In a time where financial stability is volatile, the buy now, pay later services like Afterpay and PayPal have helped alleviate stress for many. Now, there is a new kid on the block rescuing businesses from battling improper hires and recruitment fees. HirePay, an Australian based service, launched ten months ago and pioneered methods to help recruitment companies work smarter, not harder and solve the burden of self-hire.
“Helping companies hire better makes a big difference to those companies and the candidate who gets hired; this leads to these companies growing better and faster. At scale, it helps the overall economy,” Founder David Price said. “So, our mission has a strong social good in it. We are trying to build a leading global company, so we also need the very best performers who have ambitious goals.”
For companies in need of payment extension, HirePay eliminates the discomfort. As a result, recruiters are paid in full within 24 hours, and only a small fee is charged to their customers who get to pay in four monthly installments. Price explained that HirePay’s service has lately been in even further increased demand due to the economic situation and cognizance of hiring a suitable fit the first time round being critical to avoiding later monetary losses.
“Almost all recruiters offer employers a replacement guarantee or a credit to use on another placement if the candidate does not work out during the probationary period,” Price explained. “Often, you lose this replacement guarantee if you are late to pay. With HirePay, the recruiter gets paid in 24 hours, so the replacement guarantee is more secure, and the employer has even less to worry about.”
Now, some may wonder why companies do not just use job boards like LinkedIn or their own HR team, but often the time consumption of sifting resumes and scheduling interviews is far too large. Recruitment agencies help companies save time and money, and in return, gain more clients through referral, and now it’s simply more affordable and accessible to many because of the implementation of HirePay’s installment plan.
Although HirePay is a relatively new company, it has seen exponential growth and received positive feedback from recurring customers. The company has already made its way to the US, and further global expansion is inevitable.
“We are helping recruiters grow, which leads to them promoting us more and more- it’s a win-win for everyone… especially in this market helping anyone get a new job, is very satisfying,” Price said.
HirePay’s future is promising, considering it helps ease companies back into the hiring fold during an economic downturn. In addition, as a lender, HirePay assumes the risks that recruitment firms often face, solidifying lasting partnerships.