Development of Business Model and Web Site for On-Line Recruiter

Nine month project that directly contributed to:
• A truly differentiated business offering a new and higher quality on-line recruitment experience for recruiters and candidates alike;
• Strong pre-marketing resulting in early adoption by significant clients;
• A compelling investment case that raised £500k from private investors;
• Fast start for the business in 2009.

When PiP started working with them in 2008, our client was already a running a highly successful recruitment business specialising in financial, IT and change management roles. At that stage they were operating to a relatively traditional recruitment business model, but recognised that the internet provided the opportunity to offer clients a fundamentally different, equally professional but lower cost alternative that leveraged their large existing candidate base. They believed that there was space in the existing internet based recruitment market for a business that could combine the quality of the traditional recruitment model with the speed and cost of internet searching.
Over a period of several months PiP worked with the client to develop their vision for an on-line recruitment business that could offer the same quality of service in terms of matching client’s requirements to potential candidates without the relatively expensive human intervention. We helped the client to develop complex, structured algorithms to enable detailed matching based on both qualitative and quantitative candidate details. At this stage we also worked with the client to develop of the fundamental proposition to both candidates and clients, and a branding for the business that allowed it to leverage the reputation of the existing business, whilst allowing for a separation once its own brand had become established.
The second phase of the project was to build a working mock up of the web site front end of the business and establish the look and feel, functionality, information requirements and the complex algorithms and matching rules required to achieve high quality matched from their candidate database in seconds rather than days or weeks. This mock up was sufficiently professional and demonstrated enough of the core functionality of the concept that it was used for pre-marketing to their existing client base. That a significant number of these clients signed up ‘in principle’ at this early stage gave the Directors the confidence to proceed and allowed them to build a compelling offer to potential investors.
The client successfully raised £500k from private investors to launch the business in 2009 and to provide working capital through the early, loss making period of development. Two years on, and having successfully navigated the post credit crunch period in which the recruitment market has been exceptionally difficult, the business is set to break even in financial year 2011.
Early feedback from the clients of the business included:
“Everyone using the system (including myself) has been extremely positive, we would definitely like to use it for our future finance hiring needs”, Direct Recruiter: Deutsche Bank
“I am delighted with the service, we have just made our first offer!”, Direct Recruiter: RBS Global Banking & Markets
"Far easier to use than sifting through CV databases, you receive good quality CV's and it is really user-friendly", Onsite Recruiter for the BBC