Monster.com
Encyclopedia
Monster.com is one of the largest employment website
s in the world, owned and operated by Monster Worldwide, Inc. Monster is one of the 20 most visited websites out of 100 million worldwide, according to comScore
Media Metrics (November 2006). It was created in 1999 by the merger of The Monster Board (TMB) and Online Career Center (OCC), which were two of the first and most popular career web sites on the Internet
. Monster is primarily used to help those seeking work to find job openings that match their skills and location.
Today, Monster is the largest job search engine in the world, with over a million job postings at any time and over 150 million resume
s, in the database (2008) and over 63 million job seekers per month. The company employs approximately 5,000 employees in 36 countries. Its headquarters are in Maynard, Massachusetts
, United States
. In October, 2010, Indeed.com
slipped past Monster.com to become the largest job site in U.S.A
.
Monster also maintains the Monster Employment Index
.
Jeff Taylor
founded The Monster Board and served as CEO and "Chief Monster" for many years.
contracted Christopher Caldwell of Net Daemons Associates
to develop a facility in an NDA lab on a Sun Microsystems
Sparc
5 where job seekers could search a job database with a web browser. The machine was moved to sit under a router in a phone closet in Adion (a human resources company owned by Taylor) when the site went live in April 1994.
Initially, the site was populated with job descriptions from the newspaper segment of Adion's business with the permissions of the companies advertising the jobs.
Later in 1994, The Monster Board issued a press release that was picked up and provided needed exposure to drive people to the web site. Monster was the first public job search on the Internet; first public resume database in the world and the first to have job search agents or job alerts.
When TMP acquired Adion, the site was moved into BBN Planet's web hosting facility where it grew from 3 SPARC
-1000s to become the centerpiece of the globally distributed network it is today.
TMP went public in December 1996, with its shares traded on Nasdaq
under the symbol “TMPW”.
In 1998, TMP acquisitions expanded the Recruitment Advertising network. TMP became one of the largest recruitment advertising agencies in the world.
In June 1998, The Monster Board moved its corporate headquarters out of a small office above a Chinese restaurant in downtown Framingham, Massachusetts
to an old textile mill in Jacksonville, Florida, that formerly housed Digital Equipment Corporation
.
In January 1999, The Monster Board became known as Monster.com after merging with Online Career Center, another of TMP Worldwide's properties. The first post-merger president of the new Monster.com business was Bill Warren, the founder of Online Career Center. Bill Warren received the 1997 Employment Management Association's prestigious Pericles Pro Meritus Award, an honor presented by EMA/SHRM in recognition of being the founder of online recruiting on the Internet.
In November 2000, seeking to capture the entry-level job market, Monster acquired JOBTRAK, which at the time had partnerships with more than 1,500 college and university career centers. JOBTRAK was founded in 1987 by Jeff Wohlwend, Connie Ramberg, Ken Ramberg and David Franey. Monster rebranded JOBTRAK as MonsterTRAK
and continues to operate the site to target college students and alumni seeking jobs and career advice.
Recognizing that job hunting often leads to relocation, Monster launched Monstermoving.com in 2000 to provide consumers with the comprehensive resources necessary for a successful move.
TMP Worldwide was added to S&P 500 Index in 2001. TMP Worldwide changed its corporate name to Monster Worldwide, Inc. and began trading under the new Nasdaq
ticker symbol "MNST" in 2003.
Monster.com advertised on the Super Bowl
starting in 1999 and every year through Super Bowl XXXVIII
. Monster's first-ever Super Bowl ad, "When I Grow Up," (created by Mullen
) asking job seekers, "What did you want to be?" It is the only commercial named to Time magazine's list of the "Best Television of 1999." As the official online career management services sponsor of the 2002 Olympic Winter Games and 2002 U.S. Olympic Team, Monster had a strong presence at the 2002 Olympic Winter Games in Salt Lake City.
In April 2002 Monster purchased the Jobs.com URL and Trademark for $800,000. Then Founder and Chairman Jeff Taylor was quoted as saying "Jobs.com is a desirable URL."
