VentureBeat

A job search startup called MoneyBackJobs thinks that the hiring process needs to be more fun and open — and that extra cash will be an effective way to make that happen. I’m not sure the company can get much attention in such a noisy market, but it’s nice to see people trying something more unusual than the standard Monster-style job board.

The San Francisco company’s site launches today, and its big selling point is the financial incentive it offers to job seekers. Here’s the hook: If you accept a position through MoneyBackJobs, you’ll receive a bonus of at least 5 percent of your starting salary. Basically, it’s a guaranteed signing bonus. The money comes from your new employer, who pays 12 percent of the starting salary to cover the bonus and MoneyBackJobs’ commission. If an applicant or employer pledges to search exclusively through MoneyBackJobs, they can also raise their bonus or lower the commission.

Digging up more money for job applicants sounds rather superfluous, since most people usually have some financial incentive already to be looking for a job. But MoneyBackJobs’ goal, like similar site NotchUp, is to use the cash to lure job candidates who are more qualified, but may not be looking actively for a new position. NotchUp, which pays candidates for each job interview, has more immediate appeal — to get the money, I don’t have to snag the job, just show up for the interview. But with MoneyBackJobs, applicants have more incentive to take the search seriously, and if they get a job they get a bigger payment. MoneyBackJobs’ approach makes sense for employers, too, since they only pay for successful applicants.

The site has other features, many of them built around chief executive Mark Thomas’ stated goal of making the hiring process less “stuffy.” Job candidates can create video profiles on YouTube, there’s an interview scheduler and Thomas has plans to increase interaction between employers and applicants both on the site and through in-person events, so both sides can better understand the other’s perspective.

As it opens its doors, Thomas says MoneyBackJobs is populated with more than 200 listings. The site is open to any industry in any geographic area, although Thomas says his marketing efforts will focus on jobs with salaries between $50,000 and $125,000 — any lower and the employers probably aren’t interested in paying the bonus, any higher and they’re probably using executive recruiters to fill the position.

The startup is self-funded.

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