SL8Z, a new crowdsourced recruiting company, announced the closing of the company’s first round of venture investment today. The investment was made by the Center for Innovative Technology (CIT) via its CIT GAP Funds.
“I am extremely pleased to have CIT as SL8Z first venture partner. The investment from CIT will help us hire the talent we need to drive further innovation and fuel market traction,” says Glenn Fox, the Founder and Managing Partner of SL8Z.
CIT President and CEO Pete Jobse claims, “SL8Z provides a much-needed update to the recruitment process. Their innovative solution is the first crowdsourced recruiting service, and our CIT GAP Funds investment reflects our confidence in that service.”
Crowdsourcing described as the ability to obtain needed services via a large group of people (the “crowd”) rather than from individual vendors. Fox named the company SL8Z because the service helps employers quickly build slates of qualified candidates by leveraging the collective talent networks of an exclusive “crowd” of experienced recruiters.
“SL8Z is a competitive marketplace where employers recruit qualified candidates fast by leveraging the power of crowds,” explains Fox. “In this case the crowds are qualified, independent recruiters.”
SL8Z is free for employers to post their positions and set the placement fee they want. The fee is only payable if they hire a SL8Z candidate. When a hire is made, SL8Z invoices the employer and then pays the recruiter who places the candidate 70% of the fee.
Independent recruiters benefit from participating in SL8Z because the service lets them place more of the candidates they have already recruited. SL8Z is free for recruiters to join, but, they must qualify first. Fox personally reviews and approves all recruiters explaining, “In crowdsourcing, the quality of the crowd really matters.”
Fox is seeing his crowdsourced recruiting service being embraced by companies that are looking for innovative alternatives to traditional retained and contingency recruiting. He notes that the $10B recruiting industry has seen little innovation.
“The executive recruiting industry operates today essentially the same way it did back in the 1960’s” explains the 20-year recruiting veteran who led the recruiting department at AOL and was a founder of Microsoft’s executive recruiting team. “SL8Z provides a radically more efficient and affordable service by leveraging professional networks, the Internet and technology. It’s a win/win for employers and recruiters.”