In August 2005, founder Jeff Taylor
left Monster to create Eons.com.
In April 2007, Monster named Sal Iannuzzi as chairman and CEO.
In May 2007 Monster launched their first (NA and EU) Mobile services offering Mobile job search and career advice.
In July 2008 Monster acquired Trovix, a semantic job search engine, for USD $72.5 million. Monster has indicated that it plans to replace their job search and candidate matching with Trovix's technology.
In February 2010, it was announced that Monster would acquire its rival, HotJobs, from Yahoo!
for $225 million dollars. As part of the deal, Yahoo will promote Monster's services on its web sites as part of a traffic sharing agreement with the company.
in 2002, but was then acquired by Monster Worldwide, owner of its major competitor Monster.com in 2010. HotJobs was later shut down and merged into Monster.com.
hotjobs.com was founded by Richard Johnson and was based at 24 West 40th Street, 12th floor in New York City, just across from Bryant Park
. Johnson had previously founded the RBL Agency with Ben Carroccio and Liz Johnson (RBL), a boutique employment agency for technologists. The initial website was launched in early 1996 as RBL Agency which evolved in to the Online Technical Employment Center (OTEC) in 1999, and only featured technical jobs. Founding employees Christopher G. Stach II, Earle Ady, and Allen Murabayashi designed and coded the first iterations of the site on Silicon Graphics Indy workstations for C application development, Apple Macs for content creation, and the site ran on Sun and SGI hardware.
The company's first advertising effort was as a Yahoo! site of the week, which at the time could be purchased for $1000.
hotjobs participated in one of Jupiter Communications' first conferences at the New York Sheraton in February 1996. It was here that Johnson spotted Ginna Basinger, who was working for the Sheraton at the time, and offered her a position as the first hotjobs sales person. The product was given away to the first 100+ clients to gain employment content to attract job seekers.
Thomas Chin joined the organization in October 1996 while attending Columbia University, and eventually became the organization's chief scientist.
In the summer of 1997, Johnson decided to expand the operations, and brought a number of recruiters over from the RBL Agency to join the salesforce. Dimitri Boylan joined at this time heading up the sales and marketing effort. Over Labor Day weekend in 1997, the first remote sales office was opened in Burlingame, CA by Earle, Kelly Michaelian & Michael Tjoa. This was a joint venture between hotjobs & otec. Ginna Basinger moved from New York to California to manage the office, hiring the company's first non-New York employee, Michael Johnson, in August 1997 as an Account Executive. Quickly outgrowing the space, the Burlingame office was moved to downtown San Francisco in the Summer of 1999 where it remained through the disposition of the company in 2002.
hotjobs developed "softshoe" a private label job board and applicant tracking system in 1997. Lucent Technologies was the first client of this product.
In September 1997, hotjobs shed the technology-only focus by adding job categories for "Finance/Accounting" and "Sales/Marketing." The first hotjobs newsletter followed in October 1997. During this time the name was also officially changed from "HotJobs, Inc." to "HotJobs.com, Ltd" on the suggestion of Peter Connors, who had been hired as the first marketing manager.
The company startled the advertising world in 1999 when it bought a $1.6 million commercial during Super Bowl XXXIII
, considering that its total revenues were approximately $2.5 million. McCann-Erickson Detroit was hired for the production. It proved to be a very savvy investment, as over $25 million in publicity was generated as a consequence. Immediately following the playing of the commercial, hotjobs' servers were overwhelmed with requests, and this incident later served as the basis for a commercial for IBM. The company went public in late 1999.
In 2000, the company had grown to $100 million dollars in revenue and moved its headquarters to 406 West 31st Street. The company expanded into the enterprise market by purchasing the distressed resume processing company Resumix, Inc. of Sunnyvale, Ca. As part of this effort, the company hired Tim Villanueva, formerly a leading developer at Intuit, as its Chief Technology Officer, and Chuck Price, formerly Chief Architect at Broadvision, as its Senior VP of Engineering. Allen and Thomas left shortly after this leadership expansion to pursue new interests.
