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Online Career Discovery Company & Opportunity Overview Fall 2008
By the numbers... 40 million job changers per year... 1.5 million college grads per year... poorly informed, underprepared. Less than 50% will be satisfied with their jobs, creating job mismatches, loss of productivity, work stress, depression, etc. $3-6k = Average total cost per hire. 3-5x annual salary = Cost of unproductive, problem hires, plus unrecoverable time to market. Goal: 150+ million = US workforce—all of the people we want to help find a career they are passionate about. Opportunity
Problem: No shortage of inbound resumes and databases, but lack of quality tools to help filter and target the right candidates. Solution : Help both candidates and employers understand the breadth of choices with deeper data about each side. Facilitate better career matches in a scalable, affordable model. Guiding careers and solving employer pain
Guide with real data: The Resume Genome Project
Crawled, parsed 4+ million resumes from blogs, homepages, public profiles
Cleaned and structured the data
Exposing career paths as easy to navigate, SEO-friendly pages
Leveraging data to create interactive recommendation tools based on real career data
Career data from real resumes...
Build around the data: Complementary Apps Structured career histories from 4mm.+ real resumes
Interactive resume analysis tools...
Skills and experience scoring
Lifetime salary calculator
Company culture analyzer
Career, skill trends analysis
...bring more resumes, additional data
Personality assessments add another dimension to candidate data and can be viral. Candidate blogs create deeper candidate profiles and original industry specific content . Peer to peer career advice adds data to candidate profiles and original industry specific content . RESUME GENOME PROJECT
What will you be able to do on Path 101? Charlie uploaded his resume to the Resume Analyzer to see what fields people with his background go into. Charlie took the Path 101 Personality Test, which found like minded people for him in Higher Education , Entrepreneurship , and 5 other fields . Charlie is exploring research on career paths in Entrepreneurship based on data from 2,234 resumes from people in that field. Charlie asked professionals in Entrepreneurship this question: “ Is it better to work at a startup company right out of school, or to get industry experience, if I want to start my own company eventually?” Check out the answers he received . Charlie wrote a blog post called, “ Why I think getting industry experience in a successful company may be important to do before starting my own company.” Example User Activity Stream
Roger Ehrenberg (Largest non-founder angel in TheLadders)
Fred Wilson, Brad Burnham (Union Square Ventures)
Partners from Performance Equity Management (Former GM Pension Priv. Eq.)
Shripriya Mahesh (eBay), Josh Stylman & Peter Hirschberg (Reprise Media), Scott Heiferman (Meetup), Matt Blumberg (Return Path), Jeff Jarvis, Jeff Stewart (Mimeo), Brian Harniman (Priceline), Darren (IGA) & Sherri (Corp HR) Herman, Hunter Walk (Google)
Niche Boards TheLadders RiseSmart Beyond Market Headhunter 2.0 Dayak Bountyjobs Blue Chip Expert H3 eHarmony for Jobs Real Match Jobfox Trovix ItzBig Climber Syndicated Jobthread Snap Talent Prof. SocNets LinkedIn DooStang Jobster Affinity Circles Select Minds People Scrapers Spoke Jigsaw ZoomInfo Spokeo/HR Naymz Resume Pools AllianceQ NotchUp Affordable More Data on Targeted, Relevant Candidates Cost Prohibitive/ Premium Commodity Resumes Questionable Data Aggregators Indeed Simply Hired Resume 2.0 Visual CV Zinch Emurse
Structured, annotated career history
Detailed personality assessments
Candidate content (blogs, q&a)
Headhunter 3.0 Urgent Career Lots of “better mousetraps”, but few have moved beyond crunching the same corpus of data—resumes and job posts. LinkedIn (trust) and TheLadders (monetary signaling) are standout examples of adding data to recruiting.
Discover a career instead of finding a job Coverage Pain Point User Acquisition Relevance Traditional job search + resume posting Career Discovery on Path 101
70-85% of jobs never get posted .
Unlikely that the most relevant job is posted at during short posting window .
Explore any career , research and ask questions proactively .
Only 25% of hires from job boards .
Those that do get hired have less than a 50/50 shot of liking the job .
Bad hires cost 3.5x annual salary .
Well informed career decisions increase job satisfaction , result in lower incidences of work-related stress , and increase productivity .
Job searchers don’t stay on job boards after the hire—resulting in increased acquisition costs , which are already high.
Career development is continuous—keeps true “passive” candidates on site through peer to peer advice, taking fun assessments to share with friends, blogging, etc..
Inconsistent job titles/descriptions and poorly informed candidates make search difficult , resulting in poor candidate experience and decrease in relevant applicants .
Site is dedicated to showing users appropriate opportunities based on history, skills, education, disposition, interest, etc.
Users are likely to be better informed and more likely to pursue relevant opportunities.
Bad data: Resumes are incomplete representation of candidate potential.
Path 101 will get to know candidates from multiple angles to facilitate better career guidance.