Recruitment Strategies: Coinbase’s Reddit Quiz

bitcoinOne of the key principles of effective recruiting is to source actively and persistently. To implement successful recruitment strategies, companies must begin by casting a wide net when they source. In today’s highly-competitive talent ecosystem, simply posting a job ad or sending an InMail isn’t enough to capture the attention of top talent. As a result, companies are becoming more creative - and targeted - to find qualified candidates. Coinbase, the world’s most popular bitcoin wallet, used Reddit to engage thousands of applicants by posting a Bitcoin quiz. The quiz was taken by thousands and resulted in over 30 new hires.

Coinbase isn’t your average company. Bitcoin faces regulatory issues and price volatility, yet maintains a passionate, dedicated community of early adopters behind it. Coinbase makes it easy for these people, businesses and developers to use Bitcoin. For example, earlier this year, the company enabled Overstock.com to accept Bitcoin, which resulted in over $1M Bitcoin transactions in two months.

As you can imagine, recruiting for the company isn’t easy. Candidates must have a high-risk, high-reward approach to their professional lives, as well as a deep understanding of the Bitcoin blockchain (that is, the shared public ledger on which the entire Bitcoin network relies).

In particular, Coinbase was seeking to build a Customer Operations team. Customer Operations handle any user concerns with the platform and also work to proactively identify potential product snag. Aurora Harshner, a recruiter at Coinbase, says that the team identified Reddit as a platform with a high potential to reach candidates.

“This role requires a fairly technical skill set and a deep understanding of Bitcoin and the technology underlying it, which is why Reddit was a successful place to recruit. The passion for the technology was a must, and given it was very difficult to find people who had a solid enough understanding of how the blockchain worked, we resorted to the online communities supporting Bitcoin to find our hires.”

The original Reddit thread containing the quiz can be seen here.  As stated in the post, those within the top 5% of scores were given the opportunity to interview with the company. “The quiz helped us quickly assess the level of Bitcoin knowledge a candidate had; it helped us weed people out,” Aurora shares.

About a month after the quiz posted, Olaf Carlson-Wee, Head of Risk at Coinbase, followed up with another Reddit post, stating that over 150 redditors had completed the quiz, though Aurora says thousands of people have taken it since. The success of this initiative prompted the team to post another quiz to hire within Business Development, resulting in over 2,000 completions and 700 resume submissions in a 3 month period.

Needless to say, this is a huge success story of using Reddit to recruit, and one of the few we’ve heard. Have you used Reddit as part of your recruitment strategy? Comment below.

(Note: Coinbase is still growing quickly (check out the company’s career page here!)

 

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Candidate Sourcing