Advertisement’s Prospector Program Cashes In

Nov 7, 2008

“All I care about is money getting into the headhunters’ pockets,” explains BountyJobs CEO Jeremy Lappin.

Similar to its competitor, is offering independent recruiters and recruiting firms another way to supplement their income.

But that is not without controversy – after all, the service is cutting into recruiters’ fees overall. The service has been likened to a “modest update to the old splits network idea” as well.

Yet Lappin says the average fee on BountyJobs is $20,000, and he calls the quality “tremendous” and substantially larger for both corporate and third-party recruiters. And unlike a splits board, the recruiter is very aware of who is receiving the resume.

BountyJobs received $12 million in venture capital funds this summer, relocated to a new office in New York’s Times Square, and has big growth plans for 2009.

The company’s “Prospector Program” is one piece of its growth, a program that has allowed close to 100 established recruiters to become their own bosses.

“We’re very selective into who we let into our site,” he says, noting the mandatory formal interview process prior to being able to access the site.

And since many want to help bring employers onto BountyJobs, the Prospector Program uses a similar selective method.

“If you apply to that, we put you through a fairly intensive level of training, and we let you represent us and bring employers onto the site. It’s not like you work for us…you get paid off of all the activities you bring on. It amounts to a tremendous amount of money,” he says.

Third-party recruiters are taught how to represent and promote BountyJobs, he explains.

The program has been very successful, according to Lappin. Yet he is quick to point out that BountyJobs “does not rely on it for our sales…even with our prospectors, when they bring on companies that want to do larger roll-outs, our internal sales team will handle the rest.”

Right now, there is a four-week waiting list to get onto BountyJobs unless a company refers you.

And the prospector program also has its own separate queue of people, which Lappin says is due to the amount of work and training it takes with each new recruiter.