I just finished writing a piece in one of the forums regarding Bounty Jobs and it is something recruiters need to be warned about now. In brief, Bounty Jobs is a "bulletin board" where employers can post open positions to the recruiting community and be rewarded with having an endless number of recruiters work the search on contingency. I would like to point out that I believe the concept is brilliant and the folks at Bounty Jobs are well intentioned - it is largely the employers that are to blame.
Here is what recruiters need to be worried about - companies are having their databases significantly updated for FREE. They can have recuiters send them resumes for all those positions that they typically would utilize a retained search firm for and now they don't need to - I have viewed some positions with 80+ submissions with no candidates under "active" review. Some of us may say - "They will always use a top-notch search firm for important positions because it takes a seasoned recruiter to find people with a certain skill set". Well, now that they can have an endless number of recruiters submit resumes for those positions and although some resumes may be off the mark, some of those will be right on target.
If I submit resumes on my standard searches, I usually fill the position within 4 resume submissions. After nearly 25 submissions on Bounty Jobs, I was 0 for 25. I utilized Linkedin to see the background of people previously in the position and I know absolutely that my candidates were superior to people the company hired previously. I couldn't even get my candidates a telephone interview which was a red flag. Another circumstance that I found odd was one of the companies on the site would not tell me who the position reported to - although they had no problem posting that information on TheLadders. There were also other searches that were put on "hold" with no warning - this happens in our industry but I found the level of occurence on Bounty Jobs to be a worry.
I used the site for two months and worked searches similar to ones I had recently worked as it would not require much work and could result in some extra money. I came the realization the site was not even worth the time it took to press enter on my keyboard.
I think Bounty Jobs is a good concept, but recruiters must not be the only ones making an investment. The only fault I have with Bounty Jobs is that they are not doing a good enough job screening clients - we all turn down searches and so should the folks at Bounty Jobs. With the emergence of more and more sites like Bounty Jobs we could be cannabilizing our business. The result could be fewer search assignments and lower fees for all of us.