JobEscrow, Inc. has launched a new escrow system that holds resume-linked hiring rewards of laid-off employees. The service, JobEscrow, is billed as the recruiting industry’s first pay-for-performance outplacement service for laid-off employees and gives employers “outplacement insurance” in helping laid-off workers get hired. The service lets employers deposit a reward of at least $500 in escrow to motivate recruiters to help any of the millions of laid-off American workers quickly find a new job.
JobEscrow works directly with laid-off workers to link their resumes to an escrow reward account making it available to employers who can set the reward term date. Any unclaimed rewards are automatically refunded to the employer after the term date is passed. JobEscrow is suitable for companies of all sizes and serves as a unique outplacement solution for helping ex-employees get placed in a new job sooner.
“Outplacement JobEscrow is unique because it works for companies of any size. It may be the only outplacement benefit an employer offers or it is in addition to traditional outplacement services. Best of all, its pay-for-performance so if the reward expires, the escrow closes and the reward is returned to the employer,” said Ken Winters, Co-Founder and CEO of JobEscrow.
Winters continued: “In 2002, I was responsible for downsizing a department of 120 down to 8 before laying myself off. I wanted to have something more to offer those employees and am excited to lead an offering today that will support those impacted while helping companies protect their employer brand while decreasing unemployment and COBRA expenses by helping expedite their laid-off employees land their next job.”