Financial Job Site Cuts Out Middle Man
February 29, 2012
A new career matchmaking website focused on the financial services industry is cutting out the middle man and connecting employers with job seekers much like the popular dating sites match those looking for love.
Unlike traditional career sites, StreetID.com matches candidates with companies based on specific criteria, with the search function allowing employers to find potential hires by simply clicking boxes to filter the pool until the perfect match is found. The site doesn’t use resume submissions or job postings.
StreetID’s president and founder, Jesse Marrus, also sees it as an alternative to industry recruiters. “In many cases the human resource department will prescreen candidates coming from recruiters for the executives,” said Marrus, who previously ran his own headhunting business, The Street Advisor Group. “However, even if the executive is conducting the search themselves StreetID is a much more efficient tool than using a recruiter. The initial search is instantaneous and saves lots of time they would spend going through resume submissions that come through a recruiter.”
Job seekers in the financial services sector can register on StreetID.com for free, creating a candidate profile that includes employment and education related information as well as details such as a willingness to relocate. It takes only 10 minutes to register, and, as an added plus, profiles can be kept confidential, so your current employer doesn’t catch you searching for work.
“We are taking an entirely different approach to careers and recruiting in finance,” said Marrus. “We created a system in which candidates are able to showcase their talents and be matched up to the opportunities best suited to their background and skill set.”
Financial companies such as investment banks, hedge funds and private equity firms, pay $15,000 a year, or $1,500 a month, to use the site’s search system, which filters by specific criteria—such as job responsibilities, levels of education, certifications and language skills—so they see only candidate profiles that match their requirements.
StreetID.com’s fee also makes the site less costly than paying a headhunting firm, which will typically charge 20% to 30% of the hire’s yearly base salary.
Marrus spent nearly two years developing the site before it launched in late November. So far, he has four full-time employees, four clients and some 5,000 registered candidates, a number he hopes will triple in the next couple of months.
In addition to its primary financial matchmaking service, StreetID has also incorporated a community section where finance professionals can network with colleagues, fellow alumni and industry professionals. And StreetID NEWS reports the latest updates on people moves, as well as layoffs and hiring trends.