BountyJobs.com’s Prospector Program Cashes In

“All I care about is money getting into the headhunters’ pockets,” explains BountyJobs CEO Jeremy Lappin.

Similar to its competitor Dayak.com, BountyJobs.com is offering independent recruiters and recruiting firms another way to supplement their income.

But that is not without controversy – after all, the service is cutting into recruiters’ fees overall. The service has been likened to a “modest update to the old splits network idea” as well.

Yet Lappin says the average fee on BountyJobs is $20,000, and he calls the quality “tremendous” and substantially larger for both corporate and third-party recruiters. And unlike a splits board, the recruiter is very aware of who is receiving the resume.

BountyJobs received $12 million in venture capital funds this summer, relocated to a new office in New York’s Times Square, and has big growth plans for 2009.

The company’s “Prospector Program” is one piece of its growth, a program that has allowed close to 100 established recruiters to become their own bosses.

“We’re very selective into who we let into our site,” he says, noting the mandatory formal interview process prior to being able to access the site.

And since many want to help bring employers onto BountyJobs, the Prospector Program uses a similar selective method.

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“If you apply to that, we put you through a fairly intensive level of training, and we let you represent us and bring employers onto the site. It’s not like you work for us…you get paid off of all the activities you bring on. It amounts to a tremendous amount of money,” he says.

Third-party recruiters are taught how to represent and promote BountyJobs, he explains.

The program has been very successful, according to Lappin. Yet he is quick to point out that BountyJobs “does not rely on it for our sales…even with our prospectors, when they bring on companies that want to do larger roll-outs, our internal sales team will handle the rest.”

Right now, there is a four-week waiting list to get onto BountyJobs unless a company refers you.

And the prospector program also has its own separate queue of people, which Lappin says is due to the amount of work and training it takes with each new recruiter.

Elaine Rigoli has nearly 15 years of experience managing content and community for various B2B and consumer websites. Elaine has written thousands of business and technology articles and has been quoted in The Wall Street Journal and eWeek, among other publications.

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7 Comments on “BountyJobs.com’s Prospector Program Cashes In

  1. One of the pioneers in this space that remains smaller and is not doing much advertising is http://www.recruitalliance.com – so I like telling others about it.
    RA does not take any % of the earned contingency fee from recruiters. Instead, it charges a $70 monthly fee. They offer one month free trial.
    For every posting one can see the numbers of accepted and rejected candidates; the acceptance rate is often quite high.
    The site is completely free for employers – they would only need to pay recruiters the fee that they had announced, if they hire a candidate.
    We placed about 20 people there over the last 3 years, including several people at $180-200K/yr base.
    I wish they’d grow bigger!

    Irina Shamaeva,
    Partner, Brain Gain Recruiting
    http://www.braingainrecruiting.com

  2. I personally think it is a bad idea, it it a lazy recruiters way of marketing for clients….it cuts into our fees, the “bountys” are low. We all need to stick to our guns at 30%…I would think “newby recruiter” are jumping all over it.
    I did sign up to look at it though….accepting these bountys ruins it for all of us other recruiters that market the correct way. Again, it is for all the lazy recruites that don’t want to market (or are afraid of marketing) and working the way we all probably learned and the way we should be working…
    I wouldn’t let any of my recruiters use it…
    Bill Konrad
    ISC of Atlanta
    770.458.4180

  3. Yes, it is a good idea, however the employee’s at Bounty are sales people. They do not understand our industry. They go out and learn, I do give them credit, however they are missing so many details! The instense training for the prospector program is so sales, and not what all of us really do. I know many Recuiters that tried Bounty and when the Employer did say yes, they then closed out the job…Hmmmmm
    Again, this is because they do not get what “we” do. I have been on the site, and bever plan to either!!
    Tiffany Lutz
    Sr Recruting/Soucing Specialist

  4. I am a staffing specialist at a Fortune 500 and I have successfully closed one deal with Bounty Jobs, the fee was approximately 32k. The headhunter that placed the candidate had no prior relationship with my company and, but for his interest in Bounty Jobs, his candidate likely would not have been seen.
    The way it works is simple; you post a job, tell people what you are willing to pay, and see what happens. As a “retired” headhunter(~10 years in the game) I have always started, and ended, my negotiations at 25%. The good part for employers here is that you have to ACCEPT the engagement in the first place. If the recruiter approaches you, and it is obvious to you that the recruiter doesn’t know your industry, you can simply declined, just like an unknown request on LinkedIn. As constructed, I don’t believe I have ever seen a better attempt at employer/search firm synergy.
    My issue, as referenced by Tiffany, is that the guys at Bounty Jobs occasionally seem confused by the idea that there is any reason a company would want to limit it’s external search “help”. It almost seems like they would prefer most companies to ditch their staffing/sourcing organizations in favor of going exclusively with Bounty Jobs.
    I did have the one successful placement, but I also think I invested a considerable amount of time explaining to clueless headhunters why they simply weren’t going to get engaged on a search. To Bounty Job’s credit, on the occasions that one of these guys got overly excited, Jeremy and the boys made sure the guy got the message. While the guys at BountyJ may be sales guys, from a positive standpoint they are image conscious and understand that guys like me don’t need some a-hole telling me I don’t know what I am looking for.
    So, were the economy better I suspect I would still be trying to make deals work with them, but as it is there simply isn’t any incentive. However, if I were a startup company with limited resources and a bona fide need to hire, then I would highly recommend taking a look at Bounty Jobs.

    – – OS

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