to over 100 million today. With 2.6 million new resumes added each month, and a 44% total response rate it’s become a powerful tool for recruiters.
In 2018 we will be making a change to how we price Indeed Resume for employers, moving to a subscription model. We believe this will be more effective for both employers and job seekers. The change will make it much easier to predict and set recruiting costs while rewarding recruiters with tangible benefits.
From ‘Pay Per Contact’ to ‘Subscription’
At present, searching Indeed Resume is free while most employers pay on a per contact basis for each candidate they reach out to. As of January 2018, searching the database will remain free, but employers will need a subscription to contact candidates.
Featured Employers will continue to enjoy unlimited contacts* through the first quarter of 2018, after which point they will need a subscription to contact candidates.
Why are we making this change?
We know that the best recruiters send out fewer contacts and receive the highest response rates, while improving the job seeker experience by limiting irrelevant contacts.
Ultimately, our goal is to make Indeed Resume the best place to find and engage with all the people you want to hire by helping recruiters become more efficient and effective, which will save them time and money.
How the subscription model will work
Because different recruiters have different needs there will be two levels of subscription, which are more cost effective than alternatives on the market. A “Standard” subscription will cost $100 per month and grant you 30 new contacts a month, while a “Professional” subscription will cost $250 per month and grant you 100 new contacts a month.
We’re also introducing something new: Indeed will give contact credits to employers whenever they get a response from a candidate.
What does this mean and how is it measured? Every time a job seeker responds to your outreach, we will grant you contact credits. Positive candidate responses will receive two contact credits, and negative candidate responses will receive one contact credit. Better engagement from candidates means more contacts for employers, and greater value from your subscription.
But there’s also a financial benefit. With a platform of active job seekers where employers receive on average a 44% total response rate, we expect to be rewarding lots of contact credits to employers. In fact, due to the credit system, many employers will have a lower cost per contact than what they currently experience.
What if you don’t use all these contacts in a given month? Simple: any unused contacts will roll over for up to 6…