Photo - JobRewards
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JobRewards

An unique job platform with rewards

Malaysia
Market: Consulting, Services, Artificial Intelligence
Stage of the project: Operating business

Date of last change: 17.08.2021
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Idea

JobRewards is an unique job platform with rewards, specializing in bridging the best of talents with the right jobs in Malaysia.

JobRewards is a startup with a passion in reshaping the whole job-seeking culture – that finding the right job should be easy, fast and equally rewarding. We're penetrating the market by bringing extra values to both employers and jobseekers.

Offering the best of both worlds in Job Posting model & Recruitment/Headhunting Service to Client, while offering rewards for the jobseekers to enjoy along the process, earning points and products to capture great talents.

Current Status

JobRewards is currently having innovative solutions as selling packages introducing and operating in market, gaining growth in tractions and clients onboarding.
To date, JobRewards have successfully obtained 50+ clients and growth in revenue.

Market

JobRewards' current operations cover job solutions at the local and national levels in Malaysia.

Clients demographics are including of all segments of industries, Covering from Managerial, Engineering, IT, Sales & Marketing, Accounting, to operators and servicing industries.

We have a strong vision to expand our regional presence in the near future, towards Singapore, Indonesia and other regions in South East Asia.

Problem or Opportunity

For Hiring Clients,
The hiring solutions available on the market are categorized into Job Board platforms and Recruitment/Headhunting services.
Job Board platform is lower in price but highly ineffective in attracting the right talents, while Recruitment/Headhunting services are better in quality of candidates and service, but comes with higher costing on the clients.

For Job Seekers,
There's no rewards in taking up the career advancement moves, but new challenges, new environment, and new learning curve.
Yet, applying new job through Job Board platforms are expected to be non-responsive.

Solution (product or service)

For Hiring Clients,
JobRewards offer the best of both worlds fr om Job Board model and Recruitment/Headhunting services.

On a higher level, JobRewards offering affordable packages with quality service.
In depth we offer all features from Job posting, like listing, marketing,
publicity, and attracting self-applicants. Also, we have a dedicated recruiter to source, review, filter, and pre-interview for the right candidates.
Candidates profile are prepared with extracted strengths and weaknesses of candidates for clients to easily review.

For Job Seekers,
JobRewards introduced rewarding processes along their job seeking operations. Promoting signups, engagements, activities by incentivizing the processes with rewards.

For JobRewards' scalability,
Plus, with JobRewards' Open-For-All (OFA) model, wh ere we’re able to tap into the gig market, engaging with freelancers & part-timers as our recruiters. Increase the operational capability and further the network outreach, by leveraging on the resources as our OFA freelancers.
While OFA freelancers are able in earning the commissions along with their contributions towards JobRewards.

Competitors

Competitors in the region
Job Board Platforms:
JobStreet, Monster, Mauhkerja, WOBB

Recruitment/Headhunting Services:
Randstad, Adecco, Kelly Services, Michael Page, JAC Recruitment

Advantages or differentiators

JobRewards offer the best from both Job Board model and Recruitment/Headhunting services to hiring clients.

While JobRewards' specialty, Rewarding systems attract users and job seekers to engage in job seeking activities with JobRewards, creating users' stickiness with JobRewards.

Finance

JobRewards selling hiring packages to hiring clients, with different tiers of services to fit the client needs. Packages price ranging from MYR 399 to MYR 8,999.

Profit margin are relatively high as packages involved of professional services instead of products which needs raw materials and manufacturing.
Major costing in fulfilling services are operational career consultants.

Sales & client base are expected to be 10x within the next 2 years, and further expansion outwards from Malaysia, to capture market with even stronger potential within the next 3 years.

Business model

JobRewards offering hiring packages with 2 approaches.
1st approach by generating inbound clients by utilizing digital marketing, campaigns, promotional events, referral program.
2nd approach by generating outbound clients achieved by internal sales representative team and OFA Sales program.

Clients are signing up package via JobRewards platform online, and services are carrying out & engaging by internal career consultant team and OFA freelance team accordingly.

JobRewards' ecosystem metrics are : Users, Clients, and OFAs

Money will be spent on

Fund allocation will be into 3 major categories:
Operations
- Improving & delivering quality service,
- Day-to-day operation,
- Managing internal team and OFA Fleet.

Sales & Marketing
- Expansion of our market reach for more clients & users.
- Digital marketing
- Running campaigns & promotional events.

R&D
- Continue improving the platform, developing new features, rolling out new revenue streams.
- For example, OFA & Client portal, Resume auto-parser, Mobile APP, JR outsource, JR HRM and many more

Offer for investor

JobRewards' Shares Investment:
Pre-money Valuation RM6,000,000
Offering 14% of shares
in return of capital RM1,000,000

Negotiable for Common shares or Preferred Shares.

Team or Management

Risks

1. Duplicate of model by competitors.
Which also shown of JobRewards' innovative model are working out in the market and gaining visibility and tractions. JobRewards will continue to develop and scale with more features and market capture, to always stay ahead of competitor or copiers.

2. Reluctancy of clients towards newly introduced model or workflow
Some clients might be be stubborn with the conventional ways of working and not willing to explore new model, even it's proven to be better. Market potential of job industry are enormous and ever-growing. With JobRewards' growth and clients, we're proven that JobRewards' solutions are effectively penetrating the market.

3. Low hiring demands
Pandemic are hitting strong in every regions.
With records, JobRewards able to generate significant growth even during pandemic situations, and hiring demands will grow even stronger with the vaccinations and relief of restrictions on industries operations. Malaysia vaccination rate is one of the highest among SEA, only second to Singapore.
In SEA, new startups and businesses are booming and demands in hiring are strong, especially technical & digital talents.

Photos

Photo 1 - An unique job platform with rewards

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Idea
Current Status
Market
Problem or Opportunity
Solution (product or service)
Competitors
Advantages or differentiators
Finance
Invested in previous rounds, $
Business model
Money will be spent on
Offer for investor
Team or Management
Mentors & Advisors
Lead investor
Risks
Incubation/Acceleration programs accomplishment
Won the competition and other awards
Invention/Patent
Photos
Product Video