In March 2001, Richard Johnson resigned as Chief Executive Officer and President. The board appointed COO Dimitri Boylan to fill those positions. In 2001 the company became profitable and cash flow positive.
Yahoo! purchased the company through an unsolicited bid in 2002, for $436 million, undercutting efforts by Monster Worldwide, owners of Monster.com, to acquire the company. However, Monster announced in February 2010 that it would acquire HotJobs from Yahoo for $225 million dollars. As part of the deal, Yahoo! will maintain a three-year profit sharing arrangement with the new owners in exchange for promoting Monster.com on its web properties post-acquisition. After the acquisition, HotJobs began to offer users a chance to migrate their job postings and information to a Monster.com account.
. Once signed on, job searches can be saved, allowing ongoing results to be emailed to the user. Job seekers have the ability to pull up statistics that feature the number of times an employer/recruiter
reviewed their resume and a complete history of sent cover letters and resumes. Various tools within the site allow users to calculate ideal salaries, research plans and employee stock options as well as have a "Job Tip of the Day" emailed to them. The Career Tools tab lists other items they offer, like resume building, interviewing advice and an education center. Additionally, using the “HotBlock” feature, applicants can block some or all of HotJobs' companies from viewing their resumes.
Yahoo! HotJobs provides employers access to their resume search engine and the ability to post, edit and delete job ads at anytime and as often as they like at no additional cost. Employers are given access to a variety of communication devices, including letter templates and notes, as well as the ability to track their postings.
. Although Monster waited several days to announce this leak (drawing heavy criticism), they subsequently announced new security measures to prevent this from happening again.
However, in January 2009, there was another large scale leak at its UK based site monster.co.uk, in which demographic information of up to 4.5 million people was obtained by hackers.
In September 2006, Monster suspended Myron Olesnyckyj pending the internal review irregular stock option grants. He had held the titles of senior vice president, general counsel and secretary.
On October 9, 2006 Monster named William M. Pastore, 58, chief executive after Andrew J. McKelvey resigned his posts as chairman and chief executive. McKelvey retained his seat on the board as chairman emeritus. The company said on October 25 that it found pricing problems in a "substantial number" of its past option grants, and as a result it expected to restate its results from 1997 through 2005.
On November 22, 2006 Monster terminated Myron Olesnyckyj, the company's lead lawyer, as part of its investigation into past stock-option grant practices. In a statement, the company said Olesnyckyj was terminated "for cause."
The U.S. Attorney's Office for the Southern District of New York has issued a subpoena to the company over options backdating
, and a special committee of company directors has said it wants to complete its own investigation by the end of the year. The company has delayed filing its earnings results for the second and third quarters for 2006. Second-quarter results are expected December 13. Third-quarter numbers would be issued "as soon as practicable," according to a November 7 statement from the company.
In 2006 Monster Worldwide Inc. received a notice from Nasdaq
about a possible delisting of its shares due to the company's failure to file its third-quarter earnings report. The delisting did not happen.
Employment website
An employment website is a web site dealing specifically with employment or careers. Many employment websites are designed to allow employers to post job requirements for a position to be filled and are commonly known as job boards. Other employment sites offer employer reviews, career and...
s in the world, owned and operated by Monster Worldwide, Inc. Monster is one of the 20 most visited websites out of 100 million worldwide, according to comScore
ComScore
comScore is a Internet marketing research company providing marketing data and services to many of the Internet's largest businesses. comScore tracks all internet data on its surveyed computers in order to study online behavior....
Media Metrics (November 2006). It was created in 1999 by the merger of The Monster Board (TMB) and Online Career Center (OCC), which were two of the first and most popular career web sites on the Internet
Internet
The Internet is a global system of interconnected computer networks that use the standard Internet protocol suite to serve billions of users worldwide...
. Monster is primarily used to help those seeking work to find job openings that match their skills and location.
