Business schools launch recruitment website

Britain's leading business schools yesterday moved to cash in on the huge salaries commanded by their high-flying alumni, with an internet recruitment site.

Led by the London Business School, 15 institutions that offer the MBA degree launched Global Workplace.com. Cranfield, Manchester and Oxford University's Saïd Business School joined London in setting up the service, along with leading institutions from New Zealand, Continental Europe, Singapore, the US and Japan.

Global Workplace will offer a cheaper alternative to traditional recruitment consultants, which typically charge a fee of 17-30 per cent of the annual salary offered.

The internet service, minority held by London Business School's incubator fund, will charge a nine per cent fee, with part of that income going to the alumni's old school.

The balance of the equity is held by a range of private investors.