The size of the global online employment market is ballooning, and the time for a structured credentials system to ensure full reliability and transparency and to cut down on wasted time and money is now.
In April this year there were 500 million LinkedIn users, 227 million of them active monthly, 9 million companies and 10 million job postings. Research indicates that corporate job openings routinely attract 250 resumes, 4-6 of which will result in interviews conducted. Recruiters are drowning in an avalanche of applications for positions, most of which will be not only unsuitable but worse than useless because of the time and effort it takes to vet them.
“Recruitment is a haphazard process,” says CEO and founder Ray Chow-Toun, “managed by documents sent digitally to head hunters, put through lengthy and unstructured vetting processes including background and reference checks. The applicant will have his or her formatting preferences, and every recruiter has a different document and receiving system. On average, research shows that 25 percent of applications submitted have credentials discrepancies. It’s all too easy for candidates to defraud.”
Considering the time it takes a recruiter to scan a resume (an average of six seconds) the price of mismanagement is also high. For businesses with less than 500 employees, hiring costs are estimated at $11,000, double that for companies of over 500 employees.
CVProof.com thinks it calls for a reinvention of the entire job market economy. It created a recruitment and an employment tracking records platform, with a secret weapon – easy scalability. It will enter the market when installed across companies both big and small, and will then scale up to work across entire industries, and from there the entire economy.
“CVProof.com is a platform built from the ground up to do two things,” says Chow-Toun. “It’ll fight wasteful and expensive credential fraud, and it’ll open up a vibrant new market in the process. Any employer can easily verify the credentials claimed by a potential employee using the same cutting edge technology that secures cryptocurrency.”
To encourage credential issuers and users to take part, any activity updating, validating or confirming skills or qualifications will be done in exchange for CVProof.com’s in-house cryptocurrency INK (Incentive Notarized Kerosene) Tokens, which can be further used to purchase services from right within the CVProof.com platform.
“The financial incentives will create and fortify a robust ancillary market,” Chow-Toun said. “It will unlock very unique monetisation opportunities by creating and selling services. As well as doing credential validations, participants can earn income by using CVProof.com to receive and action job applications, manage the selection and interview process, publish news, blogs or thought leadership pieces on the industry or create and sell services like independent career consulting, CV design or any other recruitment-relevant activity.”
The credential is then distributable or actionable in the form of a certified document, the security standards of blockchain technology applied to notarize the document and ensure its authenticity. Certified credential documents are then attached to the profiles of candidates so any recruiter can access their qualifications and suitability for a job at a glance and feel secure in the legitimacy of the skill. The issuer is awarded INK Tokens for their part in ensuring a user’s profile is true and current.
For applicants it means a level playing field regardless of their technical skill level with job applications. For recruiters, it will promote enhanced trust, more efficient use of resources, reduced risk and more focus on fostering talent than administrative hiring processes.
And for everyone, it will represent a burgeoning new field unlocking further potential in the job market to monetize the data, activity and needs of recruiters, companies with openings and people looking for the next challenge.
To prove the security behind the infrastructure and concept, CVProof.com founders have digitally signed the Token Presale Contract using official law enforcement digital security tools and share proof of their digital signature and identity with any potential buyers.
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