Today, Monster is the largest job search engine in the world, with over a million job postings at any time and over 150 million resume
Résumé
A résumé is a document used by individuals to present their background and skillsets. Résumés can be used for a variety of reasons but most often to secure new employment. A typical résumé contains a summary of relevant job experience and education...
s, in the database (2008) and over 63 million job seekers per month. The company employs approximately 5,000 employees in 36 countries. Its headquarters are in Maynard, Massachusetts
Maynard, Massachusetts
Maynard is a town in Middlesex County, Massachusetts, United States. As of the 2010 census, the town population was 10,106.- History :Maynard, located on the Assabet River, was incorporated as an independent municipality in 1871. Prior to that it was known as 'Assabet Village' but was legally...
, United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
. In October, 2010, Indeed.com
Indeed.com
Indeed.com is a metasearch engine for job listings launched in November 2004. As a single-topic search engine, it is also an example of vertical search. The site aggregates job listings from thousands of websites, including job boards, newspapers, associations, and company career pages. Job seekers...
slipped past Monster.com to become the largest job site in U.S.A
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Monster also maintains the Monster Employment Index
Monster Employment Index
The Monster Employment Index is a monthly analysis of online job demand conducted by Monster Worldwide. Based on a monthly review of millions of opportunities culled from a large selection of corporate career sites and job boards, including Monster, the Index presents a snapshot of employer online...
.
Jeff Taylor
Jeff Taylor
Jeff Taylor is a founder of the online jobs site Monster.com. He is a graduate of the program at the University of Massachusetts Amherst. In August 2005, he left Monster to found a new venture called Eons.com, a social networking website for people over age 50. In 2008, Taylor started...
founded The Monster Board and served as CEO and "Chief Monster" for many years.
History
Jeff TaylorJeff Taylor
Jeff Taylor is a founder of the online jobs site Monster.com. He is a graduate of the program at the University of Massachusetts Amherst. In August 2005, he left Monster to found a new venture called Eons.com, a social networking website for people over age 50. In 2008, Taylor started...
contracted Christopher Caldwell of Net Daemons Associates
Net Daemons Associates
Net Daemons Associates was a computer system and network administration company that "ran the wave" of the 1990s high tech bubble going from a $900.00 investment to multi-million dollar revenue, getting purchased by Interliant Corporation right at the start of the economic downturn in 1999.The...
to develop a facility in an NDA lab on a Sun Microsystems
Sun Microsystems
Sun Microsystems, Inc. was a company that sold :computers, computer components, :computer software, and :information technology services. Sun was founded on February 24, 1982...
Sparc
SPARC
SPARC is a RISC instruction set architecture developed by Sun Microsystems and introduced in mid-1987....
5 where job seekers could search a job database with a web browser. The machine was moved to sit under a router in a phone closet in Adion (a human resources company owned by Taylor) when the site went live in April 1994.
Initially, the site was populated with job descriptions from the newspaper segment of Adion's business with the permissions of the companies advertising the jobs.
Later in 1994, The Monster Board issued a press release that was picked up and provided needed exposure to drive people to the web site. Monster was the first public job search on the Internet; first public resume database in the world and the first to have job search agents or job alerts.
When TMP acquired Adion, the site was moved into BBN Planet's web hosting facility where it grew from 3 SPARC
SPARC
SPARC is a RISC instruction set architecture developed by Sun Microsystems and introduced in mid-1987....
-1000s to become the centerpiece of the globally distributed network it is today.
TMP went public in December 1996, with its shares traded on Nasdaq
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
under the symbol “TMPW”.
In 1998, TMP acquisitions expanded the Recruitment Advertising network. TMP became one of the largest recruitment advertising agencies in the world.
