At one point, Monster.com was considered the quintessential job posting/hosting site. At the time, it was the first of its kind. When it was first created in the ‘90s, it revolutionized the recruiting and job-search process. For the first time, people didn’t have to go through a referral process, allowing employers to fill open positions quickly. Yet, with the rise of other job posting platforms like LinkedIn and Indeed – Monster.com took a backseat.
What exactly happened to Monster.com? Was it just the first of many online job platforms to fall to all-in-one job search solutions like Google for Jobs?
The Collapse of Monster.com
Randstad acquired Monster for $429 million. Yet, in 2000, Monster.com had an 8 billion dollar evaluation. At one point, Monster’s stock value peaked at $91 per share. Today, Monster’s market cap is $310 million on about $667 million revenues; this may seem like a lot, but when compared to Microsoft’s claim of LinkedIn for 26 billion dollars, the numbers don’t quite match.
Innovation
While Monster.com was very innovative at its peak, it lost its stride once other job posting sites took it to the next level. At one point, the founder’s original vision for the site resembled LinkedIn’s current algorithm. His original idea for Monster.com included elements like profiles over resumes.
Upon the release of LinkedIn, Monster tried to follow through with Monster Networking. All users were required to pay a membership fee; this turned many people away from the site, appealing them to LinkedIn, allowing users to have a free profile if they don’t wish to pay for a premium account. In other words, Monster.com couldn’t follow through with its promises.
Recruitment Strategy
Recruiters constantly change their strategies, meaning job posting platforms need to do the same. Businesses and recruiters need to create highly-visible and attractive job posts to create a steady pipeline of candidates. Job seekers do not wish to sign up with multiple platforms to apply to positions. So, older platforms like Monster.com are losing users to more streamlined systems. For job hosting platforms to succeed, they must follow recruitment trends.
Networking and User Experience
LinkedIn is still relevant, as it’s a business networking site first and foremost, not just a platform for a job posting and recruiting.
A tool like Google for Jobs has made the experience much better for the job seeker, keeping pertinent job information contained right within the window of their preferred search engine. Monster.com, Indeed, and others do not have this convenience, and the older model of online job search is not what users are looking for today.
To learn more about Google for Jobs, please read our accompanying articles:
Google for Jobs October 1st Updates – What Are the Guidelines?
What Elements on a Job Posting Page Will Negatively Impact Your Google Quality Score?
The New Google for Jobs Guidelines – What Can An ATS Expect?
