Matt Mosher is a self-described serial entrepreneur. He and two friends were talking about what their next venture should be when they realized traditional job boards fail the employer and potential employee. Their idea to have people pay to apply for jobs has raised eyebrows and thrilled employers.
In less than a year, they find themselves with a business that has caught the attention of Detroit Venture Partners and a refined business model Mosher thinks will be a big hit.
“The current system of job boards is broken. Employers get flooded with unqualified applicants,” says Mosher, CEO of Hired My Way. “We’ve found that the candidate pools have become better.”
It seems having a little skin in the game forces people to be more thoughtful about the jobs they apply for. In return, they are competing with fewer people for those positions and if an employer does not look at their application, the $2 fee for applying is refunded. This creates a win-win situation for everyone involved … for the employers with a more qualified candidate pool without using a traditional hiring firm and for the prospective employees, who now have a better chance at a job.
This novel idea of charging prospective employees caught the attention of Josh Linkner, CEO and managing partner of Detroit Venture Partners (DVP). Mosher says the recent investment by DVP has proven to be very different from the way most venture capital investors work with businesses.
“It’s been a hands-on experience so far,” he says. “We’ve been using their wisdom and experience to help refine our business model and plan for the future.”
That experience has led Mosher’s team to a referral program that he’s sure will be popular, too. When the program is officially launched on June 1 employers will be given the option to pay an additional fee for each employee they hire. The fee they agree to will fund a signing bonus to the new employee and a bonus to the person who referred the new employee.
Armed with their new investment, a business plan for growth and a growing list of companies who want to retool how they hire people, it seems Birmingham-based Hired My Way is on the right track to become another Michigan success story.