UK-based Revolut’s Recruitment Deemed “Abusive”
ElDiario, a Spanish online newspaper, published an article on the 21st of October in which it accused Revolut, the fintech banking alternative, of using unjust recruiting processes that result in them getting free work from candidates.
Exploiting Those Seeking Jobs
An anonymous informant told ElDiario that following their interview via Skype, they were challenged by the Revolut to complete a task. The task consisted mainly of finding 200 people to sign up and download the bank’s app, then they should open an account into which they would deposit €10 and then request a card that should be delivered in a few days by mail. This task had to be completed before the candidate could start the next step of the interview process. ElDiario’s informant said that they considered the task to be abusive and that the bank was unjustly using the candidates to get work done free of charge.
Revolut is considered Europe’s newest unicorn. It is a challenger bank that facilitates payments on a peer-to-peer basis. Its statistics are extraordinary, it is worth $1.7 billion and created a C Series investment round in April that amounted to $250 million. In spite of these numbers, the bank had requested the task of acquiring 200 signups from around 30 to 50 candidates, as per the bank’s statement. By ElDiario’s calculations, this is around 8,000 unpaid signups.
Reactions to Unethical Hiring Tactics
Revolut has always declared their pride regarding their inexpensive acquisitions and organic growth figures. Their purchase price, €1 per customer, is remarkably less than what all 40 of their competitors are paying.
An ex-journalist at Reuters and the Financial Times Group, Emilian Mellino, has said via Twitter that such actions are unjust, particularly as 15% of the people in Spain are jobless. Revolut apologized and said that they closed down the operation. However, Mellino voiced his reservations regarding their apology by stating that in a previous interview the bank’s head of business development stated that the task is considered a measure of commitment and enthusiasm, whilst the head of public relations at the bank has defended said practices.
The CCO Union has stated that companies implementing such hiring procedures should be reported to the union or appropriate authorities and that as per the union’s guidelines, Revolut is at fault. It is a dishonorable act to require people to exert effort with no compensation, promise, or contract.