SOURCE: ChumBonus

ChumBonus

November 16, 2009 09:00 ET

ChumBonus Revolutionizes Employment Seeking by Leveraging Power of Social Networking to Incentivize "the Crowd"

ASHBURN, VA--(Marketwire - November 16, 2009) - ChumBonus (www.chumbonus.com) is changing the way people find new job opportunities and companies find job applicants by leveraging the power of social networking to incentivize everyone on the internet ("the Crowd") to actively participate in the job placement process. ChumBonus is a referral-based employment site that enables friends and family to refer candidates to potential jobs AND offers the referrer a bonus for participating in the process. It's the employee referral bonus program gone public.

In today's tough job environment, those seeking employment want all avenues available to them -- and that includes using their network of friends, family and colleagues. At the same time, companies are moving away from the big job boards to more cost effective and efficient means of identifying applicants. The explosion of social networking and business networking applications opens doors that didn't exist in the past. ChumBonus' unique referral-based approach expands a company's applicant pool deep into the Crowd, and rewards those in the Crowd who refer their friends with bonuses.

"Our mission is to become the premier job site where your network of friends and family can help you find a job and where they can earn a 'referral bonus' for themselves," states Barry Dwyer, co-founder of ChumBonus. "This model takes advantage of the explosion of online social and business networks like LinkedIn and Facebook which have greatly expanded the interconnectedness of everyone. It's an innovative approach that brings job seekers, referrers and employers under one roof to help fight the country's highest unemployment rate in recent history."

ChumBonus encourages referrers who earn bonuses to donate a portion to the charity of their choice. Users of the system can suggest charities to add to the list of approved ones and can elect to send some or all their bonus to that charity.

According to a recent survey by CareerXRoads, referrals (employee, alumni, vendor, etc.) make up 27.3% of all external hires; and is arguably the number one external source for job placements. The efficiency of referrals is one of the single most important characteristics of US hiring practices. ChumBonus' model will further the effectiveness of job placements.

How ChumBonus Works

The process is simple:

1. A client posts a job on the ChumBonus site for free and declares a bonus amount they are willing to pay to the person who refers the candidate that is ultimately hired by the client. The bonus acts in the same way an employee referral bonus works within a company. Clients can also elect to designate an amount they will donate to charity when a hire is made.

2. The referrer checks out the ChumBonus site and looks for job listings that match their "chum's" qualifications.

3. With a click of a button, referrers can send a link to the job description to their chum.

4. The chum reviews all the details about the job and applies right on the ChumBonus site.

5. From there, the potential hirer reviews the candidate's resume and decides if the applicant is a viable candidate for the job and, if so, initializes their internal screening process.

6. When the applicant is hired, the referrer receives their referral bonus -- usually within four weeks.

7. As an added feature, ChumBonus enables referrers to donate a portion of their referral bonus to a charity of their choice. Users simply choose this option on the ChumBonus site.

For employers, the best way to find employees is through employee referrals. ChumBonus extends a company's referral network beyond the company walls to include The Crowd. Employers post job listings on ChumBonus for free. There is no subscription cost or registration fee. Along with the posting, clients specify how much of a bonus they are willing to pay to the person who refers them the candidate they ultimately hire. ChumBonus charges a percentage fee on top of the bonus amount, however, the bonus and fee are only paid if the client successfully hires a candidate that is referred.

About ChumBonus

ChumBonus (www.chumbonus.com) is changing the way jobs are found and matched on the Internet. This unique service brings the best approach to job seeking to life -- referrals. We are an online job employment web site that incentivizes people (referrers) to find jobs for their friends (chums) for a reward (bonus). Check us out today and help your chum find a job. ChumBonus, who do you know?

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Visit us: www.chumbonus.com

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