Blog > English

FintechFans: The One-Stop Solution to Traditional Recruitment Woes

In conducting our market research, the FintechFans management team identified two weaknesses within the FinTech industry.

The first is a lack of specialized job boards that focus exclusively on the FinTech market.

Second, there’s a real need (and this could possibly stretch beyond the FinTech industry) for a better user experience when it comes to recruiting. In our previous post, we looked at some of the challenges that the traditional recruitment industry face.

To address these weaknesses, FintechFans has come up with a two-part solution, accessible all under one roof.

The FintechFans Job Board

The online job board focuses specifically on long-term positions within the FinTech market.

There are currently more than 3,600 live vacancies (and counting) listed on the website that makes it easy for talented FinTech professionals to locate hiring FinTech companies.

For a job seeker, the Fintechfans platform offers an effortless solution to find their ideal FinTech job without having to sift through hours of non-relevant openings in non-relevant job markets.

Jobs are listed in organized categories that range from entry-level positions, all the way up to co-founder vacancies. It also gives candidates a deeper insight into what skills are generally more in-demand than others within the FinTech industry.

For organizations looking to hire, it provides a platform where they can get exposure to a wide-ranging, global pool of specialized FinTech talent. Unlike general job boards that posts opening from numerous different industries, all opening on the Fintechfans website relates to the FinTech industry.

This means applicants browsing the job board, more than likely specialize, or are very interested in financial technology. The chances of finding the right candidate are therefore that much higher, which is a great benefit to potential employers.

Furthermore, the listed openings come directly from the hiring companies meaning there are no 3rd-party recruiters to deal with for either side.

The FintechFans Decentralized Marketplace

The FintechFans Decentralized Marketplace is a very exciting and innovative new project which will be launched in Q3 2018.

Based on the unique capabilities of Blockchain technology, the Decentralized Marketplace will focus on the freelancing and contract markets.

These are big markets. In the US, 53 million people consider themselves freelancers (more than a third of the labour force) while in the UK there are 1.4 million freelancers.

According to research by PwC, the “gig economy” (i.e. freelancing and contracting jobs) is set to grow to over $60 billion by 2020, which just goes to show that more and more people are shunning traditional employment in favour of flexible working.

 

FintechFans’ Decentralized Marketplace will be based on 3 sets of smart contracts built on top of the Ethereum Blockchain, making it a completely trustless environment where, once a smart contract has been created, there can be no interference by anyone, including FintechFans.

The FintechFans Decentralized Marketplace Functionality contract – This will facilitate the core functionalities of the Decentralized Marketplace and also enable the reading or writing of information directly from the FintechFans Job Board.

The contract will be versioned meaning that in the future, extra functionalities or amendments to current ones might be necessary. In the event of such circumstances, a new version of the FintechFans Functionality contract will be released.

The FintechCoin contractThe contract will enable the integration of the ERC20-compatible FintechCoin (FINC) with Ethereum wallet software and other Smart Contracts.

The Public Crowdsale contract – This is purely for the purpose of the FintechFans decentralized crowdsale to enable a separation of concerns. Once the crowdsale has concluded, the details of this contract will no longer be necessary for the future functioning of the Decentralized Marketplace.

What value-add does the FintechFans solution provide to its users?

We’ve seen the FintechFans platform is developed keeping certain pain points of conventional recruitment in mind.

As such, it will add value to its users by providing the following solutions.

  • Direct contact between companies and jobseekers – There is no need for intervention from recruiters. Therefore, communications between candidates and hiring entities will be direct, transparent, timely and frictionless.

 

  • Transparent and immutable review system – When jobs are completed through the Decentralized Marketplace it enables the capability of a transparent review process.

It will take into account the historical information for all jobs completed and give a clear overview of the quality of service from candidates, as well as the quality of employment from organizations.

They are incentivized to do so as they can earn a percentage of the advertisement deposit fee.

Transactions and completed jobs are logged on the Blockchain-based network and users can perform their own analysis of the information.

This will allow companies to select specialists based on their historical work performances, while candidates can create a shortlist by selecting companies that conform to a certain set of required parameters.

The goal is to eliminate reliance on biased ratings from recruiters and to increase the level of trust in the system by providing an incorruptible proof-of-performance record.

  • P2P payment facilitation – Fulfilment of advertised tasks can be paid directly through the Decentralized Marketplace over a peer-to-peer system. By leveraging the capabilities of the Ethereum Blockchain, compensation can be provided without the need for 3rd-party services, like banks, using the FintechCoin. This means payments will be fast, secure and more cost-effective.

 

  • No pay-out fees – There will be no fees for payments regarding completed projects or tasks. The only fees that will be charged on the Decentralized Marketplace are advertising placement fees which will be to the benefit of the entire community.

How will users interact with the FintechFans platform?

Job Board

The job board will be accessible through a normal website as it is currently. However, it will be updated once the Decentralized Marketplace is launched to allow for seamless integration with the Ethereum Blockchain features.

FintechFans Decentralized Marketplace

The Decentralized Marketplace will be accessible through the normal FintechFans web portal. This will make it simple for participants to make use of its functionalities without having to worry about the intricate workings of a Blockchain-based network (simply visit the website and start browsing).

The Marketplace will also be available through a decentralized application (or dapp) which will allow users to browse the platform without connecting to a central web server.

Once the core Decentralized Marketplace has been built, attention will be focused on improving the user experience and interaction with the network as a whole, including the development of a mobile application.

Over the long-term, when the Decentralized Marketplace is up, running and self-sustainable, FintechFans’ management will look to expand the platform into different niches within FinTech (such as IT),

All these elements come together in a one-stop solution which will help FintechFans to realize a vision of kindling financial innovation by uniting specialists and companies

In our next post, we will look at the reason for holding a decentralized crowdsale and what functions the FintechCoin (FINC) will have.

Stay tuned!