At Sprout Insights, we comb the web to bring you the most up-to-date and actionable resources on how to use social media to grow your business.

To that end, we’re pleased to present the Sprout Insights series Spotlight on Startups. We’ll find the most innovative, useful startup companies out there, get the inside track on what they’re doing, and tell you how you can leverage their products and services for your own business.

This week we’re pleased to cast the spotlight on hiredMYway — an online recruiting and referral job board with offices in Detroit, MI, and Chicago, IL.

What Is hiredMYway?

What Is hiredMYway?

Spotlight on Startups - hiredMYway

Online job board and recruiting platform hiredMYway positions itself as “your personal recruiter, career coach, and brand manager.” It offers a platform where companies can post jobs they’re looking to fill, job seekers can pay a small fee for “MYtokens” to make sure their resumes are reviewed, and where anyone who refers a successful job applicant gets a significant referral bonus.

The platform offers employers “the most qualified candidates, and the flexibility to find candidates who meet your criteria in seconds.” Employers pay a placement fee — but unlike many other online job boards, the client only pays when a successful hire is made. Job applicants and referrers also earn signing bonuses 90 days after the start date of successful job placements.

The company uses a sophisticated dashboard and tracking system so that all parties in involved in the hiring process can monitor their progress. In the words of its co-founder and CEO, Matt Mosher, hiredMYway provides the “results of a recruiter with the reach of a job board.”

What Needs Does it Address?

hiredMYway - What Needs Does it Address?

According to Mr. Mosher, hiredMYway addresses the #1 problem of the existing online recruiting industry — “overcrowding.” He points out that the online job board phenomenon, pioneered by companies like over 10 years ago, has proliferated to the point that these services are no longer efficient or effective for companies seeking to hire the best candidates.

For example, quoting a study published in the Wall Street Journal, Mosher says that “a typical employer, using the leading online job boards, has to go through an average of 219 resumes to fill one position.” With hiredMYWay’s unique features, like paid tokens and signing bonuses for job applicants and referrers, “our clients only have to go through an average of 23 applicants to fill that same position,” says Mr. Mosher.

Providing a mechanism whereby applicants can pay a token amount (literally and figuratively) to get their resumes reviewed by hiring companies, hiredMYway reduces the “pray and spray” approach seen on most other job boards, says Mosher. “We copied the college application approach,” says Mosher, “where applicants can pay a small fee to get their applications read by the placement teams.” This weeds out the applicants who may not qualify for a position but who decide to apply for it anyway. The net result is that “hiring managers have less applications to sort through, and the ones they receive are usually from highly qualified and motivated candidates,” adds Mosher.

How You Can Leverage hiredMYway

How You Can Leverage hiredMYway

If you’re looking to hire qualified staff for your organization, hiredMYWay allows you to decide how much you’d like to pay to find the right candidate through its service. Fees are divided evenly, with one-third going to the successful job candidate, one-third to the person who successfully refers that candidate, and the remaining one-third goes to hiredMYWay.

This model allows many different parties to benefit from the hiring process, whether you’re looking for a job, looking to fill a position at your company, or if you know qualified candidates who you can refer for any of the jobs listed on the site. Contact hiredMYway through its website, Facebook Page, or on Twitter.

Know of any other startups that would make a good feature on Spotlight on Startups? Contact us, or let us know in the comments below.