A Candidate selection process in which staffing companies bid on the opportunity to make a placement. The company with the opportunity sets the parameters of the auction (i.e. skill-set requirements, pricing limits, etc) and bids may or may not be blind, or not known to other bidders. Whereas a traditional auction features multiple buyers and a single seller, reverse auctions have a single buyer (the company with the opportunity) and multiple sellers (the staffing companies). Reverse auctions are also used in an RFP or RFQ process, and usually carried out online.
Source: Staffing Industry Analysts