In June 1998, The Monster Board moved its corporate headquarters out of a small office above a Chinese restaurant in downtown Framingham, Massachusetts
Framingham, Massachusetts
Framingham is a New England town in Middlesex County, Massachusetts, United States. The population was 68,318 as of the United States 2010 Census. -History:...
to an old textile mill in Jacksonville, Florida, that formerly housed Digital Equipment Corporation
Digital Equipment Corporation
Digital Equipment Corporation was a major American company in the computer industry and a leading vendor of computer systems, software and peripherals from the 1960s to the 1990s...
.
In January 1999, The Monster Board became known as Monster.com after merging with Online Career Center, another of TMP Worldwide's properties. The first post-merger president of the new Monster.com business was Bill Warren, the founder of Online Career Center. Bill Warren received the 1997 Employment Management Association's prestigious Pericles Pro Meritus Award, an honor presented by EMA/SHRM in recognition of being the founder of online recruiting on the Internet.
In November 2000, seeking to capture the entry-level job market, Monster acquired JOBTRAK, which at the time had partnerships with more than 1,500 college and university career centers. JOBTRAK was founded in 1987 by Jeff Wohlwend, Connie Ramberg, Ken Ramberg and David Franey. Monster rebranded JOBTRAK as MonsterTRAK
MonsterTRAK
MonsterTRAK, now called MonsterCollege is a division of Monster.com focused on the emerging workforce. It was initially founded in 1987 by Connie Ramberg, Ken Ramberg and David Franey as JOBTRAK, with a focus on college students. In November, 2000 Monster acquired JOBTRAK and changed its name to...
and continues to operate the site to target college students and alumni seeking jobs and career advice.
Recognizing that job hunting often leads to relocation, Monster launched Monstermoving.com in 2000 to provide consumers with the comprehensive resources necessary for a successful move.
TMP Worldwide was added to S&P 500 Index in 2001. TMP Worldwide changed its corporate name to Monster Worldwide, Inc. and began trading under the new Nasdaq
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
ticker symbol "MNST" in 2003.
Monster.com advertised on the Super Bowl
Super Bowl
The Super Bowl is the championship game of the National Football League , the highest level of professional American football in the United States, culminating a season that begins in the late summer of the previous calendar year. The Super Bowl uses Roman numerals to identify each game, rather...
starting in 1999 and every year through Super Bowl XXXVIII
Super Bowl XXXVIII
Super Bowl XXXVIII was an American football game played on February 1, 2004 at Reliant Stadium in Houston, Texas to decide the National Football League champion following the 2003 regular season....
. Monster's first-ever Super Bowl ad, "When I Grow Up," (created by Mullen
Mullen Advertising
Mullen is an American advertising and marketing communications agency based in Boston, Massachusetts. One of its more notable campaigns was creating the Monster.com Super Bowl commercial When I Grow Up. The agency has also earned critical acclaim for its viral film Pac-Man Puppet Show. Mullen is a...
) asking job seekers, "What did you want to be?" It is the only commercial named to Time magazine's list of the "Best Television of 1999." As the official online career management services sponsor of the 2002 Olympic Winter Games and 2002 U.S. Olympic Team, Monster had a strong presence at the 2002 Olympic Winter Games in Salt Lake City.
In April 2002 Monster purchased the Jobs.com URL and Trademark for $800,000. Then Founder and Chairman Jeff Taylor was quoted as saying "Jobs.com is a desirable URL."
In August 2005, founder Jeff Taylor
Jeff Taylor
Jeff Taylor is a founder of the online jobs site Monster.com. He is a graduate of the program at the University of Massachusetts Amherst. In August 2005, he left Monster to found a new venture called Eons.com, a social networking website for people over age 50. In 2008, Taylor started...
left Monster to create Eons.com.
In April 2007, Monster named Sal Iannuzzi as chairman and CEO.
In May 2007 Monster launched their first (NA and EU) Mobile services offering Mobile job search and career advice.
In July 2008 Monster acquired Trovix, a semantic job search engine, for USD $72.5 million. Monster has indicated that it plans to replace their job search and candidate matching with Trovix's technology.
In February 2010, it was announced that Monster would acquire its rival, HotJobs, from Yahoo!
Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...
for $225 million dollars. As part of the deal, Yahoo will promote Monster's services on its web sites as part of a traffic sharing agreement with the company.
Hotjobs
Yahoo! HotJobs, formerly known as hotjobs.com, was an online job search engine. hotjobs.com provided tools and advice for job seekers, employers, and staffing firms. It was acquired by Yahoo!Yahoo!
Yahoo! Inc. is an American multinational internet corporation headquartered in Sunnyvale, California, United States. The company is perhaps best known for its web portal, search engine , Yahoo! Directory, Yahoo! Mail, Yahoo! News, Yahoo! Groups, Yahoo! Answers, advertising, online mapping ,...
in 2002, but was then acquired by Monster Worldwide, owner of its major competitor Monster.com in 2010. HotJobs was later shut down and merged into Monster.com.
hotjobs.com was founded by Richard Johnson and was based at 24 West 40th Street, 12th floor in New York City, just across from Bryant Park
Bryant Park
Bryant Park is a 9.603 acre privately managed public park located in the New York City borough of Manhattan. It is located between Fifth and Sixth Avenues and between 40th and 42nd Streets in Midtown Manhattan...
. Johnson had previously founded the RBL Agency with Ben Carroccio and Liz Johnson (RBL), a boutique employment agency for technologists. The initial website was launched in early 1996 as RBL Agency which evolved in to the Online Technical Employment Center (OTEC) in 1999, and only featured technical jobs. Founding employees Christopher G. Stach II, Earle Ady, and Allen Murabayashi designed and coded the first iterations of the site on Silicon Graphics Indy workstations for C application development, Apple Macs for content creation, and the site ran on Sun and SGI hardware.
The company's first advertising effort was as a Yahoo! site of the week, which at the time could be purchased for $1000.
hotjobs participated in one of Jupiter Communications' first conferences at the New York Sheraton in February 1996. It was here that Johnson spotted Ginna Basinger, who was working for the Sheraton at the time, and offered her a position as the first hotjobs sales person. The product was given away to the first 100+ clients to gain employment content to attract job seekers.
Thomas Chin joined the organization in October 1996 while attending Columbia University, and eventually became the organization's chief scientist.
In the summer of 1997, Johnson decided to expand the operations, and brought a number of recruiters over from the RBL Agency to join the salesforce. Dimitri Boylan joined at this time heading up the sales and marketing effort. Over Labor Day weekend in 1997, the first remote sales office was opened in Burlingame, CA by Earle, Kelly Michaelian & Michael Tjoa. This was a joint venture between hotjobs & otec. Ginna Basinger moved from New York to California to manage the office, hiring the company's first non-New York employee, Michael Johnson, in August 1997 as an Account Executive. Quickly outgrowing the space, the Burlingame office was moved to downtown San Francisco in the Summer of 1999 where it remained through the disposition of the company in 2002.
hotjobs developed "softshoe" a private label job board and applicant tracking system in 1997. Lucent Technologies was the first client of this product.
In September 1997, hotjobs shed the technology-only focus by adding job categories for "Finance/Accounting" and "Sales/Marketing." The first hotjobs newsletter followed in October 1997. During this time the name was also officially changed from "HotJobs, Inc." to "HotJobs.com, Ltd" on the suggestion of Peter Connors, who had been hired as the first marketing manager.
The company startled the advertising world in 1999 when it bought a $1.6 million commercial during Super Bowl XXXIII
Super Bowl XXXIII
Super Bowl XXXIII was an American football game played on January 31, 1999, at Pro Player Stadium in Miami, Florida to decide the National Football League champion, following the 1998 regular season. The American Football Conference champion Denver Broncos defeated the National Football...
, considering that its total revenues were approximately $2.5 million. McCann-Erickson Detroit was hired for the production. It proved to be a very savvy investment, as over $25 million in publicity was generated as a consequence. Immediately following the playing of the commercial, hotjobs' servers were overwhelmed with requests, and this incident later served as the basis for a commercial for IBM. The company went public in late 1999.
In 2000, the company had grown to $100 million dollars in revenue and moved its headquarters to 406 West 31st Street. The company expanded into the enterprise market by purchasing the distressed resume processing company Resumix, Inc. of Sunnyvale, Ca. As part of this effort, the company hired Tim Villanueva, formerly a leading developer at Intuit, as its Chief Technology Officer, and Chuck Price, formerly Chief Architect at Broadvision, as its Senior VP of Engineering. Allen and Thomas left shortly after this leadership expansion to pursue new interests.
In March 2001, Richard Johnson resigned as Chief Executive Officer and President. The board appointed COO Dimitri Boylan to fill those positions. In 2001 the company became profitable and cash flow positive.
Yahoo! purchased the company through an unsolicited bid in 2002, for $436 million, undercutting efforts by Monster Worldwide, owners of Monster.com, to acquire the company. However, Monster announced in February 2010 that it would acquire HotJobs from Yahoo for $225 million dollars. As part of the deal, Yahoo! will maintain a three-year profit sharing arrangement with the new owners in exchange for promoting Monster.com on its web properties post-acquisition. After the acquisition, HotJobs began to offer users a chance to migrate their job postings and information to a Monster.com account.
Concept
Yahoo! HotJobs' services are free to job seeking users and include posting up to ten versions of a resumeRésumé
A résumé is a document used by individuals to present their background and skillsets. Résumés can be used for a variety of reasons but most often to secure new employment. A typical résumé contains a summary of relevant job experience and education...
. Once signed on, job searches can be saved, allowing ongoing results to be emailed to the user. Job seekers have the ability to pull up statistics that feature the number of times an employer/recruiter
Recruiter
A recruiter is someone engaging in recruitment, or the solicitation of individuals to fill jobs or positions within a corporation, nonprofit organization, sports team, the military, etc. Recruiters may work within an organization's human resources department or on an outsourced basis...
reviewed their resume and a complete history of sent cover letters and resumes. Various tools within the site allow users to calculate ideal salaries, research plans and employee stock options as well as have a "Job Tip of the Day" emailed to them. The Career Tools tab lists other items they offer, like resume building, interviewing advice and an education center. Additionally, using the “HotBlock” feature, applicants can block some or all of HotJobs' companies from viewing their resumes.
Yahoo! HotJobs provides employers access to their resume search engine and the ability to post, edit and delete job ads at anytime and as often as they like at no additional cost. Employers are given access to a variety of communication devices, including letter templates and notes, as well as the ability to track their postings.
Awards
Job seekers voted Yahoo! Hotjobs the (2002, 2003) "Best General Purpose Job Board for Job Seekers," and recruiters voted Yahoo! HotJobs the (2003) "Most Recruiter-Friendly General Purpose Site" in a survey conducted by WEDDLE's.Criticism
Monster has been to blame in several instances of personal information theft. In less than two weeks, in August 2007, Monster had numerous leaks that resulted in the loss of millions of customers' data to identity theftIdentity theft
Identity theft is a form of stealing another person's identity in which someone pretends to be someone else by assuming that person's identity, typically in order to access resources or obtain credit and other benefits in that person's name...
. Although Monster waited several days to announce this leak (drawing heavy criticism), they subsequently announced new security measures to prevent this from happening again.
However, in January 2009, there was another large scale leak at its UK based site monster.co.uk, in which demographic information of up to 4.5 million people was obtained by hackers.
Stock option grants backdating scandal
Backdating an option means retroactively setting the option's strike price to a day when the stock traded at a different price. A call (buy) option with a lower strike price is more valuable because it's less expensive to exercise, while the inverse is true for a put (sell) option. The practice is not necessarily illegal, but must be disclosed to shareholders. In July 2006, the company said it might restate financial results for the year that ended December 31, 2005, and previous years to record additional noncash charges for stock-based compensation expenses relating to various stock option grants.In September 2006, Monster suspended Myron Olesnyckyj pending the internal review irregular stock option grants. He had held the titles of senior vice president, general counsel and secretary.
On October 9, 2006 Monster named William M. Pastore, 58, chief executive after Andrew J. McKelvey resigned his posts as chairman and chief executive. McKelvey retained his seat on the board as chairman emeritus. The company said on October 25 that it found pricing problems in a "substantial number" of its past option grants, and as a result it expected to restate its results from 1997 through 2005.
On November 22, 2006 Monster terminated Myron Olesnyckyj, the company's lead lawyer, as part of its investigation into past stock-option grant practices. In a statement, the company said Olesnyckyj was terminated "for cause."
The U.S. Attorney's Office for the Southern District of New York has issued a subpoena to the company over options backdating
Options backdating
Options backdating is the practice of issuing options contracts on a later date than that which the options have listed. While options backdating is not, in and of itself, an illegal practice, intentional backdating that coincides with low underlying stock prices and accounting reports that claim...
, and a special committee of company directors has said it wants to complete its own investigation by the end of the year. The company has delayed filing its earnings results for the second and third quarters for 2006. Second-quarter results are expected December 13. Third-quarter numbers would be issued "as soon as practicable," according to a November 7 statement from the company.
In 2006 Monster Worldwide Inc. received a notice from Nasdaq
NASDAQ
The NASDAQ Stock Market, also known as the NASDAQ, is an American stock exchange. "NASDAQ" originally stood for "National Association of Securities Dealers Automated Quotations". It is the second-largest stock exchange by market capitalization in the world, after the New York Stock Exchange. As of...
about a possible delisting of its shares due to the company's failure to file its third-quarter earnings report. The delisting did not happen.
See also
- CareerBuilderCareerBuilderCareerBuilder.com is the largest online employment website in the United States, with more than 23 million unique visitors each month and a 34% market share of help-wanted web sites in the United States. CareerBuilder.com provides online career search services for more than 1,900 partners as of...
- WorkopolisWorkopolisWorkopolis is a Canadian website offering online career solutions: allowing employers to post jobs and candidates to post resumes in order to connect online. Workopolis also offers career management tools and advice and draws an audience of roughly three million visitors a month...
- Fins.comFINS.comFINS.com is a standalone resource for financial professionals with information about finance careers and the finance industry, launched in July 2009 by Dow Jones & Company, publisher of The Wall Street Journal...
- Internships.comInternships.comInternships.com is a Burbank, California-based web venture of the ARC International Group focused on providing internship resources and services for students, employers and educators. The site offers free internship searching, posting and a library of resources from career experts including "Intern...
- Simply HiredSimply HiredSimply Hired is a employment website for job listings and online recruitment advertising network. The company aggregates job listings from thousands of sites across the Web including job boards, newspaper and classified listings, associations, social networks, content sites and company career sites...
- Indeed.comIndeed.comIndeed.com is a metasearch engine for job listings launched in November 2004. As a single-topic search engine, it is also an example of vertical search. The site aggregates job listings from thousands of websites, including job boards, newspapers, associations, and company career pages. Job seekers...
- LinkedInLinkedInLinkedIn is a business-related social networking site. Founded in December 2002 and launched in May 2003, it is mainly used for professional networking. , LinkedIn reports more than 120 million registered users in more than 200 countries and territories. The site is available in English, French,...
External links
- "The Monster.com Full Story" from CareerTrainer, retrieved June 14, 2005.
- Monster Buys Affinity Labs for $61 Million
- Monster Career Advice awarded a Webby Award
- Ex-Monster.com CEO resigns from board over options probe
- 8-K filed by Monster Worldwide with United States Securities and Exchange Commission (SEC)
- SEC Filing employment agreement with CEO Bill Pastore including salary
- Washington Post February 10, 2007 Taking the Bait On a Phish Scam - Job Seekers Are Targets, Victims of Sophisticated Ploy
- Interview with CEO Jeff Taylor and COO Linda Natansohn, Onlinepersonalswatch, September 2010