Back in 1999, Monster.com broke onto the scene with a new way for employers to tap into the available job seeker market nationwide. It changed everything about the way we approached employment in our country. Over the last 17s, the internet has continued to prompt the evolution of the job market, so it is no wonder that those changes would affect Monster International, the parent company of the job board. They were recently acquired in a $429 million deal. What does this mean for the industry moving forward? Here are some insights.
The Implication of Randstad’s Ownership
Because Randstad is a staffing provider, there is some concern about the future of Monster. Since a large portion of their customer base is made up of small and large agencies from all over the world, will there be problems utilizing a tool owned by a competitor? As of right now, Randstad isn’t commenting suggesting it is too early to speculate, but most experts agree that since Monster relies on the staffing industry for much of its revenue, they will be able to balance the two industries effectively.
The Fifth Largest Job Board as of 2015
Monster is still a monster in the market. As of last year, it was ranked fifth among all of the online job boards. They also have some significant brand recognition which has been established since the founding of the company.
The Reinvention of Online Job Boards
On the other hand, it isn’t a wonder that they have dropped to fifth on the list with the rise of niche job boards and social media-based recruiting. Even online networking platforms, like LinkedIn, may have eclipsed Monster in some aspects of recruiting. It will take some changes to put Monster back at the top, both socially and technologically.
Other Options for the Staffing Industry
Of course, Monster isn’t the only player in the game. Other job boards, like Indeed and Simply Hired, are becoming popular. LinkedIn, which has both free and premium membership options, can also be a significant resource for recruiters and other hiring managers. Increasing social outreach and embracing online and on-demand staffing can be beneficial for many agencies.
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