Vawch Blog

State of the business - 6 month update

February 19th, 2009 in Random musings | No Comments »

It has been 6 months since our site went live and it is time to reassess our position and think about where we want to go from here.

When we started this business we had big dreams about changing the advertising model for recruiting - what my partner termed as success-based advertising.  We were puzzled as to why companies were willing to spend thousands and thousands of dollars on ads in the papers and online job boards with no guaranteed return and yet unwilling to spend a few thousand on Vawch to reward successful referrals where return is guaranteed. Naive as we were at that time, we didn’t realize the uphill battle we had in convincing companies to work with us and to be patient with us as we build our membership base (thanks to UBS and StanChart who stood by us during this period and were willing to experiment).

We had also underestimated the fact that referrals via email is a cultural shift for most people - people like to be talked to in person regarding jobs, their egos stroked a bit about their capabilities and suitability for a position and convinced to apply. A mere email does not make someone feel important enough.

Then Lehman happened and the world has gone bust all of a sudden. We were also caught in this uncertainty as it become even more difficult for us to achieve scale and convince our recruiter partners regarding the value of our proposition.

So here we are at the 6 month mark and this is where we stand:

- Our membership is still below the 2,000 mark with majority coming from the financial services sector
- We have had a few successful transactions since our launch
- Quality of referrals is still quite weak - we have to increase the number and quality of the referrals (this is where we need your help)
- We have been featured in the press including New Paper, Straits Times, HR Magazine etc
- One of our founding members has left us to concentrate on his own consulting business, another will also focus his time on other opportunities for now. We have added another team member to support daily operations.
- We have signed up a number of recruitment agencies, including Morgan McKinley and others.

We are still pressing on with the business. We can only do this with your help and support.

Thank you.

Another networking event perhaps?

February 6th, 2009 in Random musings | No Comments »

We have been asked to consider putting up another banking/finance networking event next month on Mar 9. Would there be any interest for people to attend?  We are limiting attendance to those who have around 3 years or more of working experience post-university.

Do let us know if you would be interested. If we can get critical mass, we will definitely work on sponsoring another event.  We will also invite a different set of recruiters to the event.

Drop us a note at admin@vawch.com.

Demand contraction and rogue property agents in Singapore

February 6th, 2009 in Random musings | No Comments »

We were discussing the state of the world economy recently and it struck us how much demand has collapsed in all sectors - be it car sales, retail sales etc.  The question is whether this demand would rebound once confidence has been restored and the economy has stopped contracting and starts to grow again.  There is a basis for the argument that demand would not return to its previous levels for many years to come as a lot of it has been artifically fueled by debt (at low interest rates). However, it struck me how some people are still quite optimistic that everything would return to normal once we pass through this difficult period. I guess the answer should be somewhere in between.

I read a story in the Straits Times today about a judgment made against a property agency because one of its agents had violated his duty to represent the seller’s interests in a property transaction. The sellers had gotten the agent to help them sell a central district condo and the agent had indicated that the market price was around 690K.  The sellers, trusting the agent, agreed to such pricing but lo and behold the agent then turned around and immediately sold the property to the wife of his Director at the agency who then conveniently flipped it for 980K a few weeks later.  The directors of the agency defended the practice saying that it is commonly done (ok so everybody does it you can too - what a childish defense) and that they were not responsible for their agents’ conduct since they are independent contractors.  What rubbish! I can’t believe that they were not shy about mounting such a defense. Anyway, the judge found in favor of the couple and the agency was ordered to refund them the difference of the 2 sales prices.

Feedback on networking event

February 4th, 2009 in Random musings | No Comments »

We would love to hear feedback from those who attended the event last evening.  Please send us email at admin@vawch.com