GoodJob Receives $3 Million From Family Offices
The startup company raised $3 million in funding from investors in January 2021 in a seed round. “This seed round consists of family offices,” Johnston commented. Real Assets Adviser estimates that there are “somewhere between 3,000 and 5,000” family offices in the United States (US) with total assets over $4 trillion.
How GoodJobs Makes Money
The recruitment industry traditionally charges the hiring company, and GoodJob continues in that tradition. “GoodJob is always free for candidates. Companies pay a subscription based on the number of roles they want to fill. Our retail pricing starts at $299/month for one job role, but most companies need a custom enterprise package,” Johnston commented.
GoodJob pricing is attractive because it may help to reduce the cost of recruiting substantially. The Society for Human Resource Management estimated that the average cost per hire for companies was $4,129 in 2016.
Solving the “Who to Interview” Problem
Uploading a job posting to a company website or job listing service like ZipRecruiter or Indeed is easy. Now that distributing a job posting to many people is easy, managers face a different problem.
“Multiple clients pointed out that they already had thousands of applicants for jobs they’d posted on job boards, but no way to easily identify who to interview,” Johnston shared.
According to Glassdoor data reported on Zety, “each corporate job offer attracts 250 resumes. Of those candidates, 4 to 6 will get called for an interview, and only one will get the job.”
Predicting Employee Success With AI
The startup company approach to filtering and vetting candidates has a high success rate. “At a baseline, the tool can predict a successful candidate 76% of the time, before you’ve even interviewed them,” said Johnston. GoodJob’s AI solution is built on the PATH Assessment — a tool developed at Harvard in 1982 by psychologists and data scientists.
The AI Technologies the Company Uses
GoodJob’s approach to AI combines well-known industry software tools and internally developed software. “Our artificial intelligence technology is built with proprietary business technologies leveraging tools such as Pandas and Python via Azure AI by Microsoft. As the AI grows and learns more about larger pools of users, we’ll be able to make recommendations about career paths for individuals who are new to the workforce or who are interested in making a career change,” said Johnston.
About the Author
Bruce Harpham is an author and marketing consultant based in Canada. His first book "Project Managers At Work" shared real-world success lessons from NASA, Google, and other organizations. His articles have been published in CIO.com, InfoWorld, Canadian Business, and other organizations. Visit BruceHarpham.com for articles, interviews with tech leaders, and updates